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What is a charter contract?

Charter party, contract by which the owner of a ship lets it to others for use in transporting a cargo. The shipowner continues to control the navigation and management of the vessel, but it's carrying capacity is engaged by the charterer.

What is a charter agreement?

Charter Agreement means a lease or agreement to hire a vessel or other.

What is a time charter agreement?

A time charter — is a contract for the hire of a named vessel for a specified period of time. i) The charterers agree to hire from the shipowner a named vessel, of specified technical characteristics, for an agreed period of time, for the charterer's purposes subject to agreed restrictions.

What are the types of charter?

The three main types of charter are: demise charter, voyage charter, and time charter.

What is a part charter?

A charter party (sometimes charter-party) is a maritime contract between a shipowner and a “charterer” for the hire of either a ship for the carriage of passengers or cargo, or a yacht for pleasure purposes.

How does a charter ship work?

Chartering is an activity within the shipping industry. A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The charterer pays the vessel owner on a per-ton or lump-sum basis. The owner pays the port costs (excluding steering), fuel costs and crew costs.

What is the difference between voyage charter and time charter?

A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. A time charter is the hiring of a vessel for a specific period of time. The owner still manages the vessel, but the charterer selects the ports and directs the vessel where to go.

How is the time charter different from bare boat charter?

A bare boat charter is also referred to as a demise charter. Under this the owner of the ship gives its possession to a charterer who hires his own crew and master. A time charter refers to a ship that has been hired by a person for carrying out a trade for a specific period of time.

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