Definition
The period agreed in a charter party during which the charterer may load or discharge cargo without paying extra. If loading or discharging takes longer, the charterer pays demurrage; if it is completed faster, the shipowner may pay despatch. Laytime is mainly relevant to bulk and break-bulk shipments chartered under voyage terms.
Frequently asked questions
What is Laytime?
The period agreed in a charter party during which the charterer may load or discharge cargo without paying extra. If loading or discharging takes longer, the charterer pays demurrage; if it is completed faster, the shipowner may pay despatch. Laytime is mainly relevant to bulk and break-bulk shipments chartered under voyage terms.
Which glossary terms are related to Laytime?
Laytime is a port & maritime term in the South African import/export industry. Related terms in the same area include BAF (Bunker Adjustment Factor), Berth, Blank Sailing, Bunker Fuel, CAF (Currency Adjustment Factor) — each has its own plain-English definition in the TradeCaravan glossary.