CHARTERING TERMS

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Rate of Demurrage - Amount payable by a voyage charterer to a shipowner for each day used to load and / or discharge cargo in excess of the time allowed in the Charter-Party.

Rate of Discharging / Loading - Number of tons of cargo discharged /loaded each day from / into a ship. Such a provision is often included in the terms of a voyage charter.

Rate of Freight - See freight rate.

Received for Shipment Bill of Lading - Bill of Lading evidencing that the goods have been received into the care of the carrier, but not yet loaded on board. It also serves as evidence of the contract of carriage and is a document of title, although because the goods have not necessarily been loaded on to the ship, this type of Bill of Lading is not always acceptable to banks as collateral security.

Receiver - Party who receives the cargo at the place of destination in the contract of carriage.

"Recommended" Charter - When there has been no proper groups of charterers with whom to negotiate a particular charter, for instance. "Gencon" Charter it is issued as a "recommended" charter. The same is the case if the parties with which a charter has been negotiated will not be able to bind their members to use the charter as a clean document. This is the position, for instance, for the "Norgrain" Charter and the 'Nuvoy" Charter. Whereas BIMCO naturally wishes the printed text of a "recommended" charter to be followed by charterers and shipowners. there were no compulsion in this respect.

Redly - Redelivery - Return of a ship by the time charter to the shipowner at the end of the period of the charter.

Redelivery Certificate - Document signed by or on behalf of the shipowner and the charterer, certifying the time, date and place of redelivery of the ship, that is, the returning of the ship by the time charterer to the shipowner at the end of the period of charter. The certificate also states the quantity of bunkers onboard at the time redelivery.

Release a Bill of Lading (to) - To provide the shipper with an original Bill of Lading, often in exchange for the freight.

Reversible Laytime - Term used in a voyage Charter-Party to signify that the time allowed for loading may at the charterers option, be added to the time allowed for discharging for the purpose of calculating demurrage or despatch.

RT - Revenue Ton - Unit of cargo on which a freight rate is based, generally one ton or one cubic meter whichever is greater. Also called freight ton.

Round Voyage - Voyage involving two legs the second of which brings the ship back to the geographical area where the first leg commenced.

Running Days - Consecutive days of 24 hours including weekends and holidays.