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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 ]
The owner pays the port costs (excluding stevedoring), fuel costs and crew costs. The payment for the use of the vessel is known as freight. A voyage charter specifies a period, known as laytime, for loading and unloading the cargo. If laytime is exceeded, the charterer must pay demurrage.
In the oil industry, it refers to the excess time taken to discharge or load, as the case may be, in excess of the allowed laytime. Laytime is the term used to quantify the time allowed within which an operation is allowed to be made. Demurrage is laytime consumed less laytime allocated (if any).
Here's a look at the ins and outs of shipping insurance at all the major mailing services and a few popular private options, plus how much each will cost you. USPS Coverage amount: Up to $5,000
Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit. In Canada and the US , shipping insurance is offered by postal services, courier companies, and shipping-insurance companies.
The term "cost, insurance, freight" or "c.i.f." predates the introduction of Incoterms. Craighall noted in a 1919 article that in "earlier times" the initials were usually written "C. F. & I.": he quotes the phrase "C. F. & I. by steamer to N.Y." used in a shipping contract addressed in the New York State case of Mee v. McNider (1886).
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]
International DTD is a service provided by many international shipping companies and may feature intermodal freight transport using containerized cargo. The quoted price of this service includes all shipping, handling, import and customs duties, making it a hassle-free option for customers to import goods from one jurisdiction to another. This ...
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