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.
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References in periodicals archive ?
Sokolov's Marine Commercial Dictionary[7] contains most of the key terms relating to contracts of affreightment, charters, loading/unloading terms, etc.
"Brostrom's capacity in product tanker shipping is covered to a great extent by contracts of affreightment. The design of the new ships and choice of features give Brostrom a competitive edge," Simonsson added.
"Odfjell Seachem AS has agreed to plead guilty to an information alleging a single-count violation of the US Sherman Antitrust Act for allocating customers and thereby fixing prices on certain contracts of affreightment from 1998 to 2002," Odfjell said.