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The Laytime Definitions for Charter Parties have been developed to provide practitioners with a set of meanings of commonly used words and phrases. The objective is to help reduce disputes about party intentions in a market where fixtures are often concluded on the basis of a recap message and listed amendments, without the exchange or return of draft contracts. These provisions have been developed for incorporation into charter parties. The latest edition of these definitions is the Laytime Definitions for Charter Parties 2013.
Oil product tankers earnings have skyrocketed in the first half of 2020, while the Sale and Purchase (S&P) activity of the oil product tanker market has slowed to the lowest level since 2016.
Johan Conrad from BIMCO talked about laytime holidays. The concept of holidays is often referred to in charter parties, but what exactly is a "holiday" and how does the industry deal with ethnocentrism and apply the concept of holidays to different languages and cultures?
Demurrage forms an integrated part of the laytime provisions in voyage charter parties operating with fixed laytime. Just as voyage freight, the amount of demurrage negotiated reflects the current market conditions and not necessarily the daily cost of the vessel. This means that it is just as important to negotiate the applicable demurrage rate as skilfully as it is to negotiate the rate of freight. Demurrage constitutes the compensation to which the owners are entitled, if the charterers fail to load or discharge the ship within laytime allowed. However, different jurisdictions construe demurrage differently.
With effect from 1 September 2023, Ukraine has adopted the Revised Julian calendar for religious purposes. This new calendar changes the dates of orthodox religious holidays, notably Christmas. This will have an impact on laytime.
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+45 44 36 68 00Lines are open Mon-Thurs 08:30-17:00 (CET) Fri 08:30-16:00 (CET)