7.1 Hire payable in full

It is well established that the owners provide the vessel and the crews to work, so long as they are fully efficient and able to provide charterers the service required, hire is payable continuously.1 The charterers’ obligation to pay on or before the due date is an absolute one. If the hire is not paid in full and punctually, the owners are entitled to withdraw the vessel to serve a grace notice, if any. The right to withdraw is a right to terminate the charterparty, which will bring the charter to an end.