Off-hire Definition:
This is a term used to refer to a container that is approaching the end of the leasing or chartering period.
Off-hire is a contractual concept, and the wording varies depending on the stipulated clause. The contract is between two parties and refers to the period where the equipment chartering or renting party is released or relieved from their obligation to pay hire fees. During this period, the equipment is considered off-hire, and the lessee is not using it nor is responsible for payment according to the agreement. In maritime logistics, off-hire is mainly linked to vessels' charter agreements. These involve vessel leasing for a specific period upon which the lessee may be exempt from paying fees.
