Capital expenditures are also pretty important. If the ships cost twice as much to build, you're paying twice as much in interest (or more). At the same amount

Capital expenditures are also pretty important. If the ships cost twice as much to build, you're paying twice as much in interest (or more). At the same amount of investment, you're shipping fewer things more profitably, and that only really makes sense if you can get attractive debt terms under pretty intense price pressure.