Whether shipowners have to finance a ballast run before or after a trip timecharter from their own pocket or with the aid of a ballast bonus paid by a timecharterer, the principle of how to account for this in estimating terms is very much the same. All income – timecharter hire and ballast bonus – must be added together and compared with all expenses -perhaps bunkers and tolls for a positioning canal transit. The result divided by the total number of days overall provides us once again with a ‘gross daily’, on the basis of which the venture can be judged financially and compared, perhaps, with a voyage alternative. When freight markets are weak, charterers frequently succeed in negotiating ballast bonuses that do not reflect the real cost to an owner of positioning a vessel. Conversely, when freight markets are strong, a charterer may have to pay far more than that real cost. Such are the essential elements of a free market, but it does mean that timecharterers and their brokers as well as shipowners must be financially astute and capable of performing accurate ballast bonus calculations when called upon to do so. Voyage Estimating is a science and, as with any science, there are techniques (such as ‘back-hauling’ and ‘voyage equalisation’) that the astute perform from time to time to provide more realistic guidelines to better overall profitability. This lesson has taught only the basics. Do not therefore leave this lesson with the impression that you now know all that it is necessary to know. You should no longer be an amateur, but you will not be an expert. Nevertheless, based on what you have read so far and with the aid of the following examples, you should by the end of this Lesson be able to deal competently with most calculations that come your way.