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No Options Selected
Apply Off Hire / Waiting to Period Selected
Adjust Portion Off Hire Selected
Both Apply and Adjust Portion Off Hire Selected
Assumptions:
Accrual is run for July 2020 Month End.
This is an ongoing voyage where off hire occurred entirely in the month of July 2020.
No Options Selected
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By default, the system will take the total net hire and prorate it.
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When Apply Off Hire to Period option is selected, the system calculates based on the following logic,
[Total Hire * (Voyage days performed Days Performed / Total Voyage daysDays)] - OffhireOff Hire
Note: In
In the event you have an off hire which crosses 2 months, the system will apply the amounts to each month according to the proportion in which they occured.
If the off hire took place outside of the period in which the accrual is run, there will be no off hire deducted. The formula will be as follows:
[Total Hire * (Voyage Days Performed / Total Voyage Days)] - 0
Adjust Portion Off Hire
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For this option, the system will exclude the off hire entirely when performing accruals.
Hence, it follows a different prorating logic.
Adjusted Prorate % = (Voyage days performed Days Performed - Off hire daysHire Days) / (Total Voyage days Days - Off hire daysHire Days)
With the above logic for Adjusted Prorate %, the system deducts the off hire from the total hire and then prorate it based on the following logic:
(Total Hire - Off Hire) * Adjusted Prorate %
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The logic is as follows:
(Total Hire * Adjusted Prorate %) - Off Hire
Note:
If the off hire took place outside of the period in which the accrual is run, there will be no off hire deducted. The formula will be as follows:
(Total Hire * Adjusted Prorate %) - 0