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.
References in periodicals archive ?
The establishment of the obligation to move and deliver goods on arrival as a key provision within the structure of the contract of carriage of goods, is the fact that marks the distinction and origin of an autonomous contract from other figures such as affreightment and associated forms.
Cargoes include those from spot markets and contract of affreightment (COA).
The Spot Affreightment Division is responsible for transporting hazardous chemicals, making deliveries to many independent petrol retailers, particularly in rural areas, as well as car showrooms.
The CDBL features Russian language logistics terminology used in books, periodicals and official documents (transportation agreements, contracts of affreightment, delivery contracts, etc.
Delay during shipment: The insurance remains in force during any delay beyond the control of the insured; any deviation, forced discharge, reshipment or transshipment; and any variation of the operation arising from the exercise of a liberty granted to shipowners or charterers under the contract of affreightment.
The Contract of Affreightment segment reported higher results from lower operating costs while the Rail Ferry segment results were lower primarily driven by rail outages in Mexico from inclement weather conditions.
Teekay Offshore has been awarded new three-year shuttle tanker contracts of affreightment (CoA) with BP, Shell and OMV Group for the Glen Lyon FPSO.
The latest deal is expected to bring about larger volumes of long term contract of affreightment for the Chinese shipowner.
It said the key initiatives included signing a Contract of Affreightment for the transport of Furnace Oil with the Pakistan National Shipping Corporation as well as signing an MoU with the government of Khyber Pakhtunkhwa for the establishment of 40,000 barrel state-of-the-art refinery in the province.
The national energy giant had recently signed a Contract of Affreightment (CoA) with PNSC to transport Furnace Oil from foreign ports to Pakistan's shores.
4 Article 287 of the Maritime Law reads as follows (quoted translation): EoACA[pounds sterling]The following claims shall not be heard if opposed and in the absence of lawful excuse: 1- Claims arising out of a marine contract of affreightment after the expiry of a period of one year from the date of delivery of the goods or from the date on which the goods should have been delivered.