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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)