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In the maritime industry, there are two common types of charter party agreements: time charter and voyage charter. A voyage charter involves leasing a vessel for a specific voyage, while a time charter is a time-bound agreement. Payment methods differ, with a voyage charter involving payment per ton of cargo transported, and a time charter involving payment per day, per month, or per year. Responsibilities for crew hire, maintenance costs, fuel, and supply costs are shared between the owner in both types of charters.
