The "Hill Harmony Excerpt"
The question raised by this dispute is not a new one. It reflects the conflict of interest between owners and charterers under a time charter.Under a voyage charter the owner or disponent owner is using the vessel to trade for its own account. He decides and controls how he will exploit the earning capacity of the vessel, what trades he will compete in, what cargoes he will carry. He bears the full commercial risk and expense and enjoys the full benefit of the earnings of the vessel. A time charter is different . . . . [I]n return, he [the owner]transfers the right to exploit the earning capacity of the vessel to the time charterers.*