The period of time agreed in the charter party during which the shipowner makes the vessel available for loading or discharging cargo without additional charge. If laytime is exceeded, demurrage becomes payable; if cargo operations finish early, dispatch may be earned.
Category: Cargo & Trade
On The Maritime
The desks where this concept is measured.
In the Glossary
Laytime
The time allowed under the charter party for the charterer to load and discharge the cargo without extra payment.
Read the full explanation in the GlossaryRelated terms
More in Cargo & Trade
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