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The word “Charterer” is probably as old as the word “Ship” itself.
Do you keep hearing this word so regularly?
Well, who doesn’t?
From seafarer’s point of view, it is so much important to understand these terms.
Why?
From commercial point of view, it is the moral responsibility of the seafarers to ensure that the ship owner profits from the ship operation.
And for this reason, we must understand when and where our loyalties lies.
But sometimes it becomes difficult to get a hang of all of it.
Not anymore.
In this blog, we will discuss about the terms charterer and charter party agreement.
Concept of Charter party agreement
It is all business.
And like in all kind of business, there are at least two parties involved, one of which provide a service or product to the other for a price.
With respect to carrying the cargo onboard the ships, these two parties are,
1) Ship owner who has the ship and provide the space on the ship to carry the cargo.
2) Shipper who has the cargo and wants a ship to transport the cargo
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