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In maritime transport, a time charter is characterized by the agreement where the charterer hires a vessel for a specified duration, allowing them to utilize the vessel for unlimited voyages within that timeframe. This arrangement provides flexibility for the charterer to direct the vessel to various ports and undertake multiple trips, depending on their shipping needs. The vessel is typically under the control of the charterer during this period, while the owner maintains responsibility for the crew and the vessel's maintenance.

The other options do not accurately describe a time charter. A single voyage with specific cargo pertains more to a voyage charter, while specific routes with variable cargo suggest a mixed arrangement that doesn't align with the time charter's structure. Referring to a charter exclusively for bulk carriers also misrepresents the concept, as time charters can apply to various types of vessels, not limited to any specific kind.