affreightment

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Related to Contracts of Affreightment: Time Charter, Cesser clause

affreightment

[ə′frāt·mənt]
(industrial engineering)
The lease of a vessel for the transportation of goods.
References in periodicals archive ?
With all of its barges currently operating under time charters rather than contracts of affreightment, the Company plans to move toward a 1:1 tug-to-barge ratio by expanding its tug fleet.
The vertically integrated business enables Navios to use Forward Freight Agreements, Contracts of Affreightment and short term chartering to manage its revenue sources and business risks by tailoring unique solutions through a mix of services.
This increase in utilization is primarily the result of more vessels operating under time charters than contracts of affreightment (COA).
Exclusivity was granted in order to allow the bidders to conduct customary due diligence and permit the parties to negotiate and execute definitive purchase agreements and long-term contracts of affreightment for the carriage of Company stone.
Vessel transportation for stone continues to be important to us, and we are confident that, as part of the sales transaction, we can enter into favorable long-term contracts of affreightment for our stone with the purchasers or other third-party vessel operators as we have done in the sale of the Buckeye.
2% in last year's first quarter, primarily due to a change in contract mix from time charters to contracts of affreightment (COA), greater drydocking and repair activities, and the adverse impact of a mild winter early in the first quarter in the northeastern United States.
31, March 31, 2006 2005 2005 Spot Tanker Segment Very Large Crude Carrier Fleet Revenue days - - 90 TCE per revenue day - - $92,844 Suezmax Tanker Fleet Revenue days 360 336 540 TCE per revenue day (a) $54,147 $38,113 $38,865 Aframax Tanker Fleet Revenue days 2,925 3,261 4,321 TCE per revenue day $44,333 $48,021 $39,622 Large/Medium-Size Product Tanker Fleet Revenue days 948 1,076 647 TCE per revenue day $33,330 $31,758 $31,941 Small Product Tanker Fleet Revenue days 896 1,009 949 TCE per revenue day $17,169 $15,940 $16,411 (a) TCE results for the Suezmax tanker fleet include certain FFAs and fixed-rate contracts of affreightment that were entered into as hedges against several of the Company's vessels.
Contracts of affreightment were renewed at significantly higher rates.