Demurrage charge for laytime exceeded, or despatch credit for laytime saved. Despatch typically half the demurrage rate.
Formula
$$ \text{Demurrage} = \frac{\Delta h}{24} \cdot R_\text{dem}, \quad \text{Despatch} = \frac{\Delta h}{24} \cdot R_\text{dem} \cdot r $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $Laytime allowed$ | CP-stated laytime | h | CP clause |
| $Laytime used$ | Actual time used | h | SOF |
| $R_\text{dem}$ | Demurrage rate per day | USD/d | CP clause |
| $r$ | Despatch ratio of demurrage | - | CP clause |
Sources
- BIMCO - Gencon laytime clauses.