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 ?
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.
(Teekay Offshore or the Partnership) announced today that it has been awarded new three-year shuttle tanker contracts of affreightment (CoA), plus extension options, with BP plc, Royal Dutch Shell and OMV Group, to transport the oil produced from the new Glen Lyon FPSO which is part of the Quad204 development located west of Shetland in the North Sea.
"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.