Charter Rates

"operating cost"

the cost of operating a vessel that is incurred during a charter, primarily consisting of crewing costs, insurance premiums, spare parts and repair and maintenance costs

"spot charter"

the immediate chartering of a vessel usually for single voyages

"time charter"

a contract for the hire of a vessel under which the vessel owner is paid a charter rate on a per day basis for a certain period of time, the vessel owner being responsible for providing the crew and paying operating costs while the charterer is responsible for paying the voyage costs (including bunkers) and the charterer being responsible for any delays at port or during the voyage, save for certain exceptions such as loss of time arising from vessel breakdown and routine maintenance

Charter Rate is the agreed cost of hiring a tanker. Spot charter rates, mostly negotiated in worldscale terms, are tariffs for the carriage of a single cargo from one specified port to another (including the return ballast journey) in the immediate future (generally within the next six weeks). Spot rates typically include all expenses of operating the vessel, from fuel to crew, but exclude costs related to the cargo (e.g. inspection fees). Time charter rates are a daily rate of hire over a fixed period, in which tanker owners pay for vessel expenses (such as maintenance and vessel insurance) and the charterer pays for voyage costs (such as bunkers).

Charter refers to the lease of a ship for anything from a single voyage (spot charter) to a fixed period of time (time charter, most commonly one or three years).

A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The charterer pays the vessel owner on a per-ton or lump-sum basis. The owner pays the port costs (excluding stevedoring), fuel costs and crew costs.

A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer...