Earnings

Reduced by à

The $ amount received from hiring a ship; known also as “sales revenue”/“turnover” or “hire”/“freight” etc.

Chartering brokers commission (*)

The cost to bring the ship services to the condition so that to be hired = Gross Profit (**) – the key for shipping managers

Administration & promotion (***) costs = Operating profit or PBIT¹² (the key for performance in non- shipping companies)

Interest expenses (net) = Profit before taxes

Tax on profits (****) = Profit after taxes