A chartered ship refers to a vessel that is leased or hired by a charterer for a specific period to transport goods or passengers. Unlike regular commercial vessels, which operate according to the schedules and routes of the shipping company, a chartered ship allows the charterer to have more control over the ship's use and itinerary. The charterer pays a fee, known as charter hire, to the shipowner in exchange for the exclusive use of the vessel for the agreed-upon period.