Voyage Charters

In the maritime context, Voyage Charters refer to a type of charter agreement or contract between the shipowner and the charterer, where the shipowner agrees to carry a specific quantity of cargo from one port to another for a predetermined fee. The shipowner is responsible for covering the vessel's operating costs, including fuel, crew wages, and port charges. The charterer, on the other hand, is responsible for the cargo and any additional costs related to it. The duration of the voyage charter is determined by the time it takes to load the cargo, sail to the destination, and unload the cargo. The charterer does not have control over the vessel but has the right to specify the ports of loading and discharge. The freight rate in voyage charters is usually expressed in terms of a certain amount per ton of cargo or a lump sum for the entire cargo. The shipowner bears the risk of delay in the voyage, known as 'laytime', beyond which the charterer has to pay demurrage.