◆ SpookStack

we ao wy -¥§-2507 os t ne “* - Oe According to the information contained 4n Exhibits os. s. F: #1 and #2, if the vessels FORT BRIDGER, LAKE GEORGE and ee “f: MEADOWS were time chartered to PETCAP at a monthly rate of. . ~? $2.70 per ton and the ARICKAREE was bareboat chartered at the © : monthly rate of $1.00 per dead weight ton, the estimated losses 2 Yt for the year 1948 would have been $72,192.47 before depreciation oo and $386,964.62 after depreciation. . oe oe According to Exhibit #6, if the 4 vessels were bare-_ ey boat chartered to PETCAP at the monthly rate of fl. 00 per dead oy weight ton, the estimated profit for the year 1948 would have - - been $341,007.35 before depreciation and $26,235.20 after ae depreciation. ae It is to be noted that the figure of $26,235.20 is zit little more than a break-even figure. — Ee It is possible that the above computations were aa the basis of the final charter arrangements between PETCAP ay and USPC for the period 1948 through 1951, whereby the CAMAS ca ‘ay a tae i ats rr a oe : 1 ais OE <b te 8 mi hh “a al | | | F os * o pt we MEADOWS, FORT BRIDGER and LAKE GEORGE were time chartered to PETCAP at the monthly rate of $2.70 per dead weight ton and > Miraflores guaranteed USPC that the net of charter hire and | -vyessel operation.expenses.would be at least equivalent to the at the monthly rate of $1.00 per dead weight ton. a ia Since, as previously set forth, Miraflores was re- “eps quired to remit to USPC under the guarantee agreement for each aa be of the four years during the period 1948 through 1951, the iy operation of these three vessels over these years was in effect ut. at a bareboat charter rate of $1.00 per dead weight ton per month. be SA QUMMIpexanined the UsPC books and records for ble a the years 194 ough 1951 in May, 1952 and prepared the . bea following schedule showing the profits from the operations by . pide USPC of its various vessels. } aa . Lat . 4 per . ao eS —< at > ee os * ra | 2S -1- oe ETS? pT ETT eet TP MRE ETI ETS etal : L rps ws ; 7 oe on : ots . “Sevenle that -wourd have “actrued to USPC under-barebeat charters =" ==—=~