demurrage demurrage

Definition(s):

  1. (n) a charge required as compensation for the delay of a ship or freight car or other cargo beyond its scheduled time of departure
  2. (n) detention of a ship or freight car or other cargo beyond its scheduled time of departure

Usage(s):

  1. One reason for the fast turnaround is that the Chiemgauer is designed to encourage spending: there is a 2% demurrage fee for holding onto the bills beyond three months.
  2. The country is paying a demurrage charge of $4,000 a day to many of the backed-up ships; total cost in the past six months: $18 million.
  3. Useless piles of cement still stood high on Rangoon's docks, tying up harbor traffic and running up demurrage charges.

News

  1. Updated: Maher Extends Free Time, Demurrage Amid Backlog

    Maher Terminals in the Port of New York and New Jersey will extend container free time and freeze demurrage charges through Wednesday as it clears a backlog caused by computer glitches during the changeover to a new terminal operating system, CEO Gary Cross said.
    on June 12, 2013     Source: Journal of Commerce Online

  2. Maher Extends Free Time, Demurrage Amid Backlog

    Maher Terminals in the Port of New York and New Jersey will extend container free time and freeze demurrage charges through Wednesday as it clears a backlog caused by computer glitches during the changeover to a new terminal operating system, CEO Gary Cross said.
    on June 11, 2013     Source: Journal of Commerce Online

Quotes

  1. "The proposed system is likely to have the effect of minimizing the vessel queue at the port of Newcastle, which has the potential to save industry a significant amount in deadweight demurrage costs," Graeme Samuel, chairman of the regulator,...
    on Mar 2, 2008 By: Graeme Samuel Source: Bloomberg

  2. Senator Ferris said: "I know it's owned by the Iraqis but the demurrage comes back to the pool costs and I would have thought that would have been of interest to you."
    on May 25, 2005 By: Jeannie Ferris Source: ABC Online

Word of the Day
integral integral
/ˈɪn tə ɡrəl /