Definitions for "Demurrage"
The detention of a vessel by the freighter beyond the time allowed in her charter party for loading, unloading, or sailing.
The allowance made to the master or owner of the ship for such delay or detention.
A variable fee charged to carriers and/or customers for the use of Unit Load Devices (ULD's) owned by a carrier beyond the free time of shipment. Additional charge imposed for exceeding the free time, which is included in the rate and allowed for the use of certain equipment at the terminal.
Demurrage is a cost associated with owning or holding currency over a given period of time. It is sometimes referred to as a carrying cost of money. For commodity money such as gold, demurrage is in practice nothing more than the cost of storing and securing the gold.