Chartering
Voyage Charter
Key commercial controls for freight, laytime, demurrage and cargo execution.
Voyage charters reward precise operational definitions. A commercially agreed freight rate can be undermined by unclear loading terms, notice requirements, cargo readiness or laytime calculation.
Fix the voyage with measurable terms
State vessel and cargo description, loading and discharge ports or ranges, freight, payment, laycan, permitted substitutions and cargo quantity tolerances. Confirm that the vessel’s certificates, gear and draft suit the terminals.
Laytime and demurrage wording should identify when time starts, allowable interruptions, notice of readiness requirements and the evidence used to calculate time.
Keep the evidence trail
Retain notices of readiness, statements of facts, terminal records, logs and port communications. Check whether local custom or incorporated charterparty terms change the expected result.
Screen counterparties, cargo and ports against applicable restrictions before fixture and throughout performance. Escalate deviation, cargo damage, delay and unsafe-port issues promptly.
Buyer checklist
- Confirm cargo, ports, laycan and freight terms.
- Validate terminal, draft, gear and certificate suitability.
- Define laytime, NOR and demurrage calculation rules.
- Collect statements of facts and port evidence daily.
- Screen voyage parties, cargoes and ports.
Put the plan into a controlled workflow
Create a transaction to coordinate parties, documents, diligence and closing milestones, or explore the marketplace with your broker.
Related guidance
Time Charter
A practical guide to charter hire, performance, employment and off-hire risk.
Maritime KYC
Identity verification practices that help transaction teams know who they are dealing with.
AML and Sanctions Screening
Risk-based controls for parties, vessels, cargoes, payments and maritime activity.