Risk & markets
Laytime
The free time allowed under a charter for loading or unloading cargo.
What is Laytime in shipping?
The period the charterer is permitted, without extra charge, to load or discharge the vessel. Laytime begins when a valid Notice of Readiness is tendered and accepted. Once it is used up, the vessel goes 'on demurrage'. How laytime counts — and what suspends it (weather, holidays, breakdowns) — is set by the charter party.
Educational reference only — verify operational guidance with UKMTO, MSCHOA, your flag state, P&I club and legal counsel.
Related terms
- Demurrage — Money the charterer pays the owner when loading or discharge runs past the agreed laytime.
- VLCC / Suezmax / Aframax — Standard crude-tanker size classes, from very large down to medium.
- P&I (Protection & Indemnity) club — A mutual association that covers a shipowner's third-party liabilities.