Additionally, the charterer bears all the fees that the ship incurs. The charterer pays the shipowner on a per-ton (weight) or lump-sum (single large payment) basis, while the shipowner pays the port costs (excluding stevedoring), fuel costs and crew costs.Ī time charter refers to hiring a ship for a fixed timeframe the owner retains management of the ship, but the charterer has the power to choose which ports to dock and directs where the ship goes. There are a few different types of ship charter contracts that charterers might encounter, such as -Ī voyage charter refers to hiring a ship and crew for a voyage between a load port and a discharge port. Now that we know about the various stakeholders and their definitions, let us share about how ship chartering works, and why it is important for charterers to learn about ship chartering contracts. Ship Charterers liaise with intermediaries, known as Ship Brokers, or deal directly with ship owners to discuss about the contracts that arrange for the charter of ships to get their desired cargoes to their clients by the most cost and time effective means. This is a document that contains the details of the operation, such as the personal data of the crew, details of the route and lay time. The contract which binds the charterer and the owner is called a Charter Party. This process involves a shipowner, defined as the legal entity officially registered as the owner of the ship, and a charterer, which is defined as the company which hires these ships for transporting their cargo. Hence, ship charters refer to the rental contracts for agreements that allow for the rental of a ship to move cargoes. ![]() What is Ship Chartering?Ĭhartering is defined as an agreement where a shipowner agrees to rent out his ship to a cargo owner to move cargoes from one point to another. This includes a definition of the terms used, how ship chartering works and why it is important to learn about ship chartering contracts. ![]() Therefore, we have created a detailed guide on ship chartering. In fact, it is essential for charterers to have an extensive comprehension of the essential aspects of chartering, as it equips them with insight to make strategic chartering decisions and negotiate for better charter parties. ![]() Ship Chartering is an important process as it ensures that the organisation’s cargoes get delivered safely in the most cost-effective manner.
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