chartering

Chartering, in the context of transportation, refers to a contract where the owner of a ship lets it to others for use in transporting cargo. The shipowner retains control of the vessel's navigation and management, while the charterer utilizes its carrying capacity.1

There are several methods of chartering a ship:
* Voyage charter: The most common, where a ship is hired for a specific one-way voyage between designated ports with a particular cargo at an agreed freight rate.12
* Time charter: The charterer hires the ship for a set period, with hire rates typically based on tonnage per month. The charterer covers expenses like fuel.12
* Bareboat charter: The owner provides the ship without crew or provisions, and the charterer operates it as their own for the agreed period.12
* Lump-sum contract: An owner agrees to ship a specified quantity of cargo between ports for a fixed price.12

The charter party is the legal document outlining these agreements, and disputes are often resolved through arbitration.1