Dry docking allowance

A dry-docking allowance is a time-charter clause that lets the owner take the ship off-hire to drydock for survey, hull cleaning, and class-required work, with the charterer’s hire suspended for the agreed period. Long period charters commonly grant the owner a fixed allowance, for example one drydocking of up to a stated number of days per 24 or 30 months of service, often with the timing and place subject to the charterer’s convenience. Without the clause the owner would carry the full earnings loss of the drydock. The allowance balances the owner’s regulatory obligation to maintain class against the charterer’s loss of vessel availability.