ABSTRACT
The nature of voyage charter is very different from that of a time charter. Consequently, a time charter has by its very nature a substantial degree of flexibility ingrained in it since, in order to achieve its commercial purposes, a time charterer is required to give a continuous series of voyage instructions to the ship to perform the tasks required by it from time to time and, provided that the instructions are legitimate, the shipowners have agreed to comply with such orders. Since the exercise by charterers of such rights may cause the shipowners to prejudice their P&I cover, shipowners will normally be prepared to grant charterers such wide flexible rights only if they are provided with satisfactory alternative security terms. The Baltic and International Maritime Council (BIMCO) Virtual Arrival Clause gives the charterers the right to order the vessel to slow down or speed up to ensure arrival at a planned date at either a load or discharge port.
