Bottom Line Conclusion

So was it worth it at the end?

Let us start with an analysis of the internal returns that Benchmarkco Ltd achieved on its investments. Given our strategy of distributing all of our cash flows to our fund providers, our internal results mirror the results of our capital providers apart from a single figure, this being the 20% goodwill you had to pay at the very beginning to join our investment process.

Figures 35, 36 and 37 summarise our internal investment cash flows (upfront goodwill excluded by definition) for our wet, dry and combined divisions all the way up to and including our bankruptcy settlement. We have amalgamated together the associated cash flows to equity and debt that we deploy on a 50/50 basis to buy ships in order to compute blended IRRs.

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