Bareboat Charter

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Bareboat Charter

An agreement whereby one rents a boat without a crew. That is, the renter is responsible for providing a crew and, for that reason, is in complete control of the operations of the boat during the rental period. This differs from a voyage charter, whereby the renter can direct where the boat goes, but in which the owner provides the crew and maintains control over their activities.
References in periodicals archive ?
The joint venture company has gained a 5year, bare-boat contract estimated to be worth above US$27 million.
announced today that it has entered into an agreement to terminate its bare-boat charter for the Suezmax tanker Faultless (DWT 154,970, built 1992), after sale of the vessel from its owners to a third party.
In addition, the Company announced today that it has entered into an agreement to terminate its bare-boat charter for the Handymax tanker Invincible (DWT 47,084 built 1992), after sale of the vessel from its Lessors to a third party.
Subject to the accounting treatment relating to the acquisition cost, the Company expects the re-acquisition and the termination of the five bare-boat contracts to have an accretive effect on both its cash flow from operations and earnings per share.
5 TCE per ship per day $53,827 29,152 28,539 35,531 19,795 Operating expenses per ship per day (excluding vessels chartered-in and on bare-boat out) $12,361 6,616 6,894 5,663 6,533 Three Months Ended March 31, 2005 Acquired Newbuildings La Madrina (pre-1997) Combined Average number of vessels 15.
TCE rate given for the the VLCC Millennium, which is chartered out on a bare-boat basis, takes into account a notional operating cost per day.
Under the shortly expiring arrangement, BP has the full technical responsibility for the vessels (a bare-boat lease) based on notional operating costs of USD 8,500 per day per vessel.
The BVI Scuba Organization hosts over 50,000 to 60,000 divers a year, excluding bare-boats and charter rentals, which we also service.