Operating expenses

OPEX, the daily cost of running a ship excluding voyage costs (bunkers, port charges, canal tolls) and capital costs (debt service, depreciation). It covers crew wages and victualling, lubricants and stores, routine and dry-dock maintenance, insurance, and management fees. Under a time charter the owner bears OPEX while the charterer pays voyage costs; under a bareboat the charterer bears OPEX too. OPEX per day is the baseline figure in any voyage estimate and break-even calculation.