What is Laytime Calculation?
Laytime Calculation The computation of the total time allowed for loading and discharging a vessel as agreed in the charter party, with contractual consequences for exceeding or saving time (demurrage or dispatch).
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Laytime Calculation” Used in Practice?
Accurate laytime calculation is essential to avoid demurrage charges for delayed operations in bulk shipping.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Laytime Calculation?
The computation of the total time allowed for loading and discharging a vessel as agreed in the charter party, with contractual consequences for exceeding or saving time (demurrage or dispatch).
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