- Newsletter 01
- Read this
- Introduction
- About us
- Updates
- Disclaimer
- Copyright
- Your Support
- Search engine
- Contact us
- E-mail address
- Links
CHARTER PARTIES
Time Charter Party
Definitions
A time charter is an agreement whereby the Owner puts a named ship, fully equipped and manned, at the disposal of a Time Charterer, on an agreed date and place and for a well defined period.
THE BAREBOAT CHARTER
Under a bareboat charter, the Charterer must equip and man the ship. The master and the crew will also be enrolled by himself.
In some countries, bareboat chartering is not very common because, according to their local legislation, there must be a real bond between the state and the ship. If the Owner and the Charterer have the same nationality, then this goes without any problem.
In case the Owner has any doubt about the solvability of the Charterer, he must ask for a bank guarantee.
Sometimes the Charterer will only equip the ship and the Owner will provide his own officers. This is an intermediate form between the bareboat charter and the ordinary time charter. (See also Shipping Costs and Overview table .)
THE TIME CHARTER
The ordinary time charter distinguishes itself from the bareboat charter through the fact that the vessel is equipped and manned by the Owner and that he, consequently, has to bear all fixed costs. The Charterer will only pay for the variable costs. (See also paragraphs The Time Charter and Costs in Time Charters and Overview table .)
THE TRIP TIME CHARTER
The trip time charter is in fact, a charter for a single voyage but on time chartering conditions. In the following paragraphs we will only apply ourselves on the ordinary time charter.
