Time Charter Agreements

A Time Charter Agreement is a contract where the owner of a ship rents it out to a charterer for a specific period. The charterer pays for the use of the vessel and has control over its operations, such as determining the routes and cargo, while the shipowner takes care of the crew and maintenance. The agreement typically specifies terms like duration, payment rates, and responsibilities. It allows businesses to transport goods without the long-term commitment of buying a ship, providing flexibility in maritime logistics.