Naked charter

A naked charter is another name for a bareboat or demise charter, under which the charterer takes the ship without crew, stores, or insurance and operates it as if owner for the charter period. The bareboat charterer mans, victuals, insures, maintains, and bunkers the vessel, pays all operating and voyage costs, and pays the owner a fixed periodic hire for the hull alone. It is the deepest transfer of control of the three charter types: a voyage charter sells carriage of a cargo, a time charter sells use of a manned ship for a period, and a bareboat charter transfers possession of the ship itself. BARECON 2017 is the standard form, used in ship finance and lease structures.