Voyage Charter
A Voyage Charter is the type of charter party where the shipowner agrees to carry a specific cargo on a defined voyage between named load and discharge ports, in exchange for a freight rate (typically per tonne of cargo). The shipowner retains commercial control of the vessel and bears most operating costs — crew, bunkers, port charges — building these into the freight rate.
Key elements of a voyage charter include the cargo description and quantity, named load/discharge ports (or ranges), the lay-can window, the freight rate, laytime allowed for loading/discharge, and demurrage/despatch rates. Standardised forms include GENCON (general cargo), NORGRAIN (grain), SHELLVOY (tankers), SUGAR CHARTER PARTY (sugar), and many trade-specific forms.
A voyage charter is buying a delivery, not a ship. The owner keeps commercial control and prices all the operating risk into the freight rate — which is exactly why the laytime and demurrage clauses matter so much: they are how the owner protects itself against the charterer tying the vessel up in port.
What is a spot charter?
A voyage charter for a single, immediate voyage at the current market ("spot") freight rate — as opposed to a period commitment like a time charter.
Who pays port charges in a voyage charter?
The owner, in most cases — port charges, crew and bunkers are the owner's costs, built into the freight rate the charterer pays per tonne.