Problems arise on time charter when the vessel is not taken on hire immediately after the previous employment and allowance has then to be made, not only for the time lost to owners whilst the vessel is unemployed, but also for the bunkers consumed during that period. Even here, the resultant calculation is not difficult if the income and expenditure and the number of days for the entire voyage is considered. By grossing up the daily hire receivable for every day the ship is likely to be on charter and deducting the Daily Running Cost we obtain the profit for the entire exercise. Daily running cost must be charged not only for the trip period but also for the ballast or waiting time before hire commences plus any bunkers, port charges, canal dues, etc. which are incurred by the owners prior to coming on hire. To obtain the daily profit it is then necessary to divide by the number of days involved which will include those days ballasting or waiting prior to delivery, NOT just the days she is on hire. In that way we achieve a comparable figure to be set against our other voyage estimates. In conclusion, it is perhaps necessary to point out that, should several estimates show similar results, it is up to the principal to decide whether he prefers a short or long voyage. This may depend on the his view of the future rise or fall of the market and also depending on which area he prefers to finish the voyage for the purposes of future trading. Owners may sometimes prefer a voyage with a lower return if it positions the ship ideally for a following commitment, such as a contract voyage or drydocking. This concerns a choice of voyages for an owner of a vessel called m.v. “TUTOR PILOT” and involves two voyage estimates, necessary in order to discover which of the two alternatives is the most profitable. The question is set out in detail below giving all the information required in order to do the calculations. This is, of course, simplifying the problem that would normally arise in practice, where one would have to look up all the information oneself, including the calculation of distances and also to search for the cheapest bunkers available. However, this is the type of voyage estimate one is likely to meet in the examinations and it is, therefore, better to take this stage by stage.