Affreightment

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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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As part of the transaction, Ingram will assume M/G's affreightment contracts.