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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 ]
Worldscale is a unified system of establishing payment of freight rate for a given oil tanker's cargo. Worldscale was established in November 1952 by London Tanker Brokers' Panel on the request of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship.
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 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.
The proposed tariffs could cost consumers an additional $2,500 to $7,600 a year per household, according to estimates, said Jonathan Gold, vice president of supply chain and customs policy for the ...
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]
For a 20-foot container travelling from northern Europe to Asia, for example, the firm said it had added $325 onto the shipping cost. Shares in Maersk were up 2.8% by 11.44 a.m. ET. CMA CGM is a ...
The U.S. Food and Drug Administration (FDA) now classifies eggs as a “healthy, nutrient-dense" food, according to a new proposed rule. Registered dietitians react to the change.