affreightment


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affreightment

[ə′frāt·mənt]
(industrial engineering)
The lease of a vessel for the transportation of goods.
References in periodicals archive ?
While noting that the situation was now different in the maritime industry, he noted that 'there is insignificant indigenous participation in the entire cargo affreightment value chain.
things, charter parties, affreightments, marine hypothecations,
In line with clause-I of the Contract of Affreightment, PSO is bound to bring around three million tons of furnace oil per annum, which is not possible under present circumstances.
But as long suffering global coffee and cocoa merchants know, when vessels have engine problems, fires, stranding, etc, the contract of affreightment applies global conventions.
A marine oilfield-services provider, Teekay Offshore, has announced new 3-year shuttle tanker contracts of affreightment, plus extension options, with BP (BP), Royal Dutch Shell (RDS.A) and OMV Group, for the transportation of oil produced from Glen Lyon, west of Shetland in the North Sea.
For example, bunker escalation clauses in contracts of affreightment are de facto derivatives, but I have never seen them disclosed separately." Overall, 35% of respondents (compared to 37% in the previous survey) confirmed that risk was managed by means of discussion without formal documentation, while 41% noted that risk was documented by the use of spreadsheets or written reports, compared to 42% previously.
Charterers are obliged to incorporate the clause in any sub contracts or contracts of affreightment issued pursuant to the charterparty.
Pangaea Logistics Solutions Ltd (NASDAQ:PANL) revealed on Thursday that it has extended a Contract of Affreightment (COA) until 2026 with a major aluminium producer.
The affreightment as the contract that regulates carriage of goods by sea in the Spanish Shipping Act 2014.--V.
Navig8 selected Interline 9001 to deliver significant operational benefits for the 37,000 dwt vessels, providing increased vessel capacity and maximum operational flexibility required to meet increased market demand for large volume contract of affreightment. In addition to the coating upgrades at Hyundai Mipo Dockyard, Navig8 has selected Interline 9001 for a further four 49,000 dwt vessels under construction at STX shipyard, also in South Korea.
Under the short term plan, the ultimate objective of PNSC is to enhance the scope of contract of affreightment (COA) with oil refineries and oil marketing company to total 18 million tons of import of crude oil and oil products.