There are two(2) types of ‘demurrage’ in shipping business:1.Tramp shipping – is when you hire (rent) a vessel for certain cargo or group of cargoes. Demurrage in this case is a charge payable to the owner of a chartered (rented) ship on failure to load or discharge the ship within the time agreed. In other words, its agreed charge (fine) for delay of the cargo readiness to load the vessel.Example of demurrage in charter:Your charter agreement say loading time: 01-15.06.2010. Vessel comes on time, lets say 14.06.2010, but there is no cargo and cargo owner ask to wait for 3 days so cargo w...
Release time: 2017 - 08 - 07
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THE Cebu International Container Port project has received approval for a soft loan from the South Korean government and is set to be completed by 2020, the Seatrade Maritime News of Colchester, UK, reported citing local reports. The PHP9.2 billion (US$182.1 million) project will receive PHP8 billion in funding from South Korea through its official development assistance (ODA) programme, while the remaining PHP1.2 billion will be provided by the Philippine government. Finance Assistant Secretary Maria Edita Tan of the Philippines was quoted as saying the Export-Import Bank of Korea (...
Release time: 2017 - 07 - 31
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Detention is the name of the charge which is applied by the carrier (shipping line) for using empty container more than allowed. Detention can be considered as a rent fee for empty container. Detention can be applied in Export and Import.Detention in Export is counted when container has been picked up by Merchant (Shipper) from named depot and ends when container is gated in full at the named terminal. Usually shipping lines give 5 to 14 days free detention. Its very important to pay attention when booking with shipping line, otherwise you may find out of pocket surprise like Detention invoice...
Release time: 2017 - 08 - 07
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This Guide will help you to avoid misunderstandings about claims handling process and to make the process as efficient and simple as possible.STEPS YOU SHOULD TAKE1.Notify your insurance underwriter2.Contact Liner Customer Service3.Engage a surveyor if necessary4.Mitigate cargo loss5.Collect documents6.Submit a quantified claim7.Protect against time bar1. Notify your insurance underwriterIf damage or loss to your cargo is apparent upon receipt, you should notify your cargo insurance underwriters immediately. They will advise you how tocomply with all procedures required to fully protect y...
Release time: 2017 - 08 - 07
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