What is time charter and vovage charter?

A time charter is an arrangement where a shipowner leases their vessel to a charterer for a specified period, allowing the charterer to control the ship's operations while the owner retains responsibility for the vessel's maintenance and crew. In contrast, a voyage charter involves a one-time agreement where the shipowner transports goods for the charterer over a specific route, with the shipowner handling all operational aspects and the charterer paying for the freight based on the cargo transported. Essentially, time charters focus on duration, while voyage charters concentrate on specific shipments.