Charterer who has sublet the vessel and is acting as the owner per the terms of the contract. … [Read more...]

The weight of the water displaced by a vessel. Displacement Tonnage Expressed in tons it is the weight the water displaced by the vessel which in turn is the weight of the vessel at that time. The vessel’s light displacement is the weight of the vessel only and the vessel’s loaded displacement is the weight of the vessel and all cargo, stores, fuel, water, etc. on board. … [Read more...]

Days saved in the loading and discharge of a  cargo vessel within the (lay) time allowed under the charter party. Note: Dispatch is not usually applied in the tanker business. … [Read more...]

1. The function of issuing voyage instructions or sailing orders to vessels.2 An agreed amount to be charged by terminals for prompt vessel turn around. … [Read more...]

A vessel damaged or impaired in such a manner as to be incapable of proceeding on its voyage. … [Read more...]

A departure from a voyage pattern on either the forward or return leg of a voyage. … [Read more...]

Vessel still afloat, abandoned at sea … [Read more...]

A fixed sum, per day or per hour, agreed to be paid for the detention of the vessel under charter at the expiration of laytime allowed.The Charterparty Laytime Definitions 1980 specify that:"DEMURRAGE" - means the money payable to the owner for delay far which the owner is not responsible in loading and/or discharging after the laytime has expired." … [Read more...]

Also called bareboat charter in which the bare ship is chartered without crew; the charterer, for a stipulated sum, taking over the vessel with a minimum of restrictions usually for 10 or more years.This is not really a contract for the carriage of goods by sea. The ship is hired, or "leased", by the charterer for an agreed period and the charterer has complete control over the ship and complete responsibility for its operation, including the appointment of the master. and crew, maintenance, insurance, etc. … [Read more...]

A designated area within definite limits which has been accurately surveyed for clearance of sea bottom and submerged obstacles to a minimum indicated depth of water. … [Read more...]