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
| Term | Description | Example |
|---|---|---|
| Claim ID | Reference 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 chartering | 2019ABC12345 |
| 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. | Back-to-Back Stock In/Out |
| OPS Performance | Indicator 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 |
| Vessel | Name 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 Name | Name of freight beneficiary | ABC 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 due | 10 |
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 Date | The day the claim is made | 2020-03-20 |
| Outstanding Days | Outstanding claim days from today's date to Claim Date | 7 |
| Currency | Settlement currency of claim | USD |
| Initial Amount | Initial amount payable/receivable | 100,000 |
| Final Amount | Final amount payable/receivable | 150,000 |
| Value Date | Payment Date | 2020-03-20 |
| 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 |
| Status | Status of the claim | Pending |
| Broker | Name of broker | ABC |
| Ports | Loading or discharge port | Singapore |
| Remarks | Any additional comments | - |
Demurrage Calculations → General Information
| Term | Description | |
|---|---|---|
| Deal No./Shipping No. | Reference number from the company, which links to related physical trades (buy and sell) and shipping chartering | 123456 |
| Contract No. | Contract number of physical trade or ship chartering | 111111 |
| Group | Company (MAF Cloud user)'s trading group(s), if any | G2 |
| Status | Status of the claim | Pending |
| Currency | Settlement currency of claim | USD |
| Initial Amount | Initial 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. | Back-to-Back Stock In/Out |
| Vessel | Name of vessel | Vessel 1 |
| Broker | Name of broker | ABC |
| Inco Terms | Set 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 costs | 72 |
| Demurrage Rate (PDPR) | Amount of fee charged per day for laytime on demurrage | 10,000 |
| Cargo Quantity | Quantity of cargo | 1,000 |
| Unit | Unit of cargo | Barrels |
| Discount (%) | 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 SDWT | 10% |
| Internal Comments | Comments that can be viewed internally only and not reflected in the Demurrage Reports |
Demurrage Calculations → Calculation Information
| Term | Description | Example |
|---|---|---|
| Port Details | LoadPort: Port of Loading DisPort: Port of Discharge | LoadPort |
| Name of Port | Singapore | |
| 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 |
| NOR | Time at which the ship arrived at the port and delivered Notice of Readiness (for loading/unloading) | 2019-12-25 00:55 |
| Anchor Aweigh | Time at which the ship began moving into the port | 2019-12-27 00:55 |
| All Fast | Time at which the ship is completely moored (secured) in port | 2019-12-27 03:55 |
| Hose Off | Time at which loading/unloading is completed | 2019-12-28 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 costs | 168 |
| 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 finalised | 2019-12-28 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 |
| Extension | Time 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.
*Previous value refers to the value in the row above the adjustment in the current row.
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