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Affreightment

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Affreightment
An agreement between the owner of a ship and another party whereby the owner agrees to transport the other party's goods on that ship from and to certain stated locations. Affreightment is the equivalent of a lease; that is, the ship's owner rents space on the ship for the other party's goods.


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Byline: Doha Qatar Petrochemical Company (Qapco), a subsidiary of Industries Qatar, has signed a contract of Affreightment (COA) with the gas shipping Norwegian company Norgas Carrier for shipping Ethylene.
The drivers, who work in the company's Spot Affreightment Division, say they will picket the Ellesmere Port depot until their demands are met.
Again, to close the loopholes found in purchases, legal opinion suggests that where trade rules specify "proper contract of affreightment," it is not enough - express trade rule contract language must be added to require ISM compliant vessels in CIF or CFR purchases.
 
 
 
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