What is Laytime?
Laytime is the period of time agreed in a voyage charter party during which the vessel is placed at the disposal of the charterer for loading or discharging operations, without additional charge to the charterer. Laytime begins running after a valid Notice of Readiness (NOR) is tendered and accepted.
How Laytime is Calculated
Laytime can be expressed in days (e.g., "5 running days"), hours, or as a rate (e.g., "1,000 metric tonnes per day"). The charter party specifies whether laytime runs continuously ("SHINC" — Sundays and Holidays Included) or only during working hours ("SHEX" — Sundays and Holidays Excepted).
Laytime, Demurrage, and Despatch
- If loading/discharging takes longer than allowed laytime → Demurrage is paid by charterer to ship owner
- If loading/discharging completes before laytime expires → Despatch may be paid by ship owner to charterer
