Short Description
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A time charter (or Time Charter Party) can be defined as the hire contract for a vessel for a specific period of time or for a specified round-trip voyage. The charterer has the use of the vessel at a specified hire rate/day and provides and pays for fuel, port costs, and pilotage. The charterer may also sub-charter the vessel on a time charter or voyage charter basis. The shipowner retains responsibility for navigation and most operations aboard the vessel. |
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