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Welcome to daily logistics. In this video, we are going to talk about the charter party Contract. without further due lets get started. What is Chartering? In general, you know how cargo moves via sea with the support of the carrier. If the shipper has cargo to fill the entire vessel its not ideal for the shipper to hand over goods to the intermediary parties for shipping. Further, a party may wish to become an NVOCC yet be unable to buy a vessel. Or even a carrier can be there wish to hire a vessel instead of buying. In such situations, the best option for a shipper is to hire an entire vessel to carry cargo from a shipowner. So, the party that requires a vessel hires a vessel from a vessel owner. This process calls the vessel chartering the Charter Party Contract or Charter party agreement. What is the Charter Party? For vessel chartering, there should be an agreement between the parties to charter the vessel. This calls as the charter party or the charter party agreement. This is
