Exegesis:
epistata (always in the vocative and, except in 17.13, only used by the disciples) ‘master!’ Several commentators think that epistata carries a note of special authority, but as shown by the parallels quoted in Moulton-Milligan the emphasis is rather on an intimate, though respectful, relationship than on authority.
di’ holēs nuktos kopiasantes ouden elabomen ‘having toiled all night we caught nothing.’ The participial phrase describes what they did, the main clause the result. Since the result is not in accordance with the work the participial phrase is implicitly concessive.
kopiaō (also 12.27) ‘to work hard,’ ‘to toil.’
epi de tō rēmati sou ‘at your word.’ epi here indicates that on which the subsequent action is based. rēma here ‘order,’ ‘direction.’ The phrase expresses confidence in Jesus or merely reluctant obedience. The latter appears to be preferable.
chalasō ‘I will let down,’ in the singular after chalasate (v. 4) in the plural.
Translation:
Master can often best be rendered by the term for ‘(religious) teacher’ (see 3.12). The use of the possessive, ‘my master/teacher,’ may be helpful to suggest the more intimate connotation. This respectful intimacy is an important clue for the level of language to be used when one has to render the conversations between Jesus and his disciples in honorific languages.
We toiled … and took …, or, ‘though we toiled…, we caught…,’ ‘we toiled … and (yet) we caught….’ The verb has also been rendered, ‘to try hard (lit. to-the-bone)’ (Pohnpeian), ‘to seek with weariness’ (Ekari). In Chuukeseone has to add ‘in-vain’; in Tboli the work has to be specified, ‘we worked … netting, but not even a little there was a catch we netted.’
All night. A reference to the past may have to be added, e.g. ‘last night’ (Trukese, similarly Toraja-Sa’dan). The night may be thought of as part of the preceding or of the present day. The latter is the case in Foe, which therefore uses near-past tense forms (see on 1.19).
At your word, or, ‘(only) because you say (or, tell me to do) so.’
I will let down the nets. Since more participators than one are implied Tagalog has to say, ‘I will cause that the nets be let down.’
Quoted with permission from Reiling, J. and Swellengrebel, J.L. A Handbook on the Gospel of Luke. (UBS Handbook Series). New York: UBS, 1971. For this and other handbooks for translators see here . Make sure to also consult the Handbook on the Gospel of Mark for parallel or similar verses.

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