Time Charter
Time charter is a contract in the maritime industry where a shipowner leases a vessel to a charterer for a specific period of time. The charterer has the right to operate the vessel and has the responsibility to pay for all operating expenses, including fuel, crew, and maintenance. The shipowner retains ownership of the vessel and is responsible for any major repairs or maintenance. The charterer has the flexibility to use the vessel for their specific needs, such as transporting cargo or passengers, within the terms of the contract. The duration of the time charter can vary from a few months to several years, and the payment terms can be fixed or based on the vessel's performance.
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