"Employment" From Calm Waters to War Zones: The Unique Nature of Time Charters and a Time Charterer's Right to Exploit the Full Earning Power of the Vessel

The unique feature of time charters is that they are not contracts for carriage but contracts for services, under which ownership and possession are separated from use of the ship. Owners carry the risk of maritime accidents and remain responsible for the safety and navigation of the ship “as when trading for their own account.” But the ship trades instead for the account of time charterers.
The author concludes that the latest English law cases to test this conflicted bargain in two vital areas load the dice in favour of the charterers and their rights to exploit the earning power of the ship.