Chartering a Vessel

Question 1

Charter party

Answer 1

Is a ,maritime contract between a ship owner and a “charter” for the hire of either a ship for the carriage of passengers or cargo, or yacht for pleasure purposes.

Question 2

Making a fixture

Answer 2

When the parties intersected in specific sea transport, through negotiations, reach a mutual agreement on all details in a charter.

Question 3

Principal freight markets

Answer 3

Dry cargo market
Tanker market
Reefer market
Car carrier market

Question 4

Baltic Exchange & BIMCO

Answer 4

Market reports;
Baltic exchange London based institution for the exchange of shipping information
BIMCO deal with legal matters related to ship owners and brokers.

Question 5

Types of Charter

Answer 5

1. The voyage charter type of charter in which the vessel is chartered for one voyage only.
2. Consecutive Voyage contracted for several voyages
3. Time Charter hiring of a vessel for a specific time time. Ship owner manages the vessel but charter selects the ports and directs the vessel.
4. Bareboat (Demise) Charter where a Charter hires a ship or boat with no crew. Instead charter must provide crew for ship.
5. Contract of Affreightment a contract between ship owner and charter in which the ship owner agrees to carry goods for the charter in the ship or ship owner give charter part of the cargo space for carriage of goods.
6. Part charter part of the ship is chartered

Question 6

Booking Note

Answer 6

A freight contract with a ship owner for a single shipment on a single voyage.

Question 7

Charter Terms

Answer 7

Always Safety Afloat
Arrived ship
Breakdown 
Both ends
Bunker clause 
Cancelling date
Clear days
Consignment clause
Days All purpose
Dead-freight
Demurrage
Dispatch
Free in/out
Free pratique
Lay days
Lump sum charter
Notice of readiness
Penalty clause
Prompt ship
Reversible Lay-time
Safe berth-Safe Port
Seaworthy Trim
Statements of facts
Subletting
Supercargo
Working days