This article is about the usage of the term in the transport industry. For the carrying cost of currency, see demurrage (currency).
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"Demurrage" /dɪˈmʌrɪdʒ/[1] in vessel chartering is the period when the charterer remained in possession of the vessel after the period normally allowed to load and unload cargo (laytime).[2] By extension, demurrage refers to the charges that the charterer pays to the ship owner for its delayed operations of loading/unloading.[3] Officially, demurrage is a form of liquidated damages for breaching the laytime as it is stated in the governing contract (the charter party). The demurrage sometimes causes a loss to the seller as it increases cost of the total freight.[3]
The inverse of demurrage is despatch. If the charterer requires the use of the vessel for less time than the laytime allowed, the charter party may require the shipowner to pay despatch for the time saved.
^from Old French demeurage, from demeurer – to linger, tarry
^"DEMURRAGE Definition & Legal Meaning". Black's Law Dictionary (2nd ed.). 9 November 2011. Retrieved March 10, 2023.
^ abMaritime Knowhow website: GENCON Clause 7 Archived 2011-07-14 at the Wayback Machine
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Affreightment Agency Barratry Bill of lading Brokerage Chartering Consignment Demurrage Force majeure Invoice Commercial Pro forma Laytime Lien Maritime Manifest...
Affreightment Agency Barratry Bill of lading Brokerage Chartering Consignment Demurrage Force majeure Invoice Commercial Pro forma Laytime Lien Maritime Manifest...
Affreightment Agency Barratry Bill of lading Brokerage Chartering Consignment Demurrage Force majeure Invoice Commercial Pro forma Laytime Lien Maritime Manifest...
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