Additional Terms used in Shipping - Part 2
Ever wondered What are the additional terms used in Shipping? What is Notice of Readiness(NOR)? What are the conditions for off-hire in shipping?
In this video we'll try to answer the following questions:
- (1:50) How is time charter hire is calculated?
- (3:16) Case study -The Chikuma
- (6:46) How Bunkers remaining onboard are calculated?
- (9:44) What is off-hire?
- (12:07) What is Freight?
- (13:10) What is a Notice of Readiness (NOR)?
- (15:40) Case study – The Happy Day
- (16:43) Case study – The Front Commander
Case study for Chikuma: https://charterpartycases.com/case/115-as-a-wilco-v-fulvia-s-p-a-di-navigazione-the-%E2%80%9Cchikuma%E2%80%9D-1979-1-lloyds-rep-367-1980-2-lloyd%E2%80%99s-rep-409-1981-1-lloyds-rep-371
Case study link for Hogarth V Miller:https://charterpartycases.com/case/412-hogarth-v-miller-the-westfalia-1891-ac-48
Case study for The front commander: https://www.casemine.com/judgement/uk/5a8ff7aa60d03e7f57eb10a2