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The time sheet enables laytime and therefore demurrage or despatch to be calculated. [5] The demurrage fee is often a daily amount agreed between charterers and ship owners. Ideally, the demurrage fee (per day in US dollars) covers the daily time charter rate, daily voyage costs, and the ship owner’s risk premium. [6]
The rate of demurrage (if any) is generally accepted as the measure of the damages for detention, but is not necessarily the true measure. When the claim is for detention and not demurrage the actual loss is recoverable, which may be more or may be less than the agreed rate of demurrage.
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 ...
Whereas a charterparty is the contract between a shipowner and a charterer, a contract of carriage lies between the shipper and the carrier. A carrier will issue a shipper with a bill of lading, a receipt for cargo shipped which also serves as evidence of the contract of carriage. (In a demise charter, the charterer is the carrier; in a time or ...
The Hague–Visby Rules is a set of international rules for the international carriage of goods by sea.They are a slightly updated version of the original Hague Rules which were drafted in Brussels in 1924.
Today's NYT Connections puzzle for Wednesday, February 19, 2025The New York Times
The port facility in pink along with the usual route of ships entering Newark Bay via The Narrows and Kill Van Kull between Bayonne, New Jersey, and Staten Island Container port facilities at Port Newark-Elizabeth Marine Terminal seen from Bayonne, New Jersey Part of the A.P. Moller Container terminal at Port Elizabeth USACE patrol boat on Newark Bay