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Glossary

Towage

Towage is a contract whereby one ship moves another. Towage, as opposed to salvage, is a service contract, which does not involve a marine peril, and the consideration is an hourly or daily rate or a lump sum, rather than a salvage reward based on the peril, the work accomplished and the value of the object salved.

There are various standard-form towage contracts, including, for example, the 'International Ocean Towage Agreement (Lump Sum)' (Code Name: 'TOWCON') and the 'International Ocean Towage Agreement (Daily Hire)' (Code Name: 'TOWHIRE') of BIMCO.

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