What is meaning of Demurrage for ships ?

Monies paid by the Charterer to the owner of the ship for delays in loading and unloading in accord with the terms of the Charter Party.

The rate of demurrage is fixed and agreed between the owner and Charterer at the time of completing the Charter Party and cannot be altered. Can be taken in contrast with ‘Despatch Money’ opposite to demurrage where the ownerm pays reward money to the Charterer for completing loading and/or discharging earlier than the expiry of ‘Laytime’.

ANKIT KUMAR SINGH

 

From Marine Enclyopedia to MARINE GYAAN ACADEMY in Lucknow - Preparing YOUTH to become SEAFARERS ( for IMU-CET and various courses) From Marine Enclyopedia to MARINE GYAAN ACADEMY in Lucknow - Preparing YOUTH to become SEAFARERS ( for IMU-CET and various courses) From Marine Enclyopedia to MARINE GYAAN ACADEMY in Lucknow - Preparing YOUTH to become SEAFARERS ( for IMU-CET and various courses) From Marine Enclyopedia to MARINE GYAAN ACADEMY in Lucknow - Preparing YOUTH to become SEAFARERS ( for IMU-CET and various courses)