The cost that raises from failure to load or unload a ship at the port within a stipulated period is known as

Assessment: JAMB UTME - Commerce - 1997 Subject: Commerce

Question 1 Report

The cost that raises from failure to load or unload a ship at the port within a stipulated period is known as
Answer Details
Demurrage charges refer to the cost incurred when the charterer of a ship fails to load or unload the ship within the agreed-upon time at the port. The charges are intended to compensate the ship owner for the additional costs they incur due to the delay, such as fuel and crew wages. Demurrage charges are usually calculated based on a daily rate and can be a significant cost for businesses involved in shipping.
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