Search results
Results from the WOW.Com Content Network
In principle, it can be considered that the similarity between vessel demurrage and container demurrage is correct since both refer to the same concept, which is the late return of equipment supplied by one party to another for the purpose of carrying a cargo. However, the actual regime of container demurrage is still to be determined precisely.
The charterparty contract determines the precise meaning of "arrival". Usually, "arrival" is when the ship has arrived at the port and is ready in all respects to load or discharge; but it may be, say, when the ship has passed buoy #2 in the approach channel, or once the vessel has pass through lock gates.
If no demurrage is provided for by the charter-party, and the vessel is not loading or discharging beyond the lay days, the shipowner can claim damages for the loss suffered by the detention of the ship. [4] In other cases, if the vessel is detained beyond the fixed number of demurrage days, the ship owner can recover damages for detention.
A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport (truck, ship, train, aircraft), the weight of the cargo, and the distance to the delivery destination.
In some cases, a charterer may own cargo and employ a shipbroker to find a ship to deliver the cargo for a certain price, the freight rate.Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers).
The two terms have a specific meaning in commercial law and cannot be altered. But the FOB terms do not need to be used, and often are not. In this case the specific terms of the agreement can vary widely, in particular which party, buyer or seller, pays for the loading costs and shipment costs, and/or where responsibility for the goods is ...
Trade between British India and British Burma rapidly increased in the early 20th century. The Bay of Bengal became one of the busiest shipping hubs in the world, rivaling the traffic of ports on the Atlantic. [17] In 1928, the British government declared Chittagong as a "Major Port" of British India. [18]
A delivery order (abbreviated D/O [1]) is a document from a consignee, or an owner or his agent of freight carrier which orders the release of the transportation of cargo to another party. [2]