GLOSSARY

Lump Sum Charter

A voyage charter whereby the ship-owner agrees to place the whole or a part of the vessel's capacity at the charterer's disposal for which a lump-sum freight is being paid.

What is Lump Sum Charter?

Lump sum charter is a voyage charter whereby the ship-owner agrees to place the whole or a part of the vessel's capacity at the charterer's disposal for which a lump-sum freight is being paid. Sometimes a vessel is chartered on a “lumpsum” basis and not for a freight rate dependent on the quantity of cargo it carries. A fixed sum is payable by the charterers for the capacity made available to them by the shipowner. (For timber cargoes, see Intaken Measure.)

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