Time charter party - A time charterparty is a contract whereby the

lessor (the shipowner or demise charterer) places a fully equipped and

manned ship at the disposal of the lessee (the time charterer) for a period
of time for a consideration called "hire" payable at specified intervals
during the term of the charter. A "time charter for a trip" is a time charter
for a particular voyage or voyages, rather than for a period of years, days
or months, with hire payments made at periodic intervals (as under a
time charterparty), rather than "freight" being payable, at the completion
of the voyage, on the quantity of cargo carried.