Vessel Utilization
The share of the days a shipowner controlled a vessel that it was actually earning -- operating days divided by ownership days, as a percentage. The gap is time the ship was off-hire: in drydock for scheduled survey, under repair, or idle between charters. Utilization matters because a vessel's costs run whether or not it is working, so a fleet at 92% utilization and one at 99% earning the same daily rate have materially different economics. Watch for a quarter where utilization drops and the owner attributes it to scheduled drydocking -- that is genuinely routine and recurs on a predictable cycle, unlike idle time, which is a demand signal.
Related terms
Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Ancillary Spend per Visit
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