RICHES IN SHIPS.

Gisborne Times, Volume XXXIII, Issue 3711, 21 December 1912, Page 10

RICHES IN SHIPS.

- ■ LUpraE PROFITS FOR OWNERS. l ‘Shipowners are simply coining money,” said a- prominent shipping authority to a “London Mail’’ reportelf the other day. He drew attention to the Black Sea rates (the price per ton of cargo from the Black Sea home) which were quoted lately/at 23s 3d a ton, as against os 3d three years ago. “With such exceptional rates prevailing, not only !to and from the Black Sea, but throughout the world,” he said, “the earning value of the ships has increased tremendously, and so naturally has their purchase value. I have just sold ;it a net profit of £7,000 a vessel which I purchased five years ago. When such exceptional prices can be obtained for ships, it follows that many shipowners, fearing a collapse sooner or later, are selling steamers which, they do not want, thus increasing their year’s takings. “Within recent years the owner of a tramp steamer of 7,000 tons deemed him,self fortunate if lie cleared a net profit of £I,OOO a year. At present rates the same steamer can clear £7,000 in a, ninety days’ voyage .to and from the Black Sea, or £28,000 a year. Placing, the cost of the steadier at £40,000, this gives an income of over 50 pet- cent of her value. The owner of a fleet of ten ships should he making his £200.000 a year, and the large company, with its twenty or thirty steamers, a small fortune.”