Affreightment

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Related to Contracts of Affreightment: Time Charter, Cesser clause

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.
References in periodicals archive ?
The new company will be in a position to offer 'new-to-the-LNG business' contracts of affreightment and interruptible employment arrangements that will enhance flexibility for customers, as well as improve efficiency.
TBS's business model includes a balanced mixture of tariff based liner services, contracts of affreightment, time charters to customers, evergreen parcel and bulk cargo services and spot market businesses.
All of the Company's product tankers are currently employed under long-term time charters or contracts of affreightment.
The handymax newbuildings being delivered to OMI are currently anticipated to operate on short-term time charters, contracts of affreightment and in the spot market.
SNTG won several new contracts of affreightment during the quarter and contract renewals were up on average close to 10%.
Tankers International, through its contracts of affreightment with UNIPEC, a major oil importer into China, participates actively in this market, benefiting from the surge in demand on this trade route and the enhanced vessel utilization it affords.
The joint venture will transport crude oil and dirty petroleum products in the Americas and Europe and is expected to operate under a mixture of contracts of affreightment and spot market opportunities.
TI holds contracts of affreightment to move a large number of Unipec's cargoes from the Middle East and West Africa and is a major beneficiary of China's growing demand for oil.