Trade Terms
Demurrage, Laytime, and Detention in Tanker Shipping
PetroIntermediation TeamTrade Terms
Laytime — agreed free time for loading/discharge (commonly 36 SHINC hours).
Demurrage — penalty per day if laytime is exceeded ($20K–$45K/day at modern WS rates).
Detention — when the vessel is held beyond demurrage clauses.
Negotiate laytime and demurrage in your SPA. Charterers without clean SOFs (Statement of Facts) lose disputes.
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