Additionally, there are many methods by which shipped goods are insured/paid/credited under Admiralty Law [0]. This part of law is particularly 'old' and tradit

Additionally, there are many methods by which shipped goods are insured/paid/credited under Admiralty Law [0]. This part of law is particularly 'old' and traditional, so it's fairly complicated, but a fascinating thing to look into. To give a taste, with tramp shippers there are largely three classes of contracts, called charters [1]: 1) Demise charter hires a ship with no administration or technical maintenance included. The charterer gets possession and full control of the ship with legal and financial responsibility of it. The charterer pays for operating expenses, like fuel, crew, port expenses, and P&I and hull insurance. Demise chartering is common with tankers and bulk-carriers. 2) Voyage charters hire a ship and crew for a voyage between ports. The charterer pays the ship owner per-ton or lump-sum. The owner pays port costs (but not stevedoring), fuel costs, and crew costs. Payment for vessel use is called freight. A Voyage charter specifies laytime for loading and unloading cargo. If laytime is exceeded, the charterer pays demurrage. If laytime is saved, the charter party requires the shipowner to pay despatch. 3) Time charter is the hiring of a ship for a period of time; the owner still manages the ship but the charterer chooses ports and directs the ship where to go. The charterer pays for fuel, port charges, commissions, and a daily hire to the owner of the vessel. [0] https://en.wikipedia.org/wiki/Admiralty_law https://en.wikipedia.org/wiki/Admiralty_law [1] https://en.wikipedia.org/wiki/Chartering_(shipping) https://en.wikipedia.org/wiki/Chartering_(shipping)