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Cost per day of operating a ship.



Related Terms

B/D

Barrels per day (measure of petroleum production).

T/C EQUIVALENT

Revenue per day

PDPR

Per Day Pro Rata

PHPD

Per Hatch Per Day

T/C EQUIPMENT

Revenue per day

TIME CHARTERER

The charterer has the use of the ship for a specific trip or a period of time during which he may employ her for his own account. He may direct her within the trading limits agreed in the charter-party and, in normal circumstances, the Master must obey these orders. While the time charterer has the commercial control, the owner retains responsibility for the vessel and the Master and crew remain in his employment. The hire, usually calculated per day or per deadweight metric or long ton, is paid in advance at regular, agreed intervals, normally semi-monthly or monthly. Normally, the charterer pays for the fuel on board at the time he accepts delivery and for fuel supplied while the vessel is on hire. When he hands the vessel back to the owner, the owner pays for what remains on board. The prices applicable on delivery and redelivery are the agreed bunker prices in the charter. The owner pays for the running costs of the vessel. If the ship breaks down or, as a result of the shipowner's fault, the charterer does not have the use of the vessel, the vessel goes 'off-hire' for that period subject to any terms in the charter-party. Time charterers may be owners who want to temporarily augment their own fleet; charterers who have a variety of commitments to meet; charterers who believe long-term chartering will hedge the market; operators who see a profit by taking voyage contracts from charterers and time chartering vessels themselves to cover those contracts. Where a time charterer issues and signs his own bill of lading, he may be held to be a 'carrier' for the purposes of the Carriage of Goods by Sea Act 1971.

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