Investment: 31/12/1975 $m

1976 $m

1977 $m

1978 $m

1979 $m

1980 $m

1981 $m

162 for 20 ships

16 − 1.3 scrap = 14.7

16 − 1.3 = 14.7

19 − 1.4 = 17.6

26 − 2.3 = 23.7

30 − 2.6 = 27.4

29 − 1.8 = 27.2

1982

1983

1984

1985

1986

1987

1988

19 − 1.4 = 17.6

18 − 1.5 = 16.5

16.6 − 1.7 = 14.9

15 − 1.6 = 13.4

16.5 − 1.6 = 14.9

21 − 2.2 = 18.8

26 − 3.2 = 22.8

1989

1990

1991

1992

1993

1994

1995

29 − 3.3 = 25.7

29 − 3.1 = 25.9

34 − 2.3 = 31.7

28 − 1.8 = 26.2

28.5 − 2 = 26.5

28 − 2.1 = 25.9

28.5 − 2.3 = 26.2

1996

1997

1998

1999

2000

2001

2002

26.5 − 2.5 = 24

27 − 2 = 25

20 − 1.4 = 18.6

22 − 1.9 = 20.1

22.5 − 2.1 = 20.4

20.5 − 1.7 = 18.8

21 − 2 = 19

2003

2004

2005

2006

Total

Action

27 − 3.4 = 23.6

36 − 4.9 = 31.1

36 − 4.3 = 31.7

40 − 5 = 35

$772m − $72m scrap = $700m

Build 31 ships & scrap 31