A more thorough explanation:

A time charter is a type of charter for a ship or vessel. It is a contract between the shipowner and the charterer, where the ship is leased for a specified period of time, rather than for a specific task or voyage.

For example, a shipping company may enter into a time charter with a charterer for a period of six months. During this time, the charterer has control over the ship and can choose the ports of call and the cargo carried. However, the shipowner continues to manage and control the vessel.

Each party bears the expenses related to its functions and for any damage it causes. This means that the charterer is responsible for the cargo and any damage caused to it, while the shipowner is responsible for the maintenance and upkeep of the vessel.

Other types of charters include:

• Voyage charter: a charter for the carriage of cargo to a designated port
• Bareboat charter: a charter under which the shipowner surrenders possession and control of the vessel to the charterer
• Slot charter: a charter for one or more slots on a container vessel

These different types of charters illustrate the various ways in which ships and vessels can be leased or hired for temporary use.