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Demurrage" / d ɪ ˈ m ʌ r ɪ dʒ / [1] in vessel chartering is the amount of liquidated damages owed by a charterer to a shipowner when the charterer remained in possession of the vessel for the purpose of loading and unloading beyond the time allowed by contract. [2]
Demurrage is the cost associated with owning or holding currency over a given period. It is sometimes referred to as a carrying cost of money. It is sometimes referred to as a carrying cost of money. For commodity money such as gold, demurrage is the cost of storing and securing the gold.
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.
Four shipper associations want the Surface Transportation Board to allow demurrage charges to be assessed on privately owned railcars as an incentive for freight railroads to move those railcars ...
Demurrage is a fixed sum per day or per hour that the charterer agrees to pay for any time that the vessel is detained for loading or discharging over the time contractually allowed—usually described as lay days. Sometimes the number of days the vessel may be kept on demurrage at the agreed rate is fixed by the charter-party.
Local currencies with negative interest rate or demurrage tend to circulate much more rapidly than national currencies. The same amount of currency in circulation is employed more times and results in far greater overall economic activity. It produces greater benefit per unit.
The demurrage associated with e-gold is arguably expended by the currency operator to help cover real storage costs. Bernard Lietaer 's terra is a commodity basket currency proposal similar to Keynes's bancor or L'Europa (The idea to establish a L'Europa – monnaie de la paix from early concepts presented in an article in the French newspaper ...
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