Freight TradingBulk commodity supply chains
Learning tool 05 · Vessel opportunity cost

Owner scenario matrix

The highest-paying first voyage may leave the ship in the weakest economic position. Compare complete employment chains across all vessel days.

Read the owner scenarios in the book
Editable book example

Compare the whole chain

Change vessel days, TC income or the FFA reference. A strong first trip can still produce the weaker 90-day result.

Scenario A

Strong first trip, weak continuation

EmploymentDaysTC incomeFFA referenceResult/day
Trip 1: A to B$2,500
Trip 2: B to C-$750
Trip 3: C to D-$3,250
Vessel days
90
Average TC
$14,500
Average reference
$15,000
Total result
-$45,000
Average result
-$500/day
Scenario B

Weak first trip, strong continuation

EmploymentDaysTC incomeFFA referenceResult/day
Trip 1: A to Z-$1,500
Trip 2: Z to X$1,250
Trip 3: X to Y$1,750
Vessel days
90
Average TC
$15,500
Average reference
$15,000
Total result
$45,000
Average result
$500/day
Comparison basisTotal resultThe chains cover the same number of days.
Answer explainedWhy does the result move?Open or close the model FAQ
In plain English

TC income is already expressed after voyage costs. The comparison is relative to the relevant FFA reference. Equal-duration chains are compared on total result; different durations are normalised per day. Neither measure is final accounting profit after operating, finance and capital costs.

The rule behind itTotal result = Σ[(TC income - reference) × days]; average result/day = total result ÷ total days