A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port.

The charterer pays the vessel owner on a per-ton or lump-sum basis. The owner pays the port costs (excluding stevedoring), fuel costs and crew costs. Voyage Charter Typically a contract between a person who has the right to exploit the earning capacity of the vessel (because he is a bareboat, time or voyage charterer, so a disponent owner) and a voyage charterer, to carry a particular cargo on a particular ship on a particular voyage for an agreed sum(the reight, usually calculated per unit of cargo carried, and earned on loading but payable by instalments after loading and on discharge). The voyage charterer also undertakes to pay liquidated damages for detention (demurrage) if loading and/or discharging take longer than the time agreed (the lay days). The owner/disponent owner retains all the Technical Operation and Commercial Operation and Management responsibilities (for maintaining and insuring the vessel, employing the crew, and all the costs of voyage, including bunkers and port charges), except risks expressly apportioned to the charterer or within his discretion (e.g. as a result of any right to choose ports or cargoes); and the terms of the contract may specify that the voyage charterer is responsible for the costs and perhaps the risks of leasing and discharging cargo. The most common forms of voyage charter party are the Gencon (used with Congenbill bills of lading) and, in oil and gas trades, the Asbatankvoy, always with amendments. Again, there is essentially freedom of contract in that contractual terms are basically unregulated by national law.

A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer selects the ports and directs the vessel where to go. The charterer pays for all fuel the vessel consumes, port charges, and a daily 'hire' to the owner of the vessel.

A Bareboat charter is an arrangement for the hiring of a vessel whereby no administration or technical maintenance is included as part of the agreement. The charterer pays for all operating expenses, including fuel, crew, port expenses and hull insurance. Usually, the charter period (normally years) ends with the charterer obtaining title (ownership) in the hull. Effectively, the owners finance the purchase of the vessel. People who rent the boat from the owner are responsible for taking care of such things. E.g. Luxury Yachts

A demise charter shifts the control and possession of the vessel; the charterer takes full control of the vessel along with the legal and financial responsibility for it.