Affreight refers to the act of hiring or contracting a vessel, aircraft, or other means of transportation for the carriage of goods. It involves entering into an agreement between the shipper or freight forwarder and the carrier for the transportation of cargo. The terms and conditions of the affreightment contract, such as freight rates, cargo liability, and delivery terms, are specified in the agreement. Affreightment plays a crucial role in the supply chain as it ensures the availability of transportation services to move goods from one location to another efficiently and effectively.