Time Charter Equivalent Hire definition
Time Charter Equivalent Hire means (i) the weighted average of the Daily Value (as defined below) for the following notional round voyage routes applying the weight set forth opposite each route: Rotterdam to New York – 40% Curacao to New York – 60% or (ii) the weighted average of the Alternative Daily Values for the Alternative Routes applying the Alternative Weights (each as defined below), as applicable. On the last day of each calendar quarter (or on the next Business Day if such day is not a Business Day) and on the Expiry Date, the Owners and the Charterers shall instruct the Association of Shipbrokers and Agents Tanker Broker Panel or, exceptionally, another panel of brokers mutually acceptable to the Owners and the Charterers (the “Brokers Panel”) to determine the average spot rates (the “Average Spot Rates”) in Worldscale points over any periods during the Calculation Period that the vessel is not subchartered by the Charterers under a time charter. The Owners shall instruct the Brokers Panel to determine the Average Spot Rates on the following standard notional round voyage routes and cargo sizes for vessels of the same type as the vessel and to deliver its determination in writing to the Owners and the Charterers by not later than the fifth Business Day following the date of the request by the Owners and the Charterers to make such determination: Rotterdam to New York with 37,000 tonnes clean Curacao to New York with 38,000 tonnes clean In the exceptional case that the scheduled Brokers Panel meeting is unexpectedly cancelled the assessment will be provided at the earliest opportunity. The determination by the Brokers Panel of these Average Spot Rates shall be binding upon both the Owners and the Charterers. The Brokers Panel shall invoice the Owners and the Charterers for the cost of the Brokers Panel assessment and of any experts engaged by the Brokers Panel. The amounts invoiced by the Brokers Panel shall be shared equally between the Owners and the Charterers. On receipt of the Brokers Panel assessment, the Charterers will calculate the Time Charter Equivalent Hire in accordance with the following components and complete a calculation of the Weighted Average Hire and the amount of Additional Hire, if any, which will be forwarded to the Owners not later than the fifth Business Day following the date on which the Charterers receive the Average Spot Rates from the Brokers Panel. The calculation shall indicate whether there is Additional Hire due to the Owners or whether th...