The range of dates within which a vessel must arrive at the loading port and present notice of readiness to the charterer. If the vessel arrives before the first lay day, the charterer is not obliged to begin loading until that date. Also known as the laycan (laydays/cancelling).
Category: Cargo & Trade
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Gross TonnageA measure of the overall internal volume of a vessel, calculated according to the International Convention on Tonnage Measurement of Ships (1969).IncotermsInternational Commercial Terms published by the International Chamber of Commerce (ICC) that define the responsibilities, costs, and risks between buyers and sellers in international trade transactions.LashingThe process of securing cargo aboard a vessel using chains, wires, ropes, turnbuckles, and other fittings to prevent movement during the voyage.Letter of CreditA financial instrument issued by a bank on behalf of a buyer guaranteeing payment to the seller upon presentation of specified shipping documents, including the bill of lading.ManifestA comprehensive document listing all cargo carried on a vessel for a particular voyage, including descriptions, quantities, weights, shippers, and consignees.Spot RateThe current market price for chartering a vessel or shipping cargo for immediate or near-term loading, as opposed to long-term contract rates.
Back to DictionaryEntry updated May 2026