A seagoing ship was an exceptionally expensive and risky medieval investment. Marine insurance was developing in the Mediterranean while remaining unknown in the northern world described here. High returns could reward a successful voyage: the cited estimates put annual returns for some thirteenth-century Genoese and Venetian owners above the original capital invested. Bordeaux-to-Southampton wine freight rates varied sharply over time. At the higher late-fourteenth-century rates, the estimated construction cost could be recovered in two or three voyages, provided the vessel survived and royal service left it free to trade.
Notable Point · 22:46-24:22
High returns balanced the exceptional risk of medieval shipping
A seagoing ship was among the medieval economy's largest capital investments, capable of earning exceptional freight returns but exposed to loss, royal requisition, and little northern marine insurance.