What does demurrage mean?
A charge or penalty imposed on a ship or its owner for delay in loading or unloading cargo, or for failure to return a ship on time. A delay or failure to perform a task or obligation within a specified time.
Example
"The ship's owner was fined a substantial demurrage for the delay in unloading the cargo."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.