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In commercial shipping, laytime is the amount of time allowed, measured in days (or portions thereof), hours, or even tides, within a voyage charter for the loading and unloading of cargo. [ 1 ] [ 2 ]
A voyage charter specifies a period, known as laytime, for loading and unloading the cargo. If laytime is exceeded, the charterer must pay demurrage. If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer. [1] A time charter is the hiring of a vessel for a specific period of time.
A carrier is an entity that actually transports goods and may use a variety of shipping modes, including ships, airplanes, trucks, and railroads, including multiple modes for a single shipment. [4] For example, the freight forwarder may arrange to have cargo moved from a plant to an airport by truck, flown to the destination city and then moved ...
Statement of Facts (SoF) is a report listing all events during a ship's stay in port in chronological order and is used for the calculation of the lay time [1] [2] and demurrage. The Statement of Facts may aid in the resolution of conflicts by providing transparency and a precise documentation. The Statement of Facts has usually a standardised ...
Demurrage is laytime consumed less laytime allocated (if any). The master of the ship must give a Notice of Readiness (NOR) to the charterer when the ship has arrived at the port of loading or discharge. The NOR informs the charterer that the ship is ready to load or discharge. The date and time of the NOR determines when laytime is to commence ...
Affreightment (from freight) is a legal term relating to shipping.. A contract of affreightment is a contract between a ship-owner and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship, or to give the charterer the use of the whole or part of the ship's cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a specified time.
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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.