What does laytime mean in shipping?
5. LAYTIME shall mean the period of time agreed between the parties during which the owner will make and keep the Vessel available for loading or discharging without payment additional to the freight. 6.
What is a laytime give an example?
Laytime can be defined as the amount of time allowed to a ship in a voyage charter for loading and unloading of cargo at a port. If a ship fails to complete the work during this allotted time and the ship is required to stay at a port for a longer time, then demurrage (fine) is incurred to the ship owner.
What is a voyage charter party?
Definition of voyage charter party
: a charter party whereby the owner of a ship agrees to transport a full shipload of cargo owned or furnished by another person with the ship’s crew and master in control of the navigation.
What is the difference between laytime and Laycan?
Laycan means that certain period within the Layday Period and the earliest date at which loading (Laytime) can commence and the latest date upon which the Vessel can arrive at its appointed loading place without being at risk of being canceled.
What is the purpose of laytime?
The purpose of laytime calculations is to determine whether on completion of loading or discharge operations despatch is payable to the charterers or demurrage is due to the owners.
What are the 3 types of charter?
The three main types of charter are: demise charter, voyage charter, and time charter.
What are the three 3 main types of charter parties?
There are three main types of charter parties : voyage charter parties, time charter parties, bareboat or demise charter parties.
How is laytime calculated?
There are seven stages in a laytime calculation:
- Read relevant clauses in the charter party.
- Obtain Statement of Facts from agent.
- Determine duration of laytime allowed.
- Establish time of commencement of laytime.
- Allow for interruptions to laytime as per the charter party.
- Establish time of expiry of laytime.
What is a laytime statement?
by Ship Inspection. A document on which the agent has made a calculation of the amount of demurrage (owed to owners) or despatch (owed to charterers), as the case may be, based on the facts in the Statement of Facts.
What are the basic contents of a voyage charter party?
v) The charter party document is to be filed in the voyage file if made available.
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In some cases the Operator will need to extract the relevant information from the charter party:
- Charterer.
- Laydays.
- Ports.
- Tendering of Notices.
- Cargo.
- Load/Discharge Rates.
- Agents.
- Bunker Arrangements.
What are the two 2 different types of charter party?
The main types of charter parties are Bareboat Charter Party (sometimes called a Demise Charter). Time Charter Party and Voyage Charter Party. If your vessel is chartered it is of the utmost importance that you read the charter party carefully, especially the added clauses, until it is thoroughly understood.
What are the characteristics of voyage charter?
CHARACTERISTICS OF VOYAGE CHARTERING
- Specific vessel, specific cargo, specific port and specific route.
- Rights, duties and responsibilities of ship-owners and charterers are determined by the charter party.
What is the difference between time charter and voyage charter?
A time charter is a time-bound agreement, as opposed to a voyage charter. The shipowner leases a vessel to a charterer for a fixed period of time, and they are free to sail to any port and transport any cargo, subject to legal regulations.
What are the exemptions from laytime?
An exception to laytime is a period during which time should not count against the Charterer. The “counting” of laytime can also occur because of other circumstances. Fox example, laytime may be interrupted by weather and by “Sundays and Holidays”.
How is Laytime calculated?
What is laytime reversible?
“Reversible” means an option given to the charterer to add together the time allowed for loading and discharging. Until this total time expires, no demurrage becomes payable. When the option is exercised the effect is the same as if a total time was specified to cover both operations.
What is average Laytime?
Related Definitions
TO AVERAGE LAYTIME means that separate calculations are to be made for loading and discharging and that any time saved in one operation is to be set off against any excess time used in the other.
What is non reversible Laytime?
by Ship Inspection. Non reversible laytime. Laytime is the time allowed to the Charterer for loading and discharging. Therefore laytime would normally be calculated separately for loading and for discharging. Demurrage and despatch would also be calculated separately.
What is meant by Laytime in the context of voyage charterparty?
In commercial shipping, laytime is the amount of time allowed in a voyage charter for the loading and unloading of cargo. Under a voyage charter or time charter, the shipowner is responsible for operating the vessel, and the master and crew are the employees of the shipowner, not the charterer.
What is laytime statement?