The Hit Chance Attribute reflects a Ship's ability to successfully inflict damage against its target. Hit Chance is expressed as a Rating.
Hit Chance works hand-in-hand with Evasion to determine how likely an attack is to cause damage to its target. To learn more, please read the Wiki Entry for: Evasion Mechanic
Hit Chance and Weapon Cooldown
When an attack results in a Miss, the attacker's Weapon Cooldown will be reduced by a percentage equal to his Hit Chance. For example, a player with a Hit Chance of +10 using a Wyrd Ripper will have his Weapon Cooldown reduced from 10s to 9s after a Miss.
If an attack misses, the cooldown will not be lower than 1 second.