Here is the difference between a Voyage Charter and a Time Charter, and which risks each one passes to which party.
Under a Voyage Charter, the Shipowner takes responsibility for running the voyage, and Freight is set by the quantity of cargo and the route. Under a Time Charter, the Charterer takes commercial control of the vessel for a fixed period and pays daily Hire.
Choosing between the two is first of all a decision about how risk is allocated. In each structure, the risk of delay, the risk of fuel and the risk of market rate movements (Freight or Hire) usually fall on a different party.
Delivery and Redelivery clauses, which apply specifically to a Time Charter, along with the permitted trading limits and the conditions for the vessel's readiness (in a Voyage Charter, the Notice of Readiness, or NOR), are among the most frequent sources of dispute in practice. Check them carefully before you sign.
If you are weighing up a charter, search Shipo Market for vessels available in Iran, or contact Pooria Adli and we will talk through which structure suits your voyage.