Off-hire deduction from a time-charter hire payment when the vessel is not fully available - per NYPE / Baltime clauses.
Formula
$$ \text{OH credit} = \frac{H \cdot t_{off}}{24} + m_B P_B $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $H$ | Daily hire | USD/day | CP fixture |
| $t_{off}$ | Off-hire duration | h | SOF |
Sources
- NYPE 2015 Cl. 15.