Trip time charter
Meaning
A trip time charter hires a ship on time-charter terms for a single voyage, paid at a daily hire rate instead of freight per tonne.
Also written as TCT, Time charter trip
Trip time charter explained
A trip time charter combines a voyage's scope with time-charter economics: the charterer pays hire for the days the trip takes, plus bunkers and port costs, and carries the risk of delays.
Trip charters are more common in dry bulk than in tankers, but are used for some tanker trades and relets.
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.
Hire
Hire is the payment for a ship under a time charter, normally a fixed amount per day, paid in advance at regular intervals.