🔍 Key Concepts

• Laytime: the agreed number of days allowed for loading/unloading in the charter party • Difference between demurrage (time used over laytime) and any payment related to time saved • Who benefits financially if loading is completed faster than the agreed laytime

💭 Think About

• Ask yourself: If the charterer finishes two days earlier than the agreed laytime, who has gained extra use of the ship’s time? • Think about whether demurrage is paid when laytime is exceeded or when it is saved. • Consider which party, under many charter parties, might be rewarded when the vessel is ready to sail earlier than expected.

✅ Before You Answer

• Verify the definition of demurrage and when it applies. • Check what payment (if any) is commonly made when loading is completed in less time than allowed laytime. • Confirm which party (charterer, shipowner, consignee, stevedore) is typically associated with each of these terms in a voyage charter.