What is hire or charterhire?

Owners’ remuneration, payable by charterers in US$ every 15 days (semi­monthly) or 30 days (monthly) in advance. 

It may be calculated as a certain sum (e. g. $10, 000) per day or as a sum per Summer deadweight tonne (e. g. $7. 50 per sdwt) per calendar month and is usually paid after deduction of brokerage and commission, and for extra payments where holds have to be swept and/or washed down by crew, etc. Claims for under-performance, etc. must usually be negotiated with owners and deducted from the following month’s hire.


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