# Charter party

*Last updated: 2026-06-16*

> A charter party is a maritime contract between a shipowner and a charterer under which the owner provides a vessel or specified cargo space in exchange for an agreed freight rate.

A charter party is a maritime contract between a shipowner and a charterer under which the owner provides a vessel or specified cargo space in exchange for an agreed freight rate. The contract governs loading and discharge obligations, laytime and demurrage, freight payment terms, and liability allocation. Standardised forms are the norm in practice: Gencon is widely used for voyage charters, while Baltime and Shelltime are common for time charters. Three main charter types exist – voyage charter, time charter, and bareboat charter – with the bareboat form transferring full nautical and commercial control of the vessel to the charterer. Unlike a bill of lading, which covers individual consignments, a charter party always involves substantial cargo capacity over an extended period.

**Source:** [https://de.wikipedia.org/wiki/Befrachtungsvertrag](https://de.wikipedia.org/wiki/Befrachtungsvertrag)

## Quick Facts

| Property | Value |
|---|---|
| Term | Charter party |
| Language | EN |
| Word count | 121 |
| Last updated | 2026-06-16 |
| Source | https://de.wikipedia.org/wiki/Befrachtungsvertrag |

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