Ocean Carriers Spreadsheet 734k
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Cost of New Cost of Vessel
Event Year
Calendar Year
0 1 2
2000 2001 2002
Capital Book Value Expenditure $ 3,900,000.00 $ 3,900,000.00 $ 3,900,000.00 $ 7,800,000.00 $ 31,200,000.00 $ 39,000,000.00
Cash Flow
PV (CF) at 9 %
$ (3,900,000.00) $ (3,900,000.00) $ (3,900,000.00) $ (3,577,981.65) $ (31,200,000.00) $ (26,260,415.79) $ (33,738,397.44)
Operating Cash Flows Book Value of Ship $ 39,000,000.00 Annual Depreciation $ 1,560,000.00 Tax Rate 35.0% Expected Inflation Rate 3.0% Discount Rate 9.0% Life 25 If Ship works for whole life Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Daily Operating Costs
20,000 $ 20,200 $ 20,400 $ 18,714 $ 17,283 $ 17,481 $ 17,682 $ 17,886 $ 18,092 $ 17,428 $ 17,628 $ 17,931 $ 18,036 $ 18,243 $ 14,762 $ 14,932 $ 15,104 $ 15,278 $ 15,454 $ 14,654 $ 14,823 $ 14,993 $ 15,166 $ 15,341 $ 13,448 $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927 7,204 7,492 7,792 8,103 8,427 8,764 9,115 9,480 9,859 10,253
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349 349 349 349 349 349 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938 5,211,268 5,271,296 5,332,022 5,393,446 5,114,246 5,173,227 5,232,557 5,292,934 5,354,009 4,693,352
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $ 2,629,378 2,734,553 2,843,935 2,957,692 3,076,000 $ 3,199,040 3,327,001 3,460,081 3,598,485 3,742,424 $
CAPX
Depreciation
300,000
350,000
750,000
850,000
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,730,000 1,730,000 1,730,000 1,730,000 1,730,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,442,000 1,446,550 1,450,282 1,217,509 1,015,713 971,068 971,033 970,374 968,928 858,917 826,355 833,111 814,470 807,030 347,792 305,162 289,360 272,331 254,014 114,886 85,466 61,444 35,998 8,934 (272,675)
If Ship is scrapped after 15 years Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Daily Hire Rate
Daily Operating Costs
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,200 20,400 18,714 17,283 17,481 17,682 17,886 18,092 17,428 17,628 17,931 18,036 18,243 14,762
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $
CAPX
Depreciation
$ $ $ $ 300,000 $ $ $ $ $ 350,000 $ $ $ $ $ - $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,442,000 1,446,550 1,450,282 1,217,509 1,015,713 971,068 971,033 970,374 968,928 858,917 826,355 833,111 814,470 807,030 347,792
Changes in NWC
PAT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2,678,000 2,686,450 2,693,382 2,261,088 1,886,324 1,803,412 1,803,347 1,802,123 1,799,437 1,595,132 1,534,660 1,547,205 1,512,587 1,498,770 645,899 566,729 537,383 505,757 471,740 213,360 158,722 114,111 66,854 16,591 (506,397)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,303 27,092 27,904 28,742 29,604 (1,016,397)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
-
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
(500,000) 4,223,000 4,231,000 4,237,468 3,804,697 3,129,442 3,406,023 3,405,436 3,403,675 3,400,436 2,845,560 3,144,501 3,156,442 3,121,201 3,106,742 1,503,210 2,253,359 2,223,313 2,190,964 2,156,204 1,047,057 1,861,630 1,816,207 1,768,113 1,716,987 2,240,000
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 16,350,000 14,640,000 12,930,000 11,220,000 9,510,000 8,650,000 6,920,000 5,190,000 3,460,000 1,730,000 -
NPV
Changes in NWC
PAT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2,678,000 2,686,450 2,693,382 2,261,088 1,886,324 1,803,412 1,803,347 1,802,123 1,799,437 1,595,132 1,534,660 1,547,205 1,512,587 1,498,770 645,899
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 (756,295)
After-Tax Proceeds from Sale
($7,261,163.71)
Cash Flow
$ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ 8,710,000 $ NPV
(500,000) 4,223,000 4,231,000 4,237,468 3,804,697 3,129,442 3,406,023 3,405,436 3,403,675 3,400,436 2,845,560 3,144,501 3,156,442 3,121,201 3,106,742 11,742,194
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 15,600,000 ($7,798,905.22)
Operating Cash Flows Book Value of Ship Annual Depreciation Tax Rate Expected Inflation Rate Discount Rate Life
39,000,000 1,560,000 0.0% 3.0% 9.0% 25
If Ship works for whole life Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Daily Operating Costs
20,000 $ 20,200 $ 20,400 $ 18,714 $ 17,283 $ 17,481 $ 17,682 $ 17,886 $ 18,092 $ 17,428 $ 17,628 $ 17,931 $ 18,036 $ 18,243 $ 14,762 $ 14,932 $ 15,104 $ 15,278 $ 15,454 $ 14,654 $ 14,823 $ 14,993 $ 15,166 $ 15,341 $ 13,448 $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927 7,204 7,492 7,792 8,103 8,427 8,764 9,115 9,480 9,859 10,253
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349 349 349 349 349 349 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938 5,211,268 5,271,296 5,332,022 5,393,446 5,114,246 5,173,227 5,232,557 5,292,934 5,354,009 4,693,352
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $ 2,629,378 2,734,553 2,843,935 2,957,692 3,076,000 $ 3,199,040 3,327,001 3,460,081 3,598,485 3,742,424 $
CAPX
Depreciation
300,000
350,000
750,000
850,000
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,730,000 1,730,000 1,730,000 1,730,000 1,730,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Changes in NWC
PAT
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,303 27,092 27,904 28,742 29,604 (1,016,397)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
-
If Ship is scrapped after 15 years Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,200 20,400 18,714 17,283 17,481 17,682 17,886 18,092 17,428 17,628 17,931 18,036 18,243 14,762
Daily Operating Costs
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $
CAPX
Depreciation
$ $ $ $ 300,000 $ $ $ $ $ 350,000 $ $ $ $ $ - $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Changes in NWC
PAT
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 (756,295)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,000,000
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
(500,000) 5,665,000 5,677,550 5,687,751 5,022,206 4,145,155 4,377,091 4,376,469 4,374,049 4,369,364 3,704,477 3,970,857 3,989,553 3,935,671 3,913,772 1,851,002 2,558,521 2,512,673 2,463,295 2,410,217 1,161,944 1,947,096 1,877,651 1,804,111 1,725,921 1,967,325
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 16,350,000 14,640,000 12,930,000 11,220,000 9,510,000 8,650,000 6,920,000 5,190,000 3,460,000 1,730,000 -
NPV
$379,000.99
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NPV
(500,000) 5,665,000 5,677,550 5,687,751 5,022,206 4,145,155 4,377,091 4,376,469 4,374,049 4,369,364 3,704,477 3,970,857 3,989,553 3,935,671 3,913,772 8,379,985
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 15,600,000 ($1,242,471.82)
Event Year
Calendar Year
0 1 2
2000 2001 2002
Capital Book Value Expenditure $ 3,900,000.00 $ 3,900,000.00 $ 3,900,000.00 $ 7,800,000.00 $ 31,200,000.00 $ 39,000,000.00
Cash Flow
PV (CF) at 9 %
$ (3,900,000.00) $ (3,900,000.00) $ (3,900,000.00) $ (3,577,981.65) $ (31,200,000.00) $ (26,260,415.79) $ (33,738,397.44)
Operating Cash Flows Book Value of Ship $ 39,000,000.00 Annual Depreciation $ 1,560,000.00 Tax Rate 35.0% Expected Inflation Rate 3.0% Discount Rate 9.0% Life 25 If Ship works for whole life Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Daily Operating Costs
20,000 $ 20,200 $ 20,400 $ 18,714 $ 17,283 $ 17,481 $ 17,682 $ 17,886 $ 18,092 $ 17,428 $ 17,628 $ 17,931 $ 18,036 $ 18,243 $ 14,762 $ 14,932 $ 15,104 $ 15,278 $ 15,454 $ 14,654 $ 14,823 $ 14,993 $ 15,166 $ 15,341 $ 13,448 $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927 7,204 7,492 7,792 8,103 8,427 8,764 9,115 9,480 9,859 10,253
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349 349 349 349 349 349 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938 5,211,268 5,271,296 5,332,022 5,393,446 5,114,246 5,173,227 5,232,557 5,292,934 5,354,009 4,693,352
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $ 2,629,378 2,734,553 2,843,935 2,957,692 3,076,000 $ 3,199,040 3,327,001 3,460,081 3,598,485 3,742,424 $
CAPX
Depreciation
300,000
350,000
750,000
850,000
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,730,000 1,730,000 1,730,000 1,730,000 1,730,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,442,000 1,446,550 1,450,282 1,217,509 1,015,713 971,068 971,033 970,374 968,928 858,917 826,355 833,111 814,470 807,030 347,792 305,162 289,360 272,331 254,014 114,886 85,466 61,444 35,998 8,934 (272,675)
If Ship is scrapped after 15 years Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Daily Hire Rate
Daily Operating Costs
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,200 20,400 18,714 17,283 17,481 17,682 17,886 18,092 17,428 17,628 17,931 18,036 18,243 14,762
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $
CAPX
Depreciation
$ $ $ $ 300,000 $ $ $ $ $ 350,000 $ $ $ $ $ - $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,442,000 1,446,550 1,450,282 1,217,509 1,015,713 971,068 971,033 970,374 968,928 858,917 826,355 833,111 814,470 807,030 347,792
Changes in NWC
PAT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2,678,000 2,686,450 2,693,382 2,261,088 1,886,324 1,803,412 1,803,347 1,802,123 1,799,437 1,595,132 1,534,660 1,547,205 1,512,587 1,498,770 645,899 566,729 537,383 505,757 471,740 213,360 158,722 114,111 66,854 16,591 (506,397)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,303 27,092 27,904 28,742 29,604 (1,016,397)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
-
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
(500,000) 4,223,000 4,231,000 4,237,468 3,804,697 3,129,442 3,406,023 3,405,436 3,403,675 3,400,436 2,845,560 3,144,501 3,156,442 3,121,201 3,106,742 1,503,210 2,253,359 2,223,313 2,190,964 2,156,204 1,047,057 1,861,630 1,816,207 1,768,113 1,716,987 2,240,000
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 16,350,000 14,640,000 12,930,000 11,220,000 9,510,000 8,650,000 6,920,000 5,190,000 3,460,000 1,730,000 -
NPV
Changes in NWC
PAT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2,678,000 2,686,450 2,693,382 2,261,088 1,886,324 1,803,412 1,803,347 1,802,123 1,799,437 1,595,132 1,534,660 1,547,205 1,512,587 1,498,770 645,899
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 (756,295)
After-Tax Proceeds from Sale
($7,261,163.71)
Cash Flow
$ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ - $ $ 8,710,000 $ NPV
(500,000) 4,223,000 4,231,000 4,237,468 3,804,697 3,129,442 3,406,023 3,405,436 3,403,675 3,400,436 2,845,560 3,144,501 3,156,442 3,121,201 3,106,742 11,742,194
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 15,600,000 ($7,798,905.22)
Operating Cash Flows Book Value of Ship Annual Depreciation Tax Rate Expected Inflation Rate Discount Rate Life
39,000,000 1,560,000 0.0% 3.0% 9.0% 25
If Ship works for whole life Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Daily Operating Costs
20,000 $ 20,200 $ 20,400 $ 18,714 $ 17,283 $ 17,481 $ 17,682 $ 17,886 $ 18,092 $ 17,428 $ 17,628 $ 17,931 $ 18,036 $ 18,243 $ 14,762 $ 14,932 $ 15,104 $ 15,278 $ 15,454 $ 14,654 $ 14,823 $ 14,993 $ 15,166 $ 15,341 $ 13,448 $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927 7,204 7,492 7,792 8,103 8,427 8,764 9,115 9,480 9,859 10,253
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349 349 349 349 349 349 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938 5,211,268 5,271,296 5,332,022 5,393,446 5,114,246 5,173,227 5,232,557 5,292,934 5,354,009 4,693,352
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $ 2,629,378 2,734,553 2,843,935 2,957,692 3,076,000 $ 3,199,040 3,327,001 3,460,081 3,598,485 3,742,424 $
CAPX
Depreciation
300,000
350,000
750,000
850,000
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 1,730,000 1,730,000 1,730,000 1,730,000 1,730,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Changes in NWC
PAT
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690 871,890 826,743 778,087 725,754 328,246 244,187 175,556 102,853 25,524 (779,072)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,303 27,092 27,904 28,742 29,604 (1,016,397)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
-
If Ship is scrapped after 15 years Age of Event Ship Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Daily Hire Rate
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,200 20,400 18,714 17,283 17,481 17,682 17,886 18,092 17,428 17,628 17,931 18,036 18,243 14,762
Daily Operating Costs
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,000 4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,158 6,404 6,660 6,927
Days Hired
357 357 357 357 357 353 353 353 353 353 349 349 349 349 349
Operating Costs
Revenue
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7,140,000 7,211,400 7,282,800 6,680,898 6,170,031 6,170,793 6,241,746 6,313,758 6,386,476 6,152,084 6,152,172 6,257,919 6,294,564 6,366,807 5,151,938
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,460,000 1,518,400 1,579,136 1,642,301 1,707,993 $ 1,776,313 1,847,366 1,921,260 1,998,111 2,078,035 $ 2,161,157 2,247,603 2,337,507 2,431,007 2,528,248 $
CAPX
Depreciation
$ $ $ $ 300,000 $ $ $ $ $ 350,000 $ $ $ $ $ - $
1,560,000 1,560,000 1,560,000 1,560,000 1,560,000 1,620,000 1,620,000 1,620,000 1,620,000 1,620,000 1,630,000 1,630,000 1,630,000 1,630,000 1,630,000
EBIT
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
Tax
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Changes in NWC
PAT
-
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
4,120,000 4,133,000 4,143,664 3,478,597 2,902,038 2,774,480 2,774,380 2,772,498 2,768,365 2,454,049 2,361,015 2,380,316 2,327,057 2,305,800 993,690
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
500,000 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 (756,295)
After-Tax Proceeds from Sale
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,000,000
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
(500,000) 5,665,000 5,677,550 5,687,751 5,022,206 4,145,155 4,377,091 4,376,469 4,374,049 4,369,364 3,704,477 3,970,857 3,989,553 3,935,671 3,913,772 1,851,002 2,558,521 2,512,673 2,463,295 2,410,217 1,161,944 1,947,096 1,877,651 1,804,111 1,725,921 1,967,325
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 16,350,000 14,640,000 12,930,000 11,220,000 9,510,000 8,650,000 6,920,000 5,190,000 3,460,000 1,730,000 -
NPV
$379,000.99
Cash Flow
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NPV
(500,000) 5,665,000 5,677,550 5,687,751 5,022,206 4,145,155 4,377,091 4,376,469 4,374,049 4,369,364 3,704,477 3,970,857 3,989,553 3,935,671 3,913,772 8,379,985
Book Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,900,000 7,800,000 39,000,000 37,440,000 35,880,000 34,320,000 32,760,000 31,500,000 29,880,000 28,260,000 26,640,000 25,020,000 23,750,000 22,120,000 20,490,000 18,860,000 17,230,000 15,600,000 ($1,242,471.82)
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