Despatch
Despatch (or despatch money) is the amount a shipowner pays the charterer as a reward for loading or discharging the cargo in less time than the laytime allowed under a voyage charter. It is the mirror image of demurrage: where demurrage is a penalty the charterer pays for exceeding laytime, despatch is a bonus the owner pays for beating it.
Despatch is usually agreed at half the demurrage rate, and calculated on either "all time saved" or "all working time saved", as the charter party specifies. Like demurrage, it is worked out from the Statement of Facts and the laytime calculation — so accurate port-call recording by the agent decides the figure. Not all charters provide for despatch; where they do, it incentivises fast cargo work.
Despatch is the carrot to demurrage's stick — it rewards fast cargo work by returning money to the charterer for time saved. Because it comes straight off the same laytime calculation, the same accurate SOF that protects an owner on demurrage also settles despatch fairly.
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What is the difference between despatch and demurrage?
Demurrage is paid by the charterer to the owner for exceeding laytime; despatch is paid by the owner to the charterer for finishing cargo work early. Despatch is usually half the demurrage rate.
How is despatch calculated?
From the Statement of Facts and the laytime calculation, on either "all time saved" or "all working time saved" as the charter party specifies.