Demurrage and detention terms

When a vessel is detained during loading or unloading in excess of stipulated lay days the so-called demurrage time begins, for which the charterer pays the ship-owner the sum of demurrage, which is an additional payment to the agreed freight for vessel detention. When a vessel is detained in excess of stipulated demurrage time it is provided for a detention to be paid at a rate that is bigger than the demurrage rate by a certain percent, or as a certain additional daily rate paid in excess of the demurrage rate.