Abbreviation for Time Charter Party and refers to the contract between an owner and a charterer. There are two main types of contractual forms to charter a ship for a period of time; time charter party and bareboat charter party, depending on who arranges for its captain and crew members to operate the ship. The arrangement for crew members is done by the ship owner in a time charter party, and by the charterer in a bareboat charter party. In a Floating Storage and Regasification Unit (FSRU) project, a project developer (charterer) usually makes an agreement with a ship owner in a time charter party. The owner supplies the vessel and its crew members to the developer in order to provide LNG regasification services to customers (such as an electric power utility company or natural gas utility).

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