Penalty imposed by a ship owner for exceeding the period charter is

Demurrage is the penalty imposed by a ship owner for exceeding the period charter. Demurrage is a fee charged by the owner of a chartered ship on the charterer for delaying the ship's turnaround time beyond the allowed laytime. It is a form of liquidated damages for the inconvenience caused to the shipowner by the charterer's delay. The demurrage charge is based on a per-day or per-hour rate and is calculated from the agreed laytime to the actual time of berthing and unloading.