Chartering Terms
The terms a chartering desk fixes on: how a ship is hired, what the contract sets and how the earnings of one employment are compared with another.
Bareboat Charter (BBC)
A lease of the bare ship with no crew or management, where the charterer becomes the de-facto operator for the period.
Charter Party (C/P)
The contract between shipowner and charterer setting out the terms of hiring a vessel or carrying a cargo.
Laycan
The window of dates within which a ship must arrive and be ready to load, or the charterer may cancel.
Off-Hire
A period during a time charter when the charterer stops paying hire because the ship cannot perform: breakdown, drydock or detention.
Time Charter (T/C)
A contract to hire a fully crewed ship for a period at a daily rate, with the charterer directing employment and paying voyage costs.
Time Charter Equivalent (TCE)
A voyage’s daily earnings net of voyage costs: the single number that makes a voyage charter comparable with a time charter rate.
Voyage Charter
A contract to carry a specific cargo between named ports for a freight rate, with the owner paying the voyage costs.
Where these terms show up on The Maritime
About these definitions. Plain-English reference definitions of standard shipping concepts: our own explanations, not legal advice. Each term page opens with the definition, explains how the concept works and links to the desk where The Maritime measures it. The first entry is Bareboat Charter (BBC).
Glossary last reviewed: .