Over-performance credit and under-consumption
The owner's credit for beating the warranty: measured against the best warranted figure, and the two-way offset written into the NYPE 2015 clause 12(d).
An owner whose vessel beats her warranted figures is entitled to credit against a performance claim, and the credit is measured against the best warranted figure rather than against the bare warranty. On a warranty of about 40 tonnes per day with a 5 percent margin, credit therefore arises only below 38 tonnes, not below 40.
NYPE 2015 clause 12(d) makes the offset express in both directions, requiring the cost of time lost and the cost of fuel saved to be set against each other. The full article will cover the authorities on the measure, the mechanics of the offset, the treatment of over-performance in a different part of the same charter period, and the difference between a voyage-by-voyage and a charter-period accounting.