Ad Hoc Charter : A one-off charter operated at the necessity of Charterer Demise Charter (Bare Boat Charter) : Here, only the ship without floating personnel, fuel. etc. is chartered on time charter basis. The charter has to equip the ship with floating personnel, fuel and other necessaries and operate the ship. Normally, a ship-owner or prospective ship-owner may prefer this method. Time Charter : The ships chartered for a specific period time. e.g. from 1st January to 21st December. Charterer may employ the ship in voyage according to his requirements. Voyage Charter : Ships are chartered for a specific voyage, etc. Normally traders prefer to go in for voyage charter.Charter Party : The contract between the owner of a ship and the individual or company chartering it. Among other specifications, the contract usually stipulated the exact obligations of the ship-owner (loading the goods, carrying the goods to a certain point, returning to the chartered with other goods, etc.); or it provides for an outright leasing of the vessel to the charterer, who then is responsible for his own loading and delivery. In either case, the charter party sets forth the exact conditions and requirements agreed upon by both sides.