Laycan

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Laycan is a contraction of laydays and cancelling date: the window agreed in a charterparty within which the vessel must arrive at the loadport and tender notice of readiness. A fixture might specify “laycan 10/20 March”.

The two ends of the window work differently:

• The laydays date is the earliest the charterer is obliged to start counting laytime — if the ship shows up early, the charterer may, but need not, accept it.
• The cancelling date gives the charterer an option: if the vessel is not ready by then, the charterer may cancel the charter (without automatic entitlement to damages unless the owner breached a separate obligation, such as an ETA warranty or reasonable-despatch duty).

Missing a cancelling date in a rising market is unpleasant for the charterer (who typically re-fixes at higher rates); in a falling market, owners fear opportunistic cancellation. In time charters, the equivalent window governs the delivery of the vessel to charterers.