A monetary reward payable by owners to charterers for completion of cargo operations within the agreed laytime period.
Early completion may give owners an opportunity to complete the voyage early and fix the vessel on another charter, and is obviously also to charterers’ benefit. The rate for despatch is stated in the Demurrage and Despatch Clause and is usually half the demurrage rate “for all time saved”, which means that the laytime exclusions (for weather, etc. ) are not taken into account after the completion of cargo. If for working time saved, laytime exclusions must be taken into account.