Hiring the whole of a ship or aircraft. The hirer is called the charterer and the document setting out the terms and conditions of the contract is called the charterparty. In a time charter the ship or aircraft is hired for a specified period, usually with the owner operating it and the charterer paying fuel and stores costs. However, in a bareboat charter (or demise charter), which is a form of time charter, the charterer pays for all crew expenses. In a voyage charter, the ship or aircraft is hired for a single voyage between stated ports to carry a stated cargo and the owner pays all the expenses of running the ship. In an open charter the charterer may use the ship or aircraft to carry any cargo to any port.
Subjects: Business and Management.