Cost item in her first 5 years, & %

Increase in it in next 5 years

Increase in it in next 10 years

Capital, 47%;

(8% p.a. capital cost)

Capital 39.5%, (less 7.5%)

Capital 24% (*) less 15.5%

Maintenance, 2%

Maintenance 3% (+1%)

Maintenance 5% (+2%)

Voyage cost, 33%

Voyage cost 35.5% (+2.5%)

Voyage cost 40% (+4.5%)

Operating cost, 18%

Ops cost 22% (+4%)

Ops cost 31% (+9%)

Total 100%

Liberian flag

(*) Stopford assumed 11%…