Stock Exchange.

As the charts show, BCL has proven to be a long-term success, which is the only kind of success a shipping company can achieve. The enormous expense of building a vessel is only justified if the ship produces revenue to cover its costs over a number of years. The expected useful life of the Oleander is 15 years.

Commercial shipping as practised by BCL inherently means running two businesses.

On the one hand, the company is a shipowner, which must pay attention to the vessel, its management, crew and condition.

On the other, a company like BCL is a processing operation in which the goods Bermuda wants must be handled on and off the vessel, and into and out of BCL's hands.

Being a shipowner is a capital-intensive business. Owners must find the money to buy vessels, which are not inexpensive. The present Oleander cost $16 million. While the purchase of any ship must be funded, the shipowner is aware that, in time, a new vessel will be needed.

One of the risks a shipowner takes is whether the vessel will outlast its mortgage payments. Because a ship is mobile, a shipowner assumes a wide range of commercial risks, from marine accidents to political instability. This is on top of all risks any land-based business faces.

Marine contracts are written in a manner refined over the years, not least in Bermuda, and most shipowners face hefty legal fees in the routine management of their business.

Ships cost money every hour of every day of every year of their useful lives.

Containers have a useful life of only five years, on the average. Their location and condition are tracked throughout their working lives.

As the accompanying charts show, BCL, like the Oleander plying its way to or from Bermuda, has made steady progress over the years.

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