CHARTERER - It is a person or company who hires a vessel for a specified voyage or a specified period of time. There are three types of chartering: Voyage charter Time charter Bareboat charter VOYAGE CHARTER: A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The charterer pays the vessel owner on a per-ton or lump-sum basis. The owner pays the port costs (excluding stevedoring), fuel costs and crew costs. The payment for the use of the vessel is known as freight. A voyage charter specifies a period, known as laytime, for loading and unloading the cargo. If laytime is exceeded, the charterer must pay demurrage. If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer. In a voyage charter, laycan days are given to the owner. Laycan is a period of lay days plus canceling date. During this period vessel must arrive and be presented at the load port/place. If the vessel arri
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