Time charter is the practice of leasing a boat for a certain amount of time, which can be from a few months to many years. The shipowner receives a set amount from the charterer each day or each month. The charterer has more authority over the vessel's operations, including cargo handling and ports of call, throughout the charter period.

Voyage charter

A voyage charter involves the charterer hiring the ship for a single trip between one or more designated locations. For the predetermined course and duration, the shipowner supplies the crew, the vessel, and the fuel.