The term ‘hire’ is also used to refer to the payment due from charterers to owners for the use of their vessel: See for example the following standard time charter terms:
(1) NYPE 1946 form refers to ‘payment of said hire’ (clause 5).
(2) NYPE 1993 form refers to ‘rate of hire’, ‘hire payment’ and ‘payment of hire’ (clauses 10 & 11).
(3) Baltime 1939 form provides that ‘The Charterers shall pay as hire the rate stated in Box 19’ (clause 6).
Hire rates are usually given as daily rates and paid in advance 15 days. Voyage Charter Parties where payment of hire is calculated by a freight rate in reference to the volume of cargo carried.