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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.
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.
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 is a bare boat yacht charter?
A bare boat charter or demise charter is an arrangement for the chartering or hiring of a ship or boat, whereby no crew or provisions are included as part of the agreement. Instead, the people who rent the vessel from the owner are responsible for taking care of such things.
What is Charter Party in shipping?
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 does a charterer do?
As the controllers of cargoes, charterers are directly responsible for keeping the world's shipping fleet in business. While some Charterers own ships themselves, either on a leased or permanent basis, most charterers regularly hire ships, or space on ships, to move their goods, products and even passengers.
What is a charterer in shipping?
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 do shipping brokers do?
In the simplest of terms, a ship broker is a person who is responsible for the transport of goods by sea. They also arrange the buying and selling of ships on behalf of clients. In addition to this, when it comes to the buying and selling of ships, a broker deals with the fine details of the transaction.
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