Off-hire grace period before cost deductible - typically 6 hours for machinery issues under NYPE Cl. 15.
Formula
$$ h_{ded} = \max(h_{off} - h_{grace}, 0) $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $h$ | Hours of off-hire | h | SOF |
Sources
- BIMCO NYPE 2015.