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What does time charter mean?

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time charter
Noun


A contract between the registered or legal owner (lessor) of a marine vessel (ship, boat) and the time charterer (lessee) for a specified period of time under which the owner is responsible for crewing, maintenance and insurance of the vessel while the time charterer selects the ports, pays for the fuel, port and agency costs, the costs of dealing with the cargo and the charter hire.

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