Express provision for punctual advanced payment of hire usually followed by relevant withdrawal wording in time charterparty. Thus, being under strict obligation to pay for services rendered by the owners, the charterers are obviously concerned over uninterrupted employment of the vessel.
Megaw LJ said The Brimnes  3 All ER 88 at 110:
Whatever mode or process is used, "payment" is not achieved until the process has reached the stage that the creditor has received cash or that which he is prepared to treat as the equivalent of cash, or has a credit available on which, in the normal course of business or banking practice, he can draw, if he wishes, in the form of cash.
Per Lord Bridge of Harwich in A/S Awilco v Fulvia SpA di Navigazione (The Chikuma)  1 All ER 652 at 657:
The underlying concept is surely this, that when payment is made to a bank otherwise than literally in cash, ie in dollar bills or other legal tender (which no one expects), there is no ‘payment in cash’ within the meaning of cl 5 unless what the creditor receives is the equivalent of cash, or as good as cash.