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Individual or company with cargo to transport.

Individual or company who hires a ship.

Contract setting out the terms on which the shipper contracts for the transportation of his cargo or the charterer contracts for the hire of a ship.

Ship earns freight per ton of cargo transported on terms set out in the charter-party which specifies the precise nature and volume of cargo, the port(s) of loading and discharge and the laytime and demurrage. All costs paid by the shipowner.

Vessel hired to perform a series of consecutive voyages between A and B.

Shipowner undertakes to carry quantities of a specific cargo on a particular route or routes over a given period of time using ships of his choice within specified restrictions.

The vessel is hired for a specified period of time for payment of a daily, monthly or annual fee. There are three types, time charter, trip charter and consecutive voyage charter.

Ship earns hire, monthly or semi-monthly, The shipowner retains possession and mans and operates ship under instructions from charterer who pays voyage costs (see Chapter 3 for definition).

Fixed on a time charter basis for the period of a specific voyage and for the carriage of a specific cargo. Shipowner earns 'hire' per day for the period determined by the voyage.

The owner of the ship contracts (for a fee, usually long-term) to another party for its operation. The ship is then operated by the second party as if he owned it.

The period of time agreed between the party to a voyage charter during which the owner will make ship available  for loading/discharging of cargo.

The money payable to the shipowner for delay for which he is not responsible in loading and/or discharging beyond the laytime.

Means the money which the owner agreed to repay if  the ship is loaded or discharged in less than the laytime allowed in the charter-party (customarily demurrage).

Cost, Insurance and Freight
The purchase price of the goods (by importer) includes payment of insurance and freight which is arranged by the exporter.

Free On Board or Freight On Board
Goods are purchased at cost and the importer makes his own arrangement for insurance and freight.