A Detailed Guide to Chartering a Ship Vessel Maritime is one of the most important sectors in global trade and commerce. From luxury ships to large bunker trailers, marine vessels are used daily for transporting goods, commodities, and passengers. It shall come as no surprise then that ships are commonly only rented out and chartered to different parties for various business purposes. This process of renting out a ship vessel to some other party is known as ship chartering. It is often mediated by professional agents known as shipbrokers. For those who ope operate rate in the maritime sector in the European market, they can seek chartering services from ship broker companies in Norway such as Norwegian Ship Sales. Below, we take a look at the process of chartering a ship vessel and how shipbrokers can help in it.
Understanding the Stakeholders
Shipowner
A shipowner could refer to an individual idual or an organization who owns the ship and is putting the vessel on rent. Their name should be registered under a ship registry. They should ideally also be members of the International Chamber of Shipping (ICS). It is a regulatory body that looks afte afterr any legal issues that crop in the global shipping sector.
Chartering party
A chartering party, also known as a charterer, is an individual or organization who wants to rent out a marine vessel. Ships are typically rented or leased by someone for the purpose purpose of transporting cargo and/or passengers. They may also choose to rent the ship and then re-rent re it to some other party to earn a profit. During the lease period, the charterer is the one responsible for maintaining the safety of the ship, including the safety of the crew and of the cargo they’re carrying. The arrangements for loading and unloading must also be done by the charterer. The shipowner and the charterer sign a legal agreement, which is also known as the ‘charter party’.
Ship broker