demurrage Definition
a charge payable to the owner of a chartered ship on failure to load or discharge the ship within the time agreed..
Using demurrage: Examples
Take a moment to familiarize yourself with how "demurrage" can be used in various situations through the following examples!
Example
The demurrage charges were very high due to the delay in unloading the cargo.
Example
The shipping company was forced to pay demurrage fees for keeping the ship at the port for an extended period.
Example
The demurrage clause in the contract specifies the amount of money that will be charged for delays in loading or unloading.
demurrage Synonyms and Antonyms
Phrases with demurrage
the period of time allowed for loading or unloading a ship before demurrage charges are incurred
Example
The demurrage time for this shipment is three days.
Example
The demurrage rate for this shipment is $500 per day.
a provision in a contract that specifies the amount of money that will be charged for delays in loading or unloading
Example
The demurrage clause in the contract states that $1000 per day will be charged for any delays in unloading the cargo.
Origins of demurrage
from Old French 'demorer', meaning 'to delay'
Summary: demurrage in Brief
'Demurrage' [dɪˈmʌrɪdʒ] refers to a charge payable to the owner of a chartered ship on failure to load or discharge the ship within the time agreed. It is also known as detention or overtime. The demurrage clause in a contract specifies the amount of money that will be charged for delays in loading or unloading. Phrases like 'demurrage time' and 'demurrage rate' refer to the period of time allowed for loading or unloading and the amount of money charged per day for demurrage, respectively.
