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List of Chartering

Terms used in charter parties, fixtures, and voyage agreements.

6 entries

1. Charterparty

   The contract by which a shipowner lets a vessel, or its cargo capacity, to a charterer.

2. Demurrage

   Compensation paid to the shipowner when the charterer exceeds the agreed laytime for loading or discharging.

3. Laycan

   The agreed window — laydays/cancelling — within which a chartered ship must arrive and be ready to load.

4. Laytime

   The period allowed in a voyage charterparty for loading and discharging cargo without extra payment.

5. Notice of readiness (NOR)

   The shipowner's formal notification that the vessel has arrived and is ready to load or discharge — the trigger for laytime.

6. Worldscale

   The standard index system for quoting tanker voyage freight rates as a percentage of a published flat rate per route.