The costs of keeping the ship in an operable condition, including costs of surveys, repairs and maintenance (including drydocking), hull and machinery and P&I insurance premiums, crewing, provisions, stores, water and lubricating oil.
Just as a truck owner has to pay the costs of keeping his vehicle roadworthy and ready for hire, a shipowner has to pay his ship’s running costs to keep her seaworthy and ready for a charter or other employment. A shipowner knows the daily vessel operating expenses for each of his ships.
