affreightment

(redirected from Contracts of 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 ?
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.
The decision of MoT came after two Chinese national bulk operators China COSCO and China Merchants Energy Shipping said they would order 10 new Valemaxes each to serve the 25-year-term contracts of affreightment (COAs) they had signed with Vale.
Negotiations are in progress with public sector organizations for long terms of contracts of affreightment in compliance with the directive of Federal Government obligating PNSC to act as shipping agent and provide shipping service to public sector organizations.