Hire deduction under NYPE clause 17 - charterer not to pay hire during off-hire period; any over-consumption bunkered during off-hire is deductible.
Formula
$$ \text{Deduction} = \frac{t_\text{off}}{24} \cdot R_\text{hire} + C_\text{fuel} $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $t_\text{off}$ | Off-hire duration | h | observation |
| $R_\text{hire}$ | Hire rate | USD/day | CP |
| $C_\text{fuel}$ | Fuel cost during off-hire | USD | bunker log |
Sources
- BIMCO - NYPE 2015.