<P> Time Charter Equivalent is a standard shipping industry performance measure used primarily to compare period - to - period changes in a shipping company's performance despite changes in the mix of charter types . </P> <P> There are three main types of charter: </P> <Ul> <Li> A demise charter, or bareboat charter, is an arrangement for the hiring of a vessel whereby no administration or technical maintenance is included as part of the agreement . The charterer obtains possession and full control of the vessel along with the legal and financial responsibility for it . The charterer pays for all operating expenses, including fuel, crew, port expenses and P&I and hull insurance . In commercial demise chartering, a subtype of bareboat chartering, the charter period may last for many years and may end with the charterer acquiring title (ownership) of the ship . In this case, a demise charter is a form of hire - purchase from the owners, who may well have been the shipbuilders . Demise chartering is common for tankers and bulk - carriers . </Li> <Li> A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port . The charterer pays the vessel owner on a per - ton or lump - sum basis . The owner pays the port costs (excluding stevedoring), fuel costs and crew costs . The payment for the use of the vessel is known as freight . A voyage charter specifies a period, known as laytime, for loading and unloading the cargo . If laytime is exceeded, the charterer must pay demurrage . If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer . </Li> <Li> A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer selects the ports and directs the vessel where to go . The charterer pays for all fuel the vessel consumes, port charges, commissions, and a daily hire to the owner of the vessel . </Li> </Ul> <Li> A demise charter, or bareboat charter, is an arrangement for the hiring of a vessel whereby no administration or technical maintenance is included as part of the agreement . The charterer obtains possession and full control of the vessel along with the legal and financial responsibility for it . The charterer pays for all operating expenses, including fuel, crew, port expenses and P&I and hull insurance . In commercial demise chartering, a subtype of bareboat chartering, the charter period may last for many years and may end with the charterer acquiring title (ownership) of the ship . In this case, a demise charter is a form of hire - purchase from the owners, who may well have been the shipbuilders . Demise chartering is common for tankers and bulk - carriers . </Li>

Similarities and differences between voyage charter and time charters
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