In chartering this terms refers to a ship-owner (or charterer) who enters into a contract to carry a large quantity of cargo between named port or regions on mutually agreed terms and conditions over a period of time. The ship-owner may employ his own vessels or charter other vessels to meet his commitments. This ships used for the carriage are not named. As each shipment takes place a fresh voyage charter is entered into between the parties. This gives the ship-owner sufficient flexibility.