What is a sub charterer?

Sub-Charterers means any person entering into a Sub-Charter with the Charterers for the chartering of the Vessel from the Charterers (as disponent owners) to such person (as charterer).

What are the advantages of a time charter?

One advantage of a time charter, unless the wording is extremely restrictive, is that if the charterer’s own business does not require the ship for any part of the period, he can sublet the ship either on a time or a voyage basis to a third party.

Who are involved in a charter party contract?

charter party, contract by which the owner of a ship lets it to others for use in transporting a cargo. The shipowner continues to control the navigation and management of the vessel, but its carrying capacity is engaged by the charterer.

What is the difference between time charter and bareboat charter?

A bareboat charter (or demise charter) is very different from a voyage or time charter. Under a bareboat charter, the shipowner delivers the vessel to the charterer for a specified period of time without crew, stores, insurance or any other provisions.

What are the types of charter?

The three main types of charter are: demise charter, voyage charter, and time charter.

What is the commission paid to charterers under the time charter?

Charterers, under Time Charter Party dated London 20th July 2007, that: 1. A commission of 1.25% is payable to H. Clarkson & Co. Ltd. 2. Except as herein provided and so far as maybe otherwise necessary to give effect to the foregoing provisions, the terms, conditions and exceptions of the Time Charter Party shall remain unaltered. ADDENDUM NO.

How are contact details of sub-charterers provided to the owners?

Where sub-letting is permitted under the terms of this Charter Party, the Charterers shall ensure that the contact details of all sub-charterers are likewise provided to the Owners and the Master.

When is the new cancelling date for a charter?

If Charterers do not exercise their option to cancel this Charter then the new Cancelling Date for the purpose of this Clause 2 shall be twelve (12) hours after the date and time notified by Owners pursuant to sub-clauses 2.2 or 2.3, or such other date and time as may be mutually agreed.

What happens if you extend the charter period?

If Charterers exercise their option to extend the Charter Period pursuant to this Clause, the Charter Period shall be deemed to include such extension and hire shall be payable at the rate (s) which would have been payable but for the relevant off-hire event. 20.