Time Charter - MPA & Daily Hire
Monthly payment-advance (MPA) calculation for a time-charter given daily hire rate - the hire billing cycle.
Monthly payment
660,000USD
Formula, assumptions, and limits
Paid in advance ("15/15 days in advance"). Semi-monthly on some CPs. Failure to pay → owner's lien on cargo + withdraw ship per NYPE Cl. 11.
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| Daily hire rate | USD/day | CP fixture | |
| Days in cycle | days | CP clause |