Demise Charter
In the maritime context, a Demise Charter, also known as a bareboat charter, is a contract where the charterer rents a vessel from the shipowner for a specified period and assumes full control and responsibility of the vessel, including the management of the crew and all other operational activities. The charterer essentially steps into the shoes of the shipowner in terms of responsibilities and liabilities. The shipowner, however, retains the ownership of the vessel. The charterer is also responsible for the costs associated with the operation of the vessel, including fuel, port charges, crew wages, and insurance. The charterer has the right to 'flag' the vessel in their own name, meaning they can register the vessel in their preferred jurisdiction. Demise Charter is often used for longer periods, typically for several years. It is a common practice in commercial shipping and is governed by various international maritime laws and regulations.
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