Speed

Speed is a key term in international shipping and chartering, referring to the distance a vessel travels per unit of time, usually measured in knots (1 knot = 1 nautical mile per hour). In voyage charters, time charters, and bills of lading, speed is often listed alongside fuel consumption and deadweight as a core indicator of vessel performance warranty. Use cases include: the owner and charterer agree on a guaranteed speed in good weather conditions; if the actual speed is lower than agreed, the charterer may claim speed loss (Speed Claim); or when buying or selling a second-hand vessel, the buyer evaluates speed based on sea trial reports. Notes: Speed is affected by sea conditions, wind and waves, ocean currents, hull fouling, cargo load, etc. Contracts usually limit to 'Good Weather' conditions and specify whether an 'About' tolerance is allowed. Distinction: Speed differs from 'Vessel Speed,' which more generally refers to design speed; it also differs from 'Voyage Duration,' which is the combined result of speed and distance. Trade practitioners should accurately calculate speed performance based on charter party terms, weather logs, and deck logs to avoid disputes.