Inventories of bunkers

Inventories of bunkers are the surveyed quantities of fuel and lubricants on board at delivery and redelivery of a time-chartered ship, valued and settled between owner and charterer. The charter fixes that the charterer takes over and pays for the bunkers on board at delivery at the agreed price, and the owner buys back the bunkers remaining at redelivery, each quantity verified by a bunker survey. BDN figures and ROB soundings establish the volumes; the price is either the contract rate or the market price at the relevant port. Bunker quantity and grade disputes are a frequent redelivery claim.