Chartering & negotiation
Relet
Meaning
A relet is a ship offered to the market by a charterer who already has it on time charter, so the charterer acts as the disponent owner.
Relet explained
Traders and oil companies with time-chartered ships often relet them for voyages they don't need themselves. The charterer on the relet contracts with the time charterer, known as the disponent owner, not the registered owner.
Related terms
Time charter
A time charter hires the ship for a period at a daily rate; the charterer directs its employment and pays for voyage costs like bunkers and port fees.
Voyage charter
A voyage charter is a contract to carry a cargo between named ports for a freight payment, with the owner running the ship and paying its costs.