Demurrage
Demurrage is a fee charged by the owner of a chartered vessel to the charterer for the delay in loading or unloading beyond the time allowed in the charter party. It is a penalty fee for the use of the vessel beyond the agreed period. Demurrage charges are calculated on a daily basis and can be a significant cost for the charterer. The purpose of demurrage is to compensate the shipowner for the loss of time and revenue caused by the delay. Demurrage charges can be avoided by efficient planning and coordination between the charterer and the port authorities.
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