| Definition |
Income from renting out the ship in the form of a time charterparty to foreign time charterers. Under this type of contract, the shipowner places his ship, with crew and equipment at the disposal of the charterer for a period of time, q.v., for which the time charterer pays hire money. Subject to any restrictions in the contract, the charterer decides the time and quantity of cargo to be carried and the ports of loading and discharging. He is responsible for supplying the ship with bunkers and for the payment of cargo handling operations, port charges, pilotage, towage and ship's agency. The technical operation and navigation of the ship remain the responsability of the shipowner. Time of "off hire" is deducted from the agreed period of hire contract. Includes eqivalent income from agency/pool. |
