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Demise charter

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Typography

Demise charter. (Also Bareboat charter.) This is not really a contract for the carriage of goods by sea.

The ship is hired, or "leased", by the charterer for an agreed period and the charterer has complete control over the ship and complete responsibility for its operation, including the appointment of the master. and crew, maintenance, insurance, etc. The demise charterer may also lease the ship with an option to buy it at some agreed residual value after a period. In times of shipping recession when shipowners find it difficult to operate their ships at a profit, they may demise them out for others to operate (as disponent owners) yet enter into a management agreement with the demise charterer, where the owner uses his own experience and expertise and perhaps even crew.

 

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