Hire a ship
Hire ship: Some times the spot rates are higher than the 1 year T/C and 4 year T/C. Hiring a ship for one or four years from a different shipping company could be a very profitable investment if the spot rate is higher. Since you are committing in a time charter yourself to the current one or four year T/C rate, you can not put the ship out again on a one year or four year contract. Hired ships have to run at spot-rate. That is also why you can not change the chartering decisions for hired ships.
When you open up the hire ship window, you will see that the ship name is autogenerated. You will also see the cost of hiring a ship per day in the lines below. Select either a one year hire or a four year hire.