ABSTRACT
“Freight” is the remuneration payable by the charterers to the owners for the performance of the contract. Freight clause specifies the freight rate, how freight will be calculated, when it must be paid and the arrangements for payment. Details of bank accounts may be in a separate document annexed to the charterparty. “Freight” is normally payable in US Dollars in the deep-sea trades, but may be payable in local currency in short-sea trades. “Freight” is the remuneration payable by the charterers to the owners for the performance of the contract. It may be called charterparty freight in the contract. Pro-rata freight is payable in common law where only part of the voyage has been completed, e.g. when the voyage is abandoned following an outbreak of war or an accident, and the cargo is discharged at an intermediate port, or if the vessel had to leave port because of the onset of ice.
