Ship Charter

F R Chowdhury

In shipping when a ship is hired it is always referred to as being on charter. The owner of the ship is still referred to as the owner and one who hires the ship or space thereof is referred to as the charterer. The instrument of agreement is known as the “charter party”, commonly called C/P. There are standard forms for different types of charter devised by various international trade associations and chambers of trade and commerce including the ICC, BIMCO and the Baltic Exchange. C/P is normally drawn by mutually (ship-owner and charterer or their agents) agreeing to various clauses of one of the specific forms with special conditions or exception/ exemption noted by lines. The coal, grain rice, timber, stone, ore, fertiliser, and other trades all have their own forms of charter-party. There are 3 conventional types of charter. They are:
1. Demise or Bare-boat charter
2. Time charter
3. Voyage charter
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