Abstract: A method and electronic system is provided for managing a commodity shipment or container shipment. A Statement of Fact (SOF) is maintained on the electronic system; and electronic access is allowed to the SOF by one or more of a plurality of parties involved in the shipment using data communication. A contract for the commodity shipment may be formulated and electronically stored based on the received information from one of the parties. A laytime calculation may be made using information from the SOF and optionally from the contract.