Freight, Demurrage, And Defence
Freight, Demurrage, and Defence (FDD) are the three main components of a charter party agreement in the maritime industry. Freight refers to the payment made by the charterer to the shipowner for the transportation of goods. Demurrage is the compensation paid by the charterer to the shipowner for any delay in loading or unloading of cargo beyond the agreed time. Defence refers to the insurance coverage provided by the shipowner to the charterer against any third-party claims arising from the use of the vessel. FDD clauses are essential in charter party agreements as they define the rights and obligations of both parties and help to mitigate any potential disputes.
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