ABSTRACT
Here, a ship is chartered to proceed on a particular voyage or series of voyages (a consecutive voyage charterparty), the freight payable being either a lump sum or calculated in some way by reference to the size of the cargo (for example, so much per metric ton). Since the shipowner has in effect quoted a fixed price he includes in this a certain period for loading/unloading (laytime) and a charge for keeping the ship waiting beyond this time (demurrage), which in theory represents agreed damages for breach of contract. The calculation and applicability of these provisions can obviously involve large sums of money, the difference between profit and loss on the voyage.
