What does a charter party typically specify regarding the ship?

A charter party is a formal agreement between a shipowner and a charterer for the use of a vessel for a specified period or under specific conditions. One of the key aspects of this agreement is to clearly define the characteristics of the ship being chartered, which includes its type, name, size, and flag. This information is crucial as it allows the charterer to understand the vessel's capabilities, capacity, and compliance with international regulations. Knowing the type of ship, for instance, helps determine its suitability for certain types of cargo or destinations.

While a charter party may include terms about the travel route or operational details, these are not the primary specifications regarding the vessel itself. The agreement might outline responsibilities related to insurance, but it does not typically specify the particulars of an insurance policy. Therefore, focusing on the details of the ship in the charter party, such as its type, name, size, and flag, is fundamental to the chartering process and ensures that both parties have a clear understanding of the specific vessel involved in the contract.