Hire statement

A hire statement is the running account reconciling time-charter hire due against off-hire periods, deductions, and the owner’s and charterer’s allowed items. It records gross hire for each period, then deducts off-hire days, address commission and brokerage, value of bunkers on redelivery, cash advances to the master, and any agreed claims, to arrive at the net balance payable. Disputes over off-hire deductions and bunker valuation are the common source of friction in the statement. Hire is paid in advance, so the statement is the mechanism for truing up actual performance against the advance payments.