GLOSSARY

Demise Charter

A contract whereby the shipowner leases his vessel to the charterer for a period of time during which the whole use and management of the vessel passes to the charterer, which involves that the charterer is to pay all expenses for the operation and maintenance of the vessel. Officers and crew will become servants of the charterer. A demise charter whereby the charterer has the right to place his own master and crew on board of the vessel is also called 'bareboat charter.'

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