In maritime shipping, time is literally money. The concepts of laytime and demurrage are fundamental to commercial shipping operations and represent a critical area of focus for maritime lawyers, shipowners (commonly called “Owners” in legal documents), and charterers alike. This article examines these concepts under English law, which remains the predominant legal framework for international shipping contracts worldwide. Understanding Key Definitions Before turning to the details, consider a simple taxi analogy. The first few minutes…
