Affreightment

Affreightment is a contract that hires ships to carry and transport goods.

What is Affreightment ?
Affreightment is a legal term used to refer to a contract between a ship-owner and a business or a person. In this contract, the ship-owner agrees to carry the charterer's goods on the ship or give them the whole or part of the ship's cargo-carrying space to carry goods for a specified amount of time. The charterer pays the ship-owner a specified price called freight for the use of the ship.