Laycan. This is an abbreviation for the “Laydays and Cancelling” clause in a charterparty.
This clause establishes the earliest date, when the ship is required by the charterer, (e.g. “Laytime for loading shall not commence before . . .”) and the latest date for the commencement of the charter (e.g. “ . . . and should the vessel’s Notice of Readiness not be given before . . . “) when the charterers have the option of cancelling the charter.
Laycan. This is the abbreviation used for the “Laydays and cancelling clause” in a charterparty. The clause provides for the earliest time when the charterer expects the master of the vessel to give a Notice of Readiness and for laytime to commence and also gives the charterer an option to cancel the charter if this event does not occur before a certain date. The phrase, “laycan”, is very commonly used in negotiations and discussions and in communications before a fixture. It can also be found in reports of market fixtures.