Vessel chartering for dry bulk cargo is done is various modes. The break bulk vessels are charters on following terms:
Most of the shippers and chartering companies are interested in chartering dry bulk vessels on single voyage charter basis. In voyage charter the ship owner enters into chartering agreement with charterer / shipper and places his ship at the loading port for loading full load cargo equal to ship capacity or partial / part cargo. The freight in voyage charter is calculated on per ton basis and the voyage charter can be for single voyage or regular voyages. The freight is paid for the completion of successful voyage or delivery of cargo at destination port. But some operators ask for pre-paid freight and maximum of the ocean freight is collected against loading and issue of BL. The freight payment can be negotiated with the shipping company and their operators.
The advance of chartering dry bulk cargo vessel on voyage charter is, the charterer has to pay fix freight on per ton of the cargo loaded. All risks like delay in sailing time, port strikes, etc are directly to be in account of ship owner and the charterer only pays for the single voyage.
Time CharterIn time charter terms, the charterer hires the cargo ship for a certain period and agreed by the ship owner. Some ship owners fix minimum charter time period like for three months or sex months. The freight on time charter terms is calculated on per day basis subjected to the dead weight of the cargo ship and the payment term is advance for every month. The fuel oil, lube oil, and other charges like levies, port charges etc is to be paid extra by the charterer / chartering company. In time charter the cargo ship owner provides the ship along with the crew and the crew salaries are paid by the ship owner. The charterer / chartering company has to delivery or re-deliver the cargo ship to certain safe port as agreed in the time charter agreement.
Time Chartering a cargo ship helps the charterer / chartering company open option for planning the sailing direction and which port the ship should sail. But on other hand in time charter all delay times as a reason of strikes at port or bad weather has to be paid by chartering company to the vessel company.
Bare Boat CharteringIn bare boat chartering terms, the cargo ship is chartered without crew. The vessel company provides the ship on charter and the chartering company</a> has full control of the ship and the chartering company / charterer is assumed as second owner to the cargo ship chartered. Once chartered on bareboat chartering terms, the charterer has to pay for entire expenditures right from maintenance, crew salary, fuel, survey, port charges etc and all risks is in account of chartering company / charterer.
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