Laytime calculations

The final chapter addresses the commercial and practical aspects of laytime calculations; a field of great challenge among chartering and shipbroking matters in a voyage charter. The rules and principles of handling time risks are initially presented. Then, emphasis is given to the explanation of terminology, methodology and calculations of laytime, based on the official “Laytime Definitions 2013”. The documents needed during the calculations, as well as the peculiarities faced on dry and liquid cargo laytime, are thoroughly examined. A comparative analysis of the latest “Laytime Definitions 2013” against the previous “Voylayrules 1993” follows. Finally, at the end of the chapter, some practical examples are presented to analytically explain and enlighten the laytime subjects. In general, it may be said that laytime is to a great extent a combination of commercial practice, agreement of the parties and interpretation of the charterparty wording. Therefore, clear intention of the parties and unambiguous charterparty wording is always the key to avoid lengthy and costly disputes.