Bareboat Charter

(redirected from Bareboat Charters)
Also found in: Encyclopedia, Wikipedia.

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 ?
Under the terms of the Bareboat Charters , Star Bulk has option s to purchase the CSSC vessels at any time, which are exercisable monthly, against a predetermined, amortizing balance payment whilst it has a respective obligation at the expiration of the bareboat term .
In addition to learning how to handle the larger boat under sail, you practice maneuvering in close quarters and how to operate its onboard systems, including the head, the galley, the diesel engine, electrical systems--all things you need to know for a bareboat charter.
If you've ever done a bareboat charter, you'll know how important these standards of service can be to your enjoyment of an uninterrupted holiday Getting a competent briefing, for a start, can open your eyes to things that you might otherwise miss in the environment, and it can keep you out of the trouble that you might get into through ignorance.
Under the terms of the Bareboat Charters, Star Bulk has options to purchase the CSSC essels at any time, which are exercisable monthly, against a predetermined, amortizing balance payment whilst it has a respective obligation at the expiration of the bareboat term.
Five of the Company's Handymax tankers are fixed on a bareboat charter basis with an average term of eight and a half years.
Under the terms of the Bareboat Charters, Star Bulk has options to purchase the CSSC Vessels at any time, which are exercisable monthly, against a predetermined, amortizing balance payment whilst it has a respective obligation at the expiration of the bareboat term.
During the first quarter of 2009, seven of the Company's Handymax tankers operated under long-term employment contracts that provide for a base rate and additional profit sharing earning on average $17,204 per vessel per day on a time charter equivalent (TCE) basis, including profit-sharing allocated to the Company and four under bareboat charter earning on average $13,990 per vessel per day.
Jeff Parry, Chief Executive Officer, commented, "We are pleased to renew the bareboat charters for the Stena Compass and Stena Compassion with a leading international shipping group.
FSLTM is focused on rapidly growing the vessel portfolio of FSL Trust through accretive acquisitions with long-term bareboat charters.
The Trustee-Manager intends to focus on growing the vessel portfolio of FSL Trust through distribution-accretive acquisitions with long-term bareboat charters.
The vessels have been leased back under seven-year bareboat charters, with TOP Tankers performing the operational and commercial management of the vessels.
As previously announced by the Company, BP Shipping did not exercise its options to extend the original bareboat charters for the Company's three Suezmax tankers.