163. Charterparties and possession of the vessel.

A 'voyage' or 'time' charter is a mere contractual agreement to make a vessel's capacity available. It transfers no possessory or proprietary rights in the ship, all of which remain in the owner. It follows that a charter is not binding on a buyer. For that reason, while a sale of the vessel by the owner to a third party is not as such a breach of a time or voyage charter