165. Time charterparties.

A time charterparty is a contract to make the carrying capacity of a vessel available to the charterer during a specified period1 in consideration of the payment of hire for the time during which the charterer is entitled to the use of the vessel2. The shipowner retains possession of the vessel through the master and crew, who remain his employees. The charterer for his part is entitled to determine how the vessel is to be employed, within the agreed limits.

Time charterparties are usually for a specified period, provide for hire to be paid at a specified rate commencing from