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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] The inverse of demurrage is despatch. If the charterer requires the use of the vessel for less time than the laytime allowed, the charter party may require the shipowner to pay despatch for the time ...
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.
Mediterranean Shipping Company was founded in Naples in 1970 as a private company by seafaring captain Gianluigi Aponte when he bought his first ship, Patricia, followed by Rafaela, with which Aponte began a shipping line operating between the Mediterranean and Somalia. The line subsequently expanded through the purchase of second-hand cargo ships.
After some time spent in commercial service she was lengthened by Hyundai Heavy Industries in 1984, and later went on to be acquired by the US Navy under a long term charter. She was converted for the Navy at Newport News Shipbuilding and Drydock Company and on delivery to the Navy was assigned to the Military Sealift Command on 23 August 1996 ...
Failing to adhere to ECTN regulations can obstruct cargo clearance, incur daily demurrage/storage charges, manifest amendment fees, and fines up to five times the value of the goods. [1] In extreme cases, such as a 2017 incident in Gabon where a €40,000 fine was levied, exporters might choose to abandon shipments altogether.
A contract of carriage is a contract between a carrier of cargo or passengers and the consignor, consignee or passenger. [1] Contracts of carriage typically define the rights, duties and liabilities of parties to the contract, addressing topics such as acts of God and including clauses such as force majeure (removing liability for extraordinary occurrences beyond control of the parties). [2]
6x Pro Bowl DT Gerald McCoy and 2x Super Bowl champion Kyle Van Noy break down Saquon Barkley’s historic 2,000-yard season and debate whether the Eagles should let him chase Eric Dickerson’s ...
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...