This particular one concerns a choice of voyage routes for the operators of a panamax bulkcarrier – the ‘CURLEW’ – necessary to discover which of two (or possibly three or four routes) provides most profitability. If you turn to Appendix 7:2, you will find a typical estimating problem set out in detail and giving all the information required in order to carry out a calculation – the kind of calculation performed every day of the week by a busy market practitioner. In the real market, though, it will be necessary for an estimator to seek and to gather relevant and vital data from all over, both from ‘in-house’ records, from reference books, and from outside sources. Here, however, all information required to complete the estimate is provided, as would be the case, of course, for an estimating question set in an examination. The operators of the ‘CURLEW’ have fixed a cargo of coal for shipment from Australia to the Continent, the applicable freight rate being US$ 16.00 per tonne. The problem is that there is more than one route back from the loading port of Newcastle (New South Wales) to Rotterdam. One alternative is south-about round Australia and then westwards across the Southern Indian Ocean to the Cape of Good Hope. Thereafter the vessel would head northwards across the Atlantic Ocean and on through the Channel to the discharge port of Rotterdam. A second alternative is once again to proceed south-about round Australia but to then proceed northwesterly, across the Indian Ocean to the Red Sea, via the Suez Canal, through the Mediterranean Sea and northwards around the Iberian Peninsular and via the Channel to Rotterdam.