Bareboat Charter

In a Bareboat Charter, the charterer takes over the ship as if they were the owner for the duration of the contract. The owner provides only the physical vessel. The charterer is responsible for crewing, insurance, maintenance, fuel, technical management, regulatory compliance, and commercial employment of the vessel. This structure is often used for long-term leasing, fleet expansion, or financing purposes. It allows companies to operate ships without purchasing them outright. For a non-industry person: it is similar to leasing a car without a driver—you are fully responsible for operating and maintaining it while you use it.