(UA-59071182-1)
Home / Term of the week

Term of the week

CARGO CONSOLIDATION

putting different cargo together. transporting smaller cargo

    Containerization has been a major advancement with regards international trade by improving cargo packaging, handling, storage and reducing the cost of transporting cargo. The standard size of a shipping container ranges between 20 and 40 foot long and about 8 feet wide. Freight rates are usually applied per container taking into consideration the space occupied by the said ...

Read More »

LESS CONTAINER LOAD VRS FULL CONTAINER LOAD

full container load, less container load , cargo paking, container parking and lashing

   Less Container Load (LCL) is a container shipping term used to describe an arrangement where by the cargo space in a container is made available to more than one consignee (cargo owner). This situation arises when an exporter or consignee is unable to provide enough cargo to fill the cargo space in a container and therefore it would make ...

Read More »

DEMURRAGE VERSUS DESPATCH MONEY

detention of charges

     Demurrage in vessel operations refers to the amount paid by the charterer of a ship as a compensation to the ship owner for any damage that may occur due to the charterer’s inability to complete operations on a vessel (loading and offloading) within the allowable period (lay-days). In a charter party , when a ship owner makes his vessel ...

Read More »

GENERAL AVERAGE VERSUS PARTICULAR AVERAGE LOSS

    General average and particular average losses are both marine insurance terms which are classified as partial losses. A partial loss under marine insurance is when only part of the insured property is lost or damaged and in which case the insured must be indemnified to the tune of the damaged part. A loss in a marine adventure can ...

Read More »

MARINE TOWAGE VERSUS SALVAGE

      A towage service is the employment of a vessel to aid the actions of another or to help facilitate the process of another for remuneration purposes. In simple terms towage can be said to be the instance where services of one vessel is needed to help another vessel navigate a course. Usually when navigating certain restricted courses ...

Read More »

Term of the week “Sea worthiness of a ship”

     Most often when a contract of affreightment (an agreement for a ship owner to make the whole or part of his ship available to the shipper for carriage of goods by sea) is arranged between a shipper (charterer) and a ship owner (carrier), the ship owner as part of the contract is under an implied obligation as per ...

Read More »

Term of the week “Maritime Piracy”

maritime security, piracy,

     Maritime piracy is an illegal act of violence, detention or robbery committed on a private ship for personal gain or revenge on the high seas   The United Nations Convention on the Law of the Sea (UNCLOS) of 1982 describes maritime piracy among other definitions to include, Any illegal acts of violence or detention or any act of ...

Read More »

“Laydays” and “laytime”

This refers to the time allocated to a charterer within which to load or discharge with regards a chartered vessel.   When a charterer is not able to complete operations on a vessel within the laydays allowed, he may be liable under the charter party agreement to pay demurrage which  is a compensation for damages that might have been caused ...

Read More »
Sign up for our Newsletter

Enter your email ,