Ship Chartering is an important process as it ensures that the organizations cargoes get delivered safely in the most-effective manner. In fact, it is essential for charterters to have an extensive comprehension of the essential aspects of chartering, as it equips them with insight to make strategic chartering decisions and negotiate for better parties. Chartering is defined as an agreement where shipowner agrees to rent out his ship to a cargo owner to move cargoes from one point to another. Hence, ship charters refer to the rental contracts for agreements that allow for the rental of a ship to move cargoes