Answer
A- Both are standard forms or Time C/P agreements developed for different vessel types & commercial sectors.
Baltime
- It is a uniform standard from time charter published by BIMCO, mainly used for dry bulk shipping hiring a
vessel on a time basis.
- It clearly defines the opertnl reqrmnts of both shipowner & charterer, including payment of hire, vessel
delivery, off-hire condtitns, fuel consmptn & other related terms.
- It is designed to govern the relatnship & oblig atns during a time charter, ensuring smooth operation & leg
al certainty b/w shipowners who provides the seaworthy vessel & charterer who directs its employment & cargo handling.
Shelltime
- It is standard time charter party from originally developed by SHELL for tanker & oil product vessels.
- It outlines the terms for hiring a vessel for a period with specific on-hire, delivery, re-delivery & operational
oblig atns.
- SheIItime 4 is the latest common version used in tnkr trade.