What are the differences between voyage and time charter parties?

Chartering of a vessel is maritime term which is used to describe hiring or renting a vessel especially for bulk cargo transportation.

On the previous articles I have explained voyage charter party contracts and time charter party contracts one by one in detail.

Both time and voyage charters are types of charter party contracts that can used when chartering of vessels for bulk cargo carriage.

There are different standard format time and voyage charter party contracts available that can be used with different type of commodity transportation. For example;
  • BIMCHEMTIME 2005 is a standard format time charter party contract, which is created by BIMCO, is used when chartering vessels carrying chemicals in bulk.
  • Gencon 94 is a standard format voyage charter party contract, which is created by BIMCO, is used when chartering vessels carrying commodity cargoes in bulk.

Today I would like to explain the main differences between voyage charter party contracts and time charter party contracts.


Time Charter Party


Today I would like to explain time charter party contracts. 

Time charter party is a type of charter party contract, which is used in maritime industry when chartering bulk cargo vessels for a specific period of time.  


Other charter party contract types are known as bareboat charter and voyage charter.