Off-Hire Deduction (NYPE)
Hire deduction under NYPE clause 17 - charterer not to pay hire during off-hire period; any over-consumption bunkered during off-hire is deductible.
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Formula, assumptions, and limits
| Symbol | Meaning | Unit |
|---|---|---|
| Off-hire duration | h | |
| Hire rate | USD/day | |
| Fuel cost during off-hire | USD |
Source: BIMCO - NYPE 2015
In short
Hire deduction under NYPE clause 17 - charterer not to pay hire during off-hire period; any over-consumption bunkered during off-hire is deductible.