1.We depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of their initial delivery from the shipyard. Depreciation is calculated based on a vessel’s cost less the estimated residual value. We estimate the salvage value of each vessel to be $400 per light weight ton
400美元轻吨符合市场价格，但是25年折旧对于capesize 并不是很常见，大部分capesize 20年，现在在逐步延长使用周期
2.We would, however, not impair those vessels’ carrying value under our accounting impairment policy, due to our belief that future undiscounted net operating cash flows expected to be earned by such vessels over their operating lives would exceed such vessels’ carrying amounts.
账面价格低于市场价格不做减值，要依据市场环境，单肯定不是一项保守的会计原则
3.may approve an allocation of up to 60% of cash flow from operations less debt amortization, less maintenance/upgrade CAPEX less any deficit of cash below $2.1 million per owned vessel (“Cash Flow”), towards quarterly shareholder dividends
分红政策不容易看清楚