Posts Tagged ‘shipping’
Difference between Demurrage and Detention
Estimated reading time: 6 minutes For those in the business of shipping, delays can be costly. It is common practice for ship-owners to charter vessels in return for freight. When calculating freight, ship-owners take into consideration the period of the charter. Therefore, where a ship-owner has calculated freight based on the time for which the…Read More
Notice of Readiness for Laytime Calculation (With Real-Life Case Study Example)
Estimated reading time: 5 minutes Laytime and demurrage are one of the most litigious issues in shipping. The terms in the contracts are tricky as it is commonplace that shipowners and charterers face delays in ports, leading to demurrage charges to be incurred. The vague wording in the charter party contracts also provide lots…Read More
What is laytime and lay day in shipping?
Estimated reading time: 4 minutes Laytime and lay days are two shipping terms that often get mixed up as having the same meaning. Although they sound similar, they differ greatly in meaning. Read more below to find out the different definitions of these 2 shipping terms. What is laytime? Laytime or lay time,…Read More