Maritime Glossary
Time Charter
Also known as: T/C
A charter under which the owner provides a crewed, maintained vessel for a period at a daily hire rate.
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Full Definition
Under a time charter, the owner provides the crewed, maintained vessel; the charterer directs commercial employment (voyages, ports, cargoes). The charterer pays daily hire; the owner bears operating costs (crew, maintenance, insurance); the charterer bears voyage costs (fuel, port dues). Off-hire clauses suspend hire for breakdown or dry-docking. Standard forms include NYPE (New York Produce Exchange), Baltime, and SHELLTIME. Durations range from months to years.
Domain Tags
commercialchartering