Gearbulk Integrated Report 2023 - Report - Page 88
GEARBULK
MANUFACTURED CAPITAL
EVALUATING
THE CAPITAL
What Manufactured Capital means to Gearbulk
How Manufactured Capital supports our value creation
Manufactured capital is de昀椀ned as the vessels Gearbulk owns
goals
and operates, contributing to the company’s business model.
Vessels are the income platform for GB’s activity and have a
longer useful economic lifetime than market average. Gearbulk is working with the most reputable shipyards to ensure
good maintenance and upkeep of the 昀氀eet at a cost-e昀케cient
level. Gearbulk strives to optimize the maintenance program
towards maximise operational capacity.
KEY OUTPUTS
Value created
120 MUSD
TOTAL ASSET INVESTMENT
(2022: ~43 MUSD)
17,345
88
Value sustained
~ 17 MUSD
DRYDOCK INVESTMENTS
(2022: ~16 MUSD)
~ 16,840
TOTAL OPERATING DAYS
DAYS ON HIRE
(2022: 15,330)
(2022: ~14,1750)
14
43.3 M
NET CHANGE IN VESSELS
TON MILES
(2022: NIL)
(2022: ~41.3M)
PART 4 – HOW WE CREATE VALUE
Value eroded
