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In principle, it can be considered that the similarity between vessel demurrage and container demurrage is correct since both refer to the same concept, which is the late return of equipment supplied by one party to another for the purpose of carrying a cargo. However, the actual regime of container demurrage is still to be determined precisely.
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.
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.
A small cargo hatch to a small storage locker is called a Lazarette. Should a cargo hatch fail in a storm, the ship is at risk of sinking, such that has happened on bulk carrier hatches . Some ships that sank due to cargo hatch failure: MV Derbyshire , MV Christinaki , Bark Marques , SS Henry Steinbrenner , SS El Faro , SS Marine Electric , and ...
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 ...
Seigniorage is the positive return, or carry, on issued notes and coins (money in circulation). Demurrage, the opposite, is the cost of holding currency.. An example of an exchange of gold for "paper" where no seigniorage occurs is when a person has one ounce of gold, trades it for a government-issued gold certificate (providing for redemption in one ounce of gold), keeps that certificate for ...
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.
A floating storage and offloading unit (FSO) is essentially an FPSO without the capability for oil or gas processing. [1] Most FSOs are converted single hull supertankers . An example is Knock Nevis , ex Seawise Giant , which for many years was the world's largest ship.