Vessel Available Days: Shipping Revenue Capacity After Scheduled Off-Hire

Vessel available days measure the number of fleet days remaining after defined scheduled or planned off-hire is removed from ownership time.

They are commonly used as the denominator for Time Charter Equivalent Rate and for shipping utilization measures.

Typical relationship

A common issuer framework is:

1Available Days = Ownership Days - Scheduled/Defined Planned Off-Hire Days

Planned exclusions can include:

• drydocking;
• special or intermediate surveys;
• scheduled repairs;
• vessel upgrades; and
• positioning associated with those activities.

Definitions vary by company.

Why available days matter

A vessel can be owned without being available to earn revenue.

That makes Vessel Ownership Days a fleet-size measure while available days are closer to a revenue-capacity measure.

A company with a stable vessel count can report fewer available days if more ships enter drydock or undergo major surveys.

Available days and TCE

TCE commonly divides adjusted voyage revenue by available days:

1TCE Rate = TCE-Adjusted Revenue ÷ Available Days

If available days fall because of scheduled drydock, total revenue capacity can fall even if the TCE earned on remaining available days is strong.

Investors should therefore avoid interpreting a higher TCE rate as proof that total fleet earnings rose.

Available days and utilization

A common shipping utilization formula is:

1Fleet Utilization = Operating Days ÷ Available Days

This means scheduled maintenance can reduce available days before utilization is calculated.

A fleet can therefore show very high Shipping Fleet Utilization despite losing a meaningful number of calendar days to planned drydock.

Available days versus operating days

Available days answer:

How many fleet days should have been capable of generating revenue after planned off-hire?

Vessel Operating Days answer:

How many of those available days remained operating after additional off-hire under the issuer's definition?

The gap often captures unscheduled repairs, technical breakdowns, commercial waiting, or other defined interruptions.

Worked example

Suppose a fleet records:

1Ownership Days = 5,000
2Scheduled drydock and survey days = 150

Then:

1Available Days = 5,000 - 150 = 4,850

If operating days are 4,800, utilization on available days is about 99.0%.

Comparability caveat

Some issuers call similar concepts voyage days, and definitions can differ around repositioning, guarantee repairs, charter-in vessels, or commercial waiting.

Investors should preserve:

• owned versus charter-in fleet scope;
• scheduled-maintenance exclusions;
• positioning treatment;
• drydock treatment; and
• whether the denominator feeds TCE, utilization, or both.

Filing examples

Safe Bulkers defines available days as possession days net of scheduled-maintenance off-hire and uses the measure to identify days vessels should be capable of generating revenue. Globe International Carriers likewise subtracts scheduled repairs, upgrades, surveys, drydockings, and related positioning from ownership days.

Sources:

• Safe Bulkers 2025 Form 20-F
• Globe International Carriers 2025 Form 20-F

Bottom line

Vessel available days are the shipping industry's revenue-capacity denominator after specified scheduled off-hire. They bridge fleet size, TCE, and utilization, but issuer definitions must be checked before cross-company comparison.

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