The owner leases the unequipped, uncrewed ship to the charterer for a certain, often long term. The freight rate is usually determined on the basis of the cargo capacity of the ship at summer freeboard (distance from the water line to the main cargo deck) and per month or other time unit. The freight rate can also be a fixed rate. In the event of bare hull chartering, the charterer is the carrier. He issues the Bill of Lading.
