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Subject owners' approval of charterers

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Subject owners' approval of charterers. If "subject to Board approval" tends to favour the charterer, this restriction certainly favours the shipowner.

It is used especially when the charterer proposed by the shipbroker is unknown to the shipowner and the latter wants to run a check on the charterer, perhaps through BIMCO, which offers an excellent "Reference Register Circular" service to its owner members, listing parties who default on payments, for example, charter hire or freight. The owner may well require a guarantee from a first-class bank, to the owner's approval, before dealing with the proposed charterer.

 

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