Time Charter

Charter party hiring the vessel to a charterer for a fixed period at an agreed daily hire rate. The charterer directs the employment of the vessel within the trading limits and pays for fuel, port charges, and cargo handling; the owner provides the crew, insurance, and routine maintenance and remains responsible for seaworthiness. BIMCO NYPE 2015 and Shelltime 4 are the standard forms for dry cargo and tanker time charters respectively. Off-hire periods, performance clauses, and bunker quality survive as the principal commercial disputes between owner and time-charterer.