Laytime used vs allowed and demurrage payable from days-on-demurrage at the charter-party daily rate - the fundamental charter calculation.
Formula
$$ \text{Demurrage} = \max(\text{used} - \text{allowed}, 0) \cdot r $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $allowed$ | Laytime allowed per CP | days | charter party |
| $used$ | Actual laytime used | days | SOF |
| $r$ | Demurrage rate | USD/day | CP fixture |
Sources
- BIMCO Voylayrules / Laytime Definitions.