SHELLTIME 4

Shell’s standard time charter party for tankers, the wet-trade counterpart to NYPE in dry. The charterer directs the ship’s commercial employment for the period and pays hire; the form sets detailed speed-and-consumption warranties, an off-hire regime, and condition and maintenance obligations weighted toward the charterer’s vetting needs. Performance claims under tankers’ speed and consumption warranties are frequently argued on SHELLTIME 4 wording.