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The demurrage sometimes causes a loss to the seller as it increases cost of the total freight. [3] The demurrage fee is often a daily amount agreed between charterers and ship owners. Ideally, the demurrage fee (per day in US dollars) covers the daily time charter rate, daily voyage costs, and the ship owner’s risk premium. [4]
Demurrage is the cost associated with owning or holding currency over a given period. It is sometimes referred to as a carrying cost of money. It is sometimes referred to as a carrying cost of money. For commodity money such as gold, demurrage is the cost of storing and securing the gold.
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. [3] The Statement of Facts may aid in the resolution of conflicts by providing transparency and a precise documentation. [3]
"Laytime" should not be confused with "Lay days". The latter refers to the period within which the shipowner should make the vessel "ready" to the Charterer at the place and time agreed in the charter party. "Cancelling Date" is the last day of "Lay days" and acts as a deadline to tender "Notice of Readiness".
Four shipper associations want the Surface Transportation Board to allow demurrage charges to be assessed on privately owned railcars as an incentive for freight railroads to move those railcars ...
A time charter is the hiring of a vessel for a specific period of time. The owner supplies the vessel and crew, but the charterer selects the ports, route and vessel speed, the last being a significant determinant of carbon dioxide emissions.
Beyond that, follow Headlee’s advice and focus on making the most of your free time by turning down any commitments or chores that only feel like more work.
Once in the port, after a short "free time" period, roll trailers are subject to demurrage charges, [4] to cover storage and detention fees [5] and to ensure consignees swiftly unload their cargo, temporary positioned on the shipping line's trailers during the sea passage.