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 ?
'There is a compelling need and urgency to grow the real sector of the economy for value addition to the mineral and agricultural resources to ensure continuous cargo generation for affreightment.'
(13) This idea is important as it indicates the direction of the Spanish doctrine and jurisprudence about the legal nature of the affreightment. Following Spanish tradition the Shipping Act 2014 considers the affreightment as the carriage of goods by sea contract (art.
1 July 2011 - Danish dry cargo and tanker company D/S Norden (CPH: DNORD) has entered a multi-year contract of affreightment (COA) on transport of salt from Chile to the American east coast, the company announced in its corporate magazine today.
Odd as that may seem, most claims are adjusted via the insertion, usually by reference, of the York-Antwerp Rules (Association of Average Adjusters 2003-10) into ocean bills of lading, contracts of affreightment, other contracts of carriage, and marine insurance policies.
Moreover, a large part of the fleet of SCIL is on time charter and/or contract of affreightment (COA) contracts, which are relatively stable as compared to spot charter deployment.
4 Article 287 of the Maritime Law reads as follows (quoted translation): "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."
The Target has entered into a 50:50 joint venture agreement (the "JV Agreement") with a Hong Kong company, Waibert Navigation Company Limited ("Waibert"), to form a new company (the "JV Company") focusing on vesselsownership and provide coal shipment logistics services for contract of affreightment ("COA") providers either domestically within the PRC or globally.
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.
It also has 1-3 years Contract of Affreightment for the transport of liquid chemical, vegetable oils, and asphalt.
The majority of the USS fleet is on long-term time charters or contracts of affreightment with major oil and chemical companies based in the United States.
The drivers, who work in the company's Spot Affreightment Division, say they will picket the Ellesmere Port depot until their demands are met.