Sabine
I'll return to your post when I have more time - probably this afternoon when I will be keeping an eye on my grandson who is old enough not to be too demanding of time, thanks to online gaming that keeps him occupied.
On NWH's lower level of depreciation relative to BGC, this may be because in NWH'ss Annus Horibilis, NWH used the opportunity of fleet idleness to impair fleet value, and produce an Annus Horibilior (year yet more horrible). In effect that impairment brought depreciation forward, meaning NWH has, when using existing fleet, had less to depreciate.
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