Reversible laytime
Meaning
Reversible laytime means the hours allowed for loading and discharging are added together, so time saved at one port can be used at the other.
Reversible laytime explained
With reversible laytime there is one combined allowance for the voyage. If loading is quick, the hours saved are still available at discharge, and demurrage is only due once the combined allowance is exhausted. This is the standard arrangement on tanker voyage charters.
The alternative is separate, non-reversible laytime for each port, where each allowance is calculated on its own and demurrage at one port can't be offset by time saved at the other.
Example
72 hours reversible: 20 hours used loading and 56 hours used discharging gives 76 hours used and 4 hours on demurrage. If the laytime were 36 + 36 hours non-reversible, the discharge alone would be 20 hours over.
Related terms
Laytime
Laytime is the time the charterer is allowed, without paying extra, to load and discharge the cargo under a voyage charter.
Demurrage
Demurrage is the agreed daily amount the charterer pays the owner for every day the ship is kept in port beyond the laytime allowed.
Despatch
Despatch is money the owner pays back to the charterer for finishing cargo operations faster than the laytime allowed.