Who selects the freight forwarder and pays the ocean freight charges?
In a lot of the cases, the actual exporter or the shipper pays the Ocean Freight quantum of the charges which could include the Freight, BAF, ISPS, Oncarriage if any basically all Ocean related charges whereas their Clearing Agent or Freight Forwarder will pay the landside charges such as THC, Bill of Lading Fee,
What are the main features of a bareboat charter?
A bareboat charter means you and your party rent and sail the boat on your own without a captain or crew on board. YOU are the captain and your friends are the crew, and that means YOU decide where and when you go. In short, a bareboat charter means complete freedom and exclusive privacy!
How payment is being done in the time charter?
Payment is to be remitted every quarter and does not fluctuate under ordinary circumstances. In time chartering, the charterer is responsible for selecting a crew, paying charges that arise during the voyages, and arranging for provisions to ensure smooth operations at every port of call.
What is bareboat charter contract?
A bareboat charter or demise charter is an arrangement for the chartering or hiring of a ship or boat, whereby no crew or provisions are included as part of the agreement; instead, the people who rent the vessel from the owner are responsible for taking care of such things.
What is the difference between time charter and bareboat charter?
In Bareboat Charter, ships may be chartered or leased for a Voyage Charter or a Time Charter. A charterer generally obtains the use of the whole or part of a ship for a voyage under a voyage charter. A charterer generally obtains the use of the whole of a ship for a period of time under a time charter.
Who is responsible for paying freight charges?
Ideally, the seller pays the freight charges to a major port or other shipping destination and the buyer pays the transport costs from the warehouse to his store or vendors. The determination of who will be charged the freight costs is usually indicated in the terms of sale.
What is a charter agreement?
A charter agreement is a formal contract outlining your business relationship with another person or company. These agreements can be used for many purposes, including hiring employees, buying and selling goods and services, working together on projects, starting joint ventures, etc.
What is the most common type of charter?
The voyage charter is the most common. Under this method a ship is chartered for a one-way voyage between specific ports with a specified cargo at a negotiated rate of freight.
What is time charter basis?
On time charter, the charterer undertakes to hire the ship for a stated period of time or for a specified round-trip voyage or, occasionally, for a stated one-way voyage, the rate of hire being expressed in terms of so much per ton deadweight per month.
What is time charter rate?
The time charter equivalent (TCE) rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping companys performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed
