Definition, Meaning & Synonyms
demurrage
Noun
/dɪˈmɜːrɪdʒ/
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Definition
Demurrage refers to the charge incurred when a ship, freight car, or truck is held up beyond the agreed-upon loading or unloading time.
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Examples
- The shipping company charged demurrage because the container was not picked up on time.
- After failing to unload the goods quickly, they faced significant demurrage fees.
- The contract specified a demurrage rate for any delays beyond the deadline.
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Meaning
It is a penalty or a fee that is imposed on a shipment when the cargo is not loaded or unloaded within the specified timeframe, leading to additional costs.
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Synonyms
- Delay fee
- Late charge
- Freight penalty