Bermuda Sun – June 25th 2003 Bermuda Sloop Foundation Expect Profit By Patrick Bean The Bermuda Sloop Foundation is projecting a $25,000 profit during the first year of operation of the Bermudian schooner they are preparing to build. For while the 88-foot, three-masted tall ship will act as a classroom on water, serving the needs of a wide cross section of Bermuda's youth with expeditiary or 'hand in hands on learning', it will also be used for commercial purposes to generate income. "The Bermudian is a large scale public service tool as opposed to a private hole in the water into which one pours money," a letter from the BSF revealed. Identified were six revenue lines, including the selling of membership to individuals and companies, school usage fees, extra-curricular team tuition, open market chartering, affinity retail sales and endowments. The revenue projection for the first year put forward by the Foundation stands at $534,000, increasing to $644,000 the next and $764,000 in year three, which counters operating costs—combined with shoreside expenses —of $509,000 ($25,000 profit), $559,000 ($85,000), and $605,000 ($159,000). "Of course financial viability is required," BSF chairman Alan Burland noted, "and as the building of Bermuda's exciting youth development vessel gets close to starting, hopefully laying the keel in September this year, we thought the public would appreciate knowing more about BSF's business plan. Mr. Burland highlighted the issue of expense in maintaining such a craft, with there being no getting around the corrosive, salty environment on this Atlantic seamount. "Routine maintenance and periodic refits of a vessel have been major considerations from day one in our technical and financial planning," he said. "Resources spent on maintenance can be better spent on programmes for young Bermudians. We think modern and ancestral Bermudian mariners would approve of our 'common sense' approach. This is a low maintenance, high tech vessel built to global standards (American Bureau o Shipping) that nonetheless vusually evokes Bermudian schooners built in the era that spanned Emancipation. "A strategy of quality engineering has guided us to design and build a vessel with a seaworthy life exceeding 50 years. This means the toughest, most durable materials available."