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 ?
Dakuku Peterside who presented a paper titled, The Imperatives of Changing Nigeria's Crude Oil Affreightment Trade Terms From FOB to CIF pointed out that the Changing landscape of Nigeria's maritime sector viz-a-viz its security architecture, capacity, and other determinants has necessitated the Change now than ever before.
We could say that both, the Colombian and Spanish Shipping Act 2014, by regulating the first one the contract of carriage of goods by sea and, the second one, the affreightment, have the following characteristics:
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.
During December 2013, the company and its exclusive shipping contractor agreed to amend the contract of affreightment for shipments to California to provide for the carriage of joint cargos with another BC shipper and to lower the annual commitment level.
The basis for general average adjustment is customarily established in the contract of affreightment, which usually states that adjustment will be made according to the rules of a certain port, or if that port or country lacks jurisdiction, according to the York-Antwerp Rules.
These included signing a contract of affreightment for the transport of furnace oil with the Pakistan National Shipping Corporation as well as signing a MoU with the government of Khyber Pakhtunkhwa for the establishment of 40,000 barrel state of-the-art refinery in the province.
NYM: PSO and Pakistan National Shipping Corporation (PNSC), the nation's flagship oil marketing and shipping companies have solidified their partnership by signing a contract of affreightment (COA).
In Alaska Barite, the plaintiff filed suit for breach of an alleged contract of affreightment identifying the action as an admiralty claim under Rule 9(h).
The company would sell its nine owned chemical tankers, the six in-chartered chemical tankers, all affreightment agreements and the Nordic Tankers organisation including its 140 employees.
During the third quarter, EXMAR took over 4 BW Gas Midsize vessels and has therefore started to handle the North Sea Contracts of Affreightment, which is a beneficial addition to the EXMAR Midsize portfolio.
1 July 2011 - Danish dry cargo and tanker company D/S Norden (CPH: DNORD) has entered a multi-year contract of affreightment (COA) on transport of salt from Chile to the American east coast, the company announced in its corporate magazine today.