Perfect timing to build

Delivery (probably)

Per day earnings

Earnings13 for a hire of 38 months, from 1988 Jan.-to 1991, March

Remarks

1986 Jan.

1988 Jan.

$15,000 hypothetical

$16.62m

A low freight rates period

Perfect timing for earnings

March 1991

$45,000 real

Earnings for hire in 1991-1994 for: 38 months = $49.93m

Price difference $ 42m (80-38)

Bad timing to build: 1989

1991 March

Price $80

$49.9m

Earning difference $33.31 ($49.93 − $16.62 = $33.31m)