Charter freight terms
DOI link for Charter freight terms
Charter freight terms book
If during the charter the ship or an important piece of equipment breaks down, the ship is taken off hire by the charterer. Hire money is temporarily suspended until the breakdown is repaired. In practice, hire money may continue to be paid by the charterer, and refunded after the ship comes back on hire, together with a refund covering the amount of bunkers consumed during this period. The document detailing the off hire period is called the off hire statement (see example, p. 88).