Laytime and demurrage implications in voyage charterparties for chemical tankers

Christine Padayachee and Micheline Juliana Naude

International Journal of Innovation and Sustainable Development, 2021, vol. 15, issue 4, 496-516

Abstract: Maritime transportation is one of the worst offenders for air, water pollution, and greenhouse gas emissions (GHG). Reducing the emissions in shipping is a common goal for all stakeholders involved in the shipping process. The purpose of this paper was to explore the implications of the laytime and demurrage provisions when using existing charterparties and to suggest how the areas where charterers are exposed to demurrage can be addressed and thus improve sustainability. A comparative analysis was conducted on selected standard voyage charterparties. The findings revealed various areas that do not protect a charterer's interest. It is proposed that in order to solve this challenge a global group consisting of stakeholders be formed to collectively design laytime and demurrage clauses in order to achieve greater sustainability and reduce demurrage. A revised charterparty form for the transportation of chemical liquid bulk chemicals by tankers could then be created.

Keywords: laytime; demurrage; voyage charterparties; chemical tankers; maritime; sustainability; sustainable shipping. (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijisde:v:15:y:2021:i:4:p:496-516

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