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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]
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.
Laytime can commence under a voyage charterparty requiring service of a notice of readiness when no valid notice of readiness has been served in circumstances where (a) a notice of readiness valid in form is served upon the charterers or receivers as required under the charterparty prior to the arrival of the vessel; (b) the vessel thereafter ...
Familiar with real-life cases in which deployed service members have lost literally everything when storage facility owners sell off their possessions Illinois lawmakers must create legal balance ...
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.
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 ...
Rail transport terms are a form of technical terminology applied to railways. Although many terms are uniform across different nations and companies, they are by no means universal, with differences often originating from parallel development of rail transport systems in different parts of the world, and in the national origins of the engineers and managers who built the inaugural rail ...
An oil terminal (also called a tank farm, tankfarm, oil installation or oil depot) is an industrial facility for the storage of oil, petroleum and petrochemical products, and from which these products are transported to end users or other storage facilities. [1]