Charterparty

A charterparty is the contract by which a shipowner places a vessel, or its carrying capacity, at a charterer’s disposal. The four working types allocate risk very differently: a voyage charter sells a carriage service for a named voyage at freight; a time charter hires the ship for a period at daily hire with the owner keeping crew and navigation; a bareboat charter passes possession and operation to the charterer; and a slot charter sells a fixed number of container slots. The type fixes who bears delay, off-hire, bunkers, and cargo liability.