COFR Guarantees
Voyages

Voyages for tank vessels are invoiced quarterly based on the PANDI club year-ends:

• First Quarter – February 21st to May 20th
• Second Quarter – May 21st to August 20th
• Third Quarter – August 21st to November 20th
• Fourth Quarter – November 21st to February 20th

As at August 2017, Voyage declarations are no longer required.

Payment must be received within 30 days of us issuing the invoice, otherwise a 10% late payment fee will apply.

Each MISL voyage is defined as the entry into the US EEZ for a period of up to 30 days. The voyage will terminate on the earlier of expiry of the 30 day period or departure from the EEZ. On expiry of the 30 day period, in the event that the vessel is still in the US EEZ, a new voyage will be deemed to commence. The number of ports visited within the 30 day period is not pertinent for the purposes of this definition.

Any vessel that discharges at LOOP and then proceeds into port(s) is not considered to have performed a LOOP voyage.

A vessel can go into US waters for 30 days and call multiple ports for loading/discharging and that is ONE call. If the vessel stays beyond 30 days, a second voyage is deemed commenced and if it is still continuously in US waters for another 30 days, a third is deemed commenced and so on until it eventually leaves US waters.

Dirty (Persistent) Cargo Types:

• Fuel Oil
• Base Oil
• GTL Base Oil
• XHVI-8
• GTL XHVI
• 380 CST

Each vessel entered is subject to an annual trading minimum premium. If a vessel does not meet its minimum trading premium over an annual voyage period the vessel will be charged the difference between it's paid premium and it's minimum trading premium. 

Each vessel entered is also subject to a no-trade premium which is applied at the end of an annual voyage period when a vessel does not complete any voyages into the US EEZ.