Hiring out of a ship.

Related Terms

AFFREIGHTMENT

A hiring of a vessel

BAREBOAT CHARTER

An arrangement for the chartering or hiring of a vessel, whereby the vessel's owner provides no crew or provisions as part of the agreement; instead, the people who rent the vessel are responsible for crewing and provisioning her.

C/P

Charter party

BOXTIME

Standard BIMVO time charter for container ships.

T/C

Time charter

ADDENDUM

Additional terms at the end of a charter party.

ARBITRATION

A method of settling disputes usually applied to a charter party.

LUMPSUM FREIGHT

Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo.

CONTRACT OF AFFREIGHTMENT

A service contract under which a ship owner agrees to transport a specified quantity of fuel products or specialty products, at a specified rate per ton, between designated loading and discharge ports. This type contract differs from a spot or consecutive voyage charter in that no particular vessel is specified.

SPOT VOYAGE

A charter for a particular vessel to move a single cargo between specified loading port(s) and discharge port(s) in the immediate future. Contract rate (spot rate) covers total operating expenses, i.e., bunkers, port charges, canal tolls, crew's wages and food, insurance and repairs. Cargo owner absorbs, in addition, any expenses specifically levied against the cargo.

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