List of Definitions: Demurrage

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This page provides a list of definitions, for any table items related to 'Demurrage' that you may encounter in MAF Cloud.


Demurrage ('Demurrage' from the navigation sidebar on the left)


TABLE OF CONTENTS:


Demurrage Claims

TermDescriptionExample
Claim IDReference number for claim (auto-generated in MAF Cloud)63237
Deal No./Shipping No.

Reference number from the company, which links to related physical trades (buy and sell) and ship chartering

123
Contract No. Contract number of physical trade or ship chartering2019ABC12345
Pairing

Property of claim to help user monitor the correct number of claims:

Back-to-Back: 2 pairing claims should be shown in the Demurrage table, with 1 being 'payable' and the other being 'receivable'. If there is only 1 claim, it is unusual and requires investigation. If it is stock, will only have 1 claim. If it is owner claim, there should be at least 3 claims - 1 from shipping owner and 2 to counterparties. So with this value, it will be easier for user to monitor their claims and prevent any claims from being missed out.


Stock In/Out: Put oil into storage or take oil out from storage (tankage). For instance, buy oil and store into tankage (stock in) or sell oil from tankage (stock out)

Back-to-Back

Stock In/Out

OPS PerformanceIndicator for tracking Operations team's data entry timing

Late

On Time

Group 

Company (MAF Cloud user)'s trading group(s), if any

G2
Type of Claims

Type of claim that either of the parties involved are claiming for

Demurrage, Deviation, Deslopping costs

VesselName of vessel Vessel 1
CP/BL Date

CP Date: Charter Party Date

BL Date: Bill of Lading Date

2020-03-06
Company Name (Claimee)

Name of company ('To' Company ABC) eg to Ship Owner Company; Owner; Payable

*Please note that this item will switch with "Claimer" if data is input via MAF Link

ABC Pte Ltd
Freight Beneficiary NameName of freight beneficiaryABC Pte Ltd
Company Type

Owner: Ship Owner

Counterparty: The other party involved

Counterparty
Claimer

Name of company ('From' Company XYZ)

*Please note that this item will switch with "Company Name (Claimee)" if data is input via MAF Link

XYZ Pte Ltd
Timebar Reference Date Timebar Start Date

Hose Off/BL Date

2020-03-06

Notification No. of Days

No. of days after Timebar Reference Date that timebar will expire

15

Notification Timebar Date

Last day to issue notification/send claim to claimee

2020-03-27

Upcoming Notification Timebar

Number of days (from Today) until Notification Timebar Date is due10

Full Claim No. of Days

No. of days after Timebar Reference Date that full claim must be made

20

Full Claim Timebar Date

Last day to make full payment of claims to claimee

2020-03-27
Claim DateThe day the claim is made2020-03-20
Outstanding DaysOutstanding claim days from today's date to Claim Date7
Currency

Settlement currency of claim

USD
Initial AmountInitial amount payable/receivable 100,000
Final AmountFinal amount payable/receivable 150,000
Value DatePayment Date2020-03-20
Payable/Receivable

Payable: Billed amount is payable

Receivable:  Billed amount is receivable 

*Please note that this item will switch with one another if data is input via MAF Link

Payment
StatusStatus of the claimPending
BrokerName of broker ABC
PortsLoading or discharge portSingapore
RemarksAny additional comments -

Demurrage Calculations → General Information

TermDescription
Deal No./Shipping No.Reference number from the company, which links to related physical trades (buy and sell) and shipping chartering123456
Contract No.Contract number of physical trade or ship chartering111111
Group  Company (MAF Cloud user)'s trading group(s), if anyG2
StatusStatus of the claimPending
CurrencySettlement currency of claimUSD
Initial AmountInitial amount payable/receivable 100,000
Final Amount Final amount payable/receivable 150,000
Payable/Receivable

Payable: Billed amount is payable

Receivable:  Billed amount is receivable 

*Please note that this item will switch with one another if data is input via MAF Link

Payable

Receivable

Company Name (Claimee)

Name of company ('To' Company ABC) eg to Ship Owner Company; Owner; Payable

*Please note that this item will switch with "Claimer" if data is input via MAF Link

ABC Pte Ltd
Company Type

Owner: Ship Owner

Counterparty: The other party involved

Counterparty
CP or BL Date

CP Date: Charter Party Date

BL Date: Bill of Lading Date

2020-03-06


Pairing

Property of claim to help user monitor the correct number of claims:

Back-to-Back: 2 pairing claims should be shown in the Demurrage table, with 1 being 'payable' and the other being 'receivable'. If there is only 1 claim, it is unusual and requires investigation. If it is stock, will only have 1 claim. If it is owner claim, there should be at least 3 claims - 1 from shipping owner and 2 to counterparties. So with this value, it will be easier for user to monitor their claims and prevent any claims from being missed out.


Stock In/Out: Put oil into storage or take oil out from storage (tankage). For instance, buy oil and store into tankage (stock in) or sell oil from tankage (stock out)

Back-to-Back

Stock In/Out

VesselName of vessel Vessel 1
BrokerName of broker ABC
Inco TermsSet of internationally recognised rules which define the responsibilities of the buyers and sellers

FOB

CFR

CIF

Allowed Laytime (Hrs)Amount of time allowed in a voyage charter for the loading and unloading of cargo. Used to off-set from Total Gross Laytime Used to reduce overall costs72
Demurrage Rate (PDPR)Amount of fee charged per day for laytime on demurrage10,000
Cargo QuantityQuantity of cargo1,000
UnitUnit of cargoBarrels
Discount (%)

Discount on demurrage amount

10
Address Commission (%)

Commission payable by the shipowner to the charterer, a form of reimbursement to the charterer for any costs incurred relating to the chartering of the vessel

2%
Cargo Qty (under Proration)Cargo quantity in ship (owned by charterer)10,000
Total Cargo Qty or SDWT (under Proration)

Total cargo quantity or full capacity of ship

100,000
Proration Mode

Prorated on Time on Demurrage or Total Gross Laytime Used based on ratio of Cargo Qty and Total Cargo Qty or SDWT

Time on Demurrage
Ratio (%)Cargo Qty * 100 / Total Cargo Qty or SDWT10%
Internal CommentsComments that can be viewed internally only and not reflected in the Demurrage Reports

Demurrage Calculations → Calculation Information


TermDescriptionExample
Port Details

LoadPort: Port of Loading

DisPort: Port of Discharge

LoadPort
Name of PortSingapore
No. of Berth
Laycan Start

Earliest time of laycan period

2019-12-24 00:00
Laycan End

End time of laycan period at which laytime can commence, beyond which the charterer can opt to cancel the charter

2019-12-30 12:00
NORTime at which the ship arrived at the port and delivered Notice of Readiness (for loading/unloading)2019-12-25 00:55
Anchor AweighTime at which the ship began moving into the port2019-12-27 00:55
All FastTime at which the ship is completely moored (secured) in port2019-12-27 03:55
Hose Off Time at which loading/unloading is completed2019-12-28 12:30
Escalation Rate (PDPR)

Increment on demurrage rate per day claimed by ship owner pursuant to the ‘stop and wait’ clause on extra time taken

3,000
Escalation Time (Hrs)Maximum allowed time for ship owner to 'stop and wait'. Used to off-set from Net Laytime Hrs to reduce overall costs168
Allowed Laytime Balance (Hrs)

Amount of time allowed in a voyage charter for the loading and unloading of cargo. Used to off-set from Net Laytime Hrs to reduce overall costs

10
Document on Board (DOB)Time at which shipping documents are finalised2019-12-28 14:00
DOB Allowance (Hrs)Time allowed between Hose Off and Document on Board in hours (before charges are incurred)6
Laytime Start Time Formula Type

Berth Time: Time at which the ship is berthed in port

Min of Nego Time vs Berth Time: Negotiated time or berth time, whichever is earlier

2019-12-28 12:30
Nego Time

Valid NOR: Time at which the ship arrived at the port and delivered Notice of Readiness (for loading/unloading)

Valid Laycan Start: Earliest time of laycan period

2019-12-28 14:00
ExtensionTime allowed from Valid NOR in hours (before charges are incurred)6
Berth Time

All Fast: Date when the ship is completely moored in port

Commencement of Loading: Date when loading of goods commences

Commencement of Discharge: Date when discharge of goods commences

All Fast


Determining whether the situation is before laycan, within laycan or after laycan:


Owner & Counter Party:
Before laycan: NOR < 1st Day Laycan 0001
Within laycan: 1st Day Laycan 0001 < NOR < Last Day Laycan Time
After laycan: Last Day Laycan Time < NOR


Starting Time

Owner:
Before laycan: All Fast vs (1st day laycan 0001 or 1st day laycan 0600)
Within laycan: All Fast vs NOR+6hrs
After laycan: All Fast vs NOR+time


Counter Party:
Before laycan: All Fast vs (1st day laycan 0600 or 1st day laycan 0001)
Within laycan: All Fast vs NOR+6hrs
After laycan: All Fast or All Fast vs NOR+time


End Time

Hose Off



Definitions of the Operators (Mathematical Symbols)

The 'Operators' can be found in the first column of the 'Calculation Summary' section for relevant functions. 

All the operators and values are automatically generated according to the function you use (e.g. proration, escalation etc). You are also free to change the operator and key in other value in the box under the 'Adjustment column', and the value will be calculated automatically.

                                                                                    


%: Adjustment as a percentage of previous value*
: Adjustment is added to previous value*
: Adjustment is subtracted from previous value*
% & +: (1 + Adjustment) as a percentage of previous value*
% & -: (1 - Adjustment) as a percentage of previous value*

*Previous value refers to the value in the row above the adjustment in the current row.



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