Earnings per day

Earnings per day on a voyage is voyage revenue net of voyage costs divided by total voyage days, the same construction as the time charter equivalent. Voyage revenue is the freight (less address commission and brokerage); voyage costs are bunkers, port disbursements, and canal dues; voyage days run from the start of the laden or ballast leg to redelivery or completion. The figure lets an owner compare a voyage-charter fixture against a time-charter rate on a like-for-like daily basis. It is the single number that drives the fixture decision in voyage estimating.