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Demurrage" / d ɪ ˈ m ʌ r ɪ dʒ / [1] in vessel chartering is the period when the charterer remained in possession of the vessel after the period normally allowed to load and unload cargo . [2] By extension, demurrage refers to the charges that the charterer pays to the ship owner for its delayed operations of loading/unloading. [ 3 ]
If the charterer's delay means that laytime is exceeded, a predetermined penalty (i.e. liquidated damages) called "demurrage" is incurred. [5] [6] If the whole period of laytime is not needed, a refund called "despatch" may be payable by the shipowner to the charterer.
HMM Company Limited (Korean: 에이치엠엠 주식회사; RR: Eichi Em Em Jusik Hoesa), formerly known as Hyundai Merchant Marine, is a South Korean container transportation and shipping company. Overview
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HMM Algeciras is one of the world's largest container ships. Built by Daewoo Shipbuilding & Marine Engineering in South Korea. It is 61 metres (200 ft 2 in) wide and 399.9 metres (1,312 ft 0 in) long. The ship has a capacity of 23,964 TEU. HMM Algeciras is registered in South Korea and operated by HMM Co Ltd. [1] [2] [3]
Along with Hapag-Lloyd, HMM Co Ltd, and Ocean Network Express, Yang Ming Marine Transport Corporation is a member of THE Alliance. THE Alliance is intended to provide 34 services, directly calling at 81 different ports on a monthly basis. [ 8 ]
Bunker adjustment factor, bunker surcharge or BAF refers to the floating part of sea freight charges which represents additions due to oil prices. [1] BAF charges used to be determined by Carrier Conferences to be applicable for a certain period on a certain trade route.
The Tariff of 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...