Discover the quickest way to Establish Time Charter For Free

Aug 6th, 2022
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How to Establish Time Charter For Free

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Hello and Welcome to the PM Perspective video on Project Charters. If youve been assigned to a project and youre looking for some practical guidance, then youve come to the right place. Today, were going to answer the following questions: What is a project Charter? Why do I need a project charter? How detailed should a project charter be? What information goes into a charter? What process should you use to draft the charter? And -- stay tuned -- because were going to show you how you can download a free project charter template at the end of this video. Lets start by explaining what -- exactly -- a Project Charter is A Project charter is a document of some kind. It could be a word document or something like a PowerPoint presentation the format varies as does the name. In your organization you might have something called a project request that serves the same purpose as the charter, or -- if you deal with outside clients -- your Scope of Work, or SOW, may also stand-in for

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A time charter is a time-bound agreement, as opposed to a voyage charter. The shipowner leases a vessel to a charterer for a fixed period of time, and they are free to sail to any port and transport any cargo, subject to legal regulations.
Unlike with voyage charters, the two parties will not need to agree on ports of call and destinations, as the charterer has complete discretion over this. With a time charter, the ship owner does not cover all costs. Instead, the charterer must pay for fuel and supply costs, as well as the cost of cargo operations.
Time Charter: Agreements where a vessel is chartered for a longer period, usually 30 days or more.
There are three main types of charters voyage charter, time charter, and demise charter. The demise charter is often known as a bareboat charter, and grants ownership or possession of the vessel to the charterer subject to certain time-bound conditions.
One advantage of a time charter, unless the wording is extremely restrictive, is that if the charterers 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.
Time charter equivalent is calculated by taking voyage revenues, subtracting voyage expense, including canal, bunker and port costs, and then dividing the total by the round-trip voyage duration in days. It gives shipping companies a tool to measure period-to-period changes.
Unlike with voyage charters, the two parties will not need to agree on ports of call and destinations, as the charterer has complete discretion over this. With a time charter, the ship owner does not cover all costs. Instead, the charterer must pay for fuel and supply costs, as well as the cost of cargo operations.
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.
In a time charter, the shipper (the charterer) pays the ship owner a rate in dollars per day and the charterer, not the ship owner, covers the fuel and voyage costs. If global bulk commodity shippers expect spot prices to rise substantially in the future, they lock in their transport costs by signing time charters.
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.

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