9.1 Introduction

A charter party is an agreement by which a shipowner agrees to let a ship, or a part of it, to a charterer. This contract, pivotal in the shipping industry, allows the shipowner to utilize their cargo-carrying capacity with the charterer for a specific journey (voyage charter) or over a set period (time charter). The shipowner, in turn, commits to providing a seaworthy vessel and performing the agreed-upon voyages.