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What does demurrage mean?

Looking for the meaning or definition of the word demurrage? Here's what it means.

Noun
  1. (shipping) the detention of a ship or other freight vehicle, during delayed loading or unloading
  2. compensation paid for such detention
  3. a charge made for exchanging currency for bullion
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Examples
The shipowner could earn more at less risk by making sure there were demurrage clauses in the charter party.
An old term for good opportunity or season for navigation, which, if neglected, was liable to costs of demurrage.
There are instances of vessels demurrage due to irregular operation of the locks, in particular, in the area of Dzherdap.
It may be in the interests of such a consignee to take delivery to avoid demurrage charges or simply because of an urgent need for the goods.
She would not disclose the size of the charges because demurrage is negotiated with each customer and for commercial reasons is confidential.
These agreements stipulated that the ships would be inspected by government officials, that they would sail in convoy and that demurrage would be paid in the event of delay.

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