ABSTRACT

This chapter examines the most common type of period charter contract, the time charter. Generally, the description of the vessel is more important, detailed and precise in the time charter agreement than in the voyage charter agreement. The ship's cargo capacity is described in the same way as in the voyage charterparty, that is, in most cases by deadweight and/or cubic capacity. As the charterers pay hire per time unit, the vessel's speed capability and bunker consumption are essential for judging the operating and chartering potential of the vessel. In the time charter agreements it is often expressly said that the owners shall deliver the ship to the charterers in a seaworthy condition. A general recommendation, as far as geographical concepts are concerned, is that wordings like "southern Europe" or "Baltic in season" should be avoided, as it is difficult to find out what areas they really cover.