Both time and voyage charters are types of charter party contracts that can used when chartering of vessels for bulk cargo carriage.
There are different standard format time and voyage charter party contracts available that can be used with different type of commodity transportation. For example;
- BIMCHEMTIME 2005 is a standard format time charter party contract, which is created by BIMCO, is used when chartering vessels carrying chemicals in bulk.
- Gencon 94 is a standard format voyage charter party contract, which is created by BIMCO, is used when chartering vessels carrying commodity cargoes in bulk.
Today I would like to explain the main differences between voyage charter party contracts and time charter party contracts.