Question introductive<p>Joshua Hu, a research analyst, is initiating coverage on several companies in the ocean freight shipping industry. OldShips is a mature company with high fixed costs and a high capital expenditure to sales ratio because it owns and operates its own fleet of ships. CleanYards is a technologically advanced, sustainable shipyard with a focus on specialized repairs and ship construction. Hu has compiled the following data for the two companies:</p> <table style="width:80%;text-align:center"> <tr> <th></th> <th>OldShips</th> <th>CleanYards</th> </tr> <tr> <td class="left">Degree of Financial Leverage (DFL)</td> <td>2.0</td> <td>2.0</td> </tr> <tr> <td class="left">Degree of Operating Leverage (DOL)</td> <td>1.0</td> <td>2.0</td> </tr> <tr> <td class="left">Asset turnover ratio</td> <td>0.84×</td> <td>0.42×</td> </tr> <tr> <td class="left">DSO</td> <td>27</td> <td>98</td> </tr> <tr> <td class="left">DOH</td> <td>12</td> <td>46</td> </tr> <tr> <td class="left">DPO</td> <td>55</td> <td>40</td> </tr> </table> <p>NewShips, a third company, is a web-based shipping technology platform that connects ship operators such as OldShips with customers in a wide variety of industries who need ocean freight shipping. NewShips’ customers place orders online and pay for freight to be placed on a container to any destination in the world. NewShips’ partners, like OldShips, provide vessels on both long- and short-term charters. </p> <p>In 2X19, NewShips’ platform brokered orders for 900,000 twenty-foot equivalent unit (TEU) containers in aggregate, with an average gross freight rate of USD3,848 per TEU. On average, NewShips’ commission, which it receives as a broker from the customer, was 5% of the freight rate. </p>

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