Age of Ship

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

Event Year
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

Calender 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

NWC grows at the inflation rate of

Net Working Capital

Change in NWC

0.00
500.00
515.00
530.45
546.36
562.75
579.64
597.03
614.94
633.39
652.39
671.96
692.12
712.88
734.27
756.29
778.98
802.35
826.42
851.22
876.75
903.06
930.15
958.05
986.79
1,016.40
1,046.89

500.00
15.00
15.45
15.91
16.39
16.88
17.39
17.91
18.45
19.00
19.57
20.16
20.76
21.39
22.03
22.69
23.37
24.07
24.79
25.54
26.30
27.09
27.90
28.74
29.60
30.49
3%

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17
16
18
17
19
18
20
19
21
20
22
21
23
22
24
23
25
24
26
25
27

Calender 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

Book Value of Initial Investment

3,900.00
7,800.00
39,000.00
37,440.00
35,880.00
34,320.00
32,760.00
31,200.00
29,640.00
28,080.00
26,520.00
24,960.00
23,400.00
21,840.00
20,280.00
18,720.00
17,160.00
15,600.00
14,040.00
12,480.00
10,920.00
9,360.00
7,800.00
6,240.00
4,680.00
3,120.00
1,560.00
0.00

Depreciation of Initial Investment

1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00

CapEx

Book Value of CapEx

Depreciation of CapEx

300.00

300.00
240.00
180.00
120.00
60.00
350.00
280.00
210.00
140.00
70.00
750.00
600.00
450.00
300.00
150.00
850.00
680.00
510.00
340.00
170.00
0.00

60.00
60.00
60.00
60.00
60.00
70.00
70.00
70.00
70.00
70.00
150.00
150.00
150.00
150.00
150.00
170.00
170.00
170.00
170.00
170.00

350.00

750.00

850.00

Book Value Depreciation

3,900.00
0.00
7,800.00
0.00
39,000.00
0.00
37,440.00
1,560.00
35,880.00
1,560.00
34,320.00
1,560.00
32,760.00
1,560.00
31,500.00
1,560.00
29,880.00
1,620.00
28,260.00
1,620.00
26,640.00
1,620.00
25,020.00
1,620.00
23,750.00
1,620.00
22,120.00
1,630.00
20,490.00
1,630.00
18,860.00
1,630.00
17,230.00
1,630.00
16,350.00
1,630.00
14,640.00
1,710.00
12,930.00
1,710.00
11,220.00
1,710.00
9,510.00
1,710.00
8,650.00
1,710.00
6,920.00
1,730.00
5,190.00
1,730.00
3,460.00
1,730.00
1,730.00
1,730.00
0.00
1,730.00

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17
16
18
17
19
18
20
19
21
20
22
21
23
22
24
23
25
24
26
25
27

Calender 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

CapEx

300.00

350.00

750.00

850.00

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17
16
18
17
19
18
20
19
21
20
22
21
23
22
24
23
25
24
26
25
27

Calender 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

Salvage Value after 25 Years is

NWC after 25 years is
Tax Rate
0.00%

Daily Hire Rate Days Hired

20.00
20.20
20.40
18.71
17.28
17.48
17.68
17.89
18.09
17.43
17.63
17.83
18.04
18.24
14.76
14.93
15.10
15.28
15.45
14.65
14.82
14.99
15.17
15.34
13.45
5,000.00
1,046.89

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

Revenue

Daily Operating Cost

7,140.00
7,211.40
7,282.80
6,680.90
6,170.03
6,170.79
6,241.75
6,313.76
6,386.48
6,152.08
6,152.17
6,223.02
6,294.56
6,366.81
5,151.94
5,211.27
5,271.30
5,332.02
5,393.45
5,114.25
5,173.23
5,232.56
5,292.93
5,354.01
4,693.35

4.00
4.16
4.33
4.50
4.68
4.87
5.06
5.26
5.47
5.69
5.92
6.16
6.40
6.66
6.93
7.20
7.49
7.79
8.10
8.43
8.76
9.12
9.48
9.86
10.25

Operating Cost

1,460.00
1,518.40
1,579.14
1,642.30
1,707.99
1,776.31
1,847.37
1,921.26
1,998.11
2,078.04
2,161.16
2,247.60
2,337.51
2,431.01
2,528.25
2,629.38
2,734.55
2,843.93
2,957.69
3,076.00
3,199.04
3,327.00
3,460.08
3,598.48
3,742.42

Dep
0.00
0.00
0.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,620.00
1,620.00
1,620.00
1,620.00
1,620.00
1,630.00
1,630.00
1,630.00
1,630.00
1,630.00
1,710.00
1,710.00
1,710.00
1,710.00
1,710.00
1,730.00
1,730.00
1,730.00
1,730.00
1,730.00

EBIT
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69
871.89
826.74
778.09
725.75
328.25
244.19
175.56
102.85
25.52
-779.07

EBIT(1-T)
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69
871.89
826.74
778.09
725.75
328.25
244.19
175.56
102.85
25.52
-779.07

CapEx

300.00

350.00

750.00

850.00

Change in NWC

500.00
15.00
15.45
15.91
16.39
16.88
17.39
17.91
18.45
19.00
19.57
20.16
20.76
21.39
22.03
22.69
23.37
24.07
24.79
25.54
26.30
27.09
27.90
28.74
29.60
30.49

CF(operation)
0.00
0.00
-500.00
5,665.00
5,677.55
5,687.75
5,022.21
4,145.15
4,377.09
4,376.47
4,374.05
4,369.36
3,704.48
3,970.86
3,954.65
3,935.67
3,913.77
1,851.00
2,558.52
2,512.67
2,463.29
2,410.22
1,161.94
1,947.10
1,877.65
1,804.11
1,725.92
920.44

Terminal Value CF

6,046.89

Total Cash Flow

0.00
0.00
-500.00
5,665.00
5,677.55
5,687.75
5,022.21
4,145.15
4,377.09
4,376.47
4,374.05
4,369.36
3,704.48
3,970.86
3,954.65
3,935.67
3,913.77
1,851.00
2,558.52
2,512.67
2,463.29
2,410.22
1,161.94
1,947.10
1,877.65
1,804.11
1,725.92
6,967.32

PV(CF)
0.00
0.00
-420.84
4,374.42
4,022.12
3,696.65
2,994.58
2,267.54
2,196.71
2,015.05
1,847.65
1,693.27
1,317.07
1,295.21
1,183.42
1,080.49
985.76
427.72
542.39
488.69
439.53
394.55
174.50
268.27
237.34
209.22
183.63
680.07
34594.99

Invesments
3,900.00
3,900.00
31,200.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

PV(Investments)
3,900.00
3,577.98
26,260.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
33738.40

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17

Calender Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

Salvage Value after 25 Years is

NWC after 25 years is
Tax Rate
0.00%

Daily Hire Rate Days Hired

20.00
20.20
20.40
18.71
17.28
17.48
17.68
17.89
18.09
17.43
17.63
17.83
18.04
18.24
14.76

5,000.00
1,046.89

357
357
357
357
357
353
353
353
353
353
349
349
349
349
349

Revenue

Daily Operating Cost

7,140.00
7,211.40
7,282.80
6,680.90
6,170.03
6,170.79
6,241.75
6,313.76
6,386.48
6,152.08
6,152.17
6,223.02
6,294.56
6,366.81
5,151.94

4.00
4.16
4.33
4.50
4.68
4.87
5.06
5.26
5.47
5.69
5.92
6.16
6.40
6.66
6.93

Operating Cost

1,460.00
1,518.40
1,579.14
1,642.30
1,707.99
1,776.31
1,847.37
1,921.26
1,998.11
2,078.04
2,161.16
2,247.60
2,337.51
2,431.01
2,528.25

Dep
0.00
0.00
0.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,620.00
1,620.00
1,620.00
1,620.00
1,620.00
1,630.00
1,630.00
1,630.00
1,630.00
1,630.00

EBIT
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69

EBIT(1-T)
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69

CapEx

300.00

350.00

Change in NWC

500.00
15.00
15.45
15.91
16.39
16.88
17.39
17.91
18.45
19.00
19.57
20.16
20.76
21.39
22.03
22.69

CF(operation)
0.00
0.00
-500.00
5,665.00
5,677.55
5,687.75
5,022.21
4,145.15
4,377.09
4,376.47
4,374.05
4,369.36
3,704.48
3,970.86
3,954.65
3,935.67
3,913.77
2,601.00

Terminal Value CF

6,046.89

Total Cash Flow

0.00
0.00
-500.00
5,665.00
5,677.55
5,687.75
5,022.21
4,145.15
4,377.09
4,376.47
4,374.05
4,369.36
3,704.48
3,970.86
3,954.65
3,935.67
3,913.77
8,647.89

PV(CF)
0.00
0.00
-420.84
4,374.42
4,022.12
3,696.65
2,994.58
2,267.54
2,196.71
2,015.05
1,847.65
1,693.27
1,317.07
1,295.21
1,183.42
1,080.49
985.76
1,998.30

32547.39

Invesments
3,900.00
3,900.00
31,200.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

PV(Investments)
3,900.00
3,577.98
26,260.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

33738.40

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17
16
18
17
19
18
20
19
21
20
22
21
23
22
24
23
25
24
26
25
27

Calender 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

Salvage Value after 25 Years is

NWC after 25 years is
Tax Rate
35.00%

Daily Hire Rate Days Hired

20.00
20.20
20.40
18.71
17.28
17.48
17.68
17.89
18.09
17.43
17.63
17.83
18.04
18.24
14.76
14.93
15.10
15.28
15.45
14.65
14.82
14.99
15.17
15.34
13.45
5,000.00
1,046.89

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

Revenue

Daily Operating Cost

7,140.00
7,211.40
7,282.80
6,680.90
6,170.03
6,170.79
6,241.75
6,313.76
6,386.48
6,152.08
6,152.17
6,223.02
6,294.56
6,366.81
5,151.94
5,211.27
5,271.30
5,332.02
5,393.45
5,114.25
5,173.23
5,232.56
5,292.93
5,354.01
4,693.35

4.00
4.16
4.33
4.50
4.68
4.87
5.06
5.26
5.47
5.69
5.92
6.16
6.40
6.66
6.93
7.20
7.49
7.79
8.10
8.43
8.76
9.12
9.48
9.86
10.25

Operating Cost

1,460.00
1,518.40
1,579.14
1,642.30
1,707.99
1,776.31
1,847.37
1,921.26
1,998.11
2,078.04
2,161.16
2,247.60
2,337.51
2,431.01
2,528.25
2,629.38
2,734.55
2,843.93
2,957.69
3,076.00
3,199.04
3,327.00
3,460.08
3,598.48
3,742.42

Dep
0.00
0.00
0.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,620.00
1,620.00
1,620.00
1,620.00
1,620.00
1,630.00
1,630.00
1,630.00
1,630.00
1,630.00
1,710.00
1,710.00
1,710.00
1,710.00
1,710.00
1,730.00
1,730.00
1,730.00
1,730.00
1,730.00

EBIT
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69
871.89
826.74
778.09
725.75
328.25
244.19
175.56
102.85
25.52
-779.07

EBIT(1-T)
0.00
0.00
0.00
2,678.00
2,686.45
2,693.38
2,261.09
1,886.32
1,803.41
1,803.35
1,802.12
1,799.44
1,595.13
1,534.66
1,524.52
1,512.59
1,498.77
645.90
566.73
537.38
505.76
471.74
213.36
158.72
114.11
66.85
16.59
-506.40

CapEx

300.00

350.00

750.00

850.00

Change in NWC

500.00
15.00
15.45
15.91
16.39
16.88
17.39
17.91
18.45
19.00
19.57
20.16
20.76
21.39
22.03
22.69
23.37
24.07
24.79
25.54
26.30
27.09
27.90
28.74
29.60
30.49

CF(operation)
0.00
0.00
-500.00
4,223.00
4,231.00
4,237.47
3,804.70
3,129.44
3,406.02
3,405.44
3,403.68
3,400.44
2,845.56
3,144.50
3,133.76
3,121.20
3,106.74
1,503.21
2,253.36
2,223.31
2,190.96
2,156.20
1,047.06
1,861.63
1,816.21
1,768.11
1,716.99
1,193.11

Terminal Value CF

4,296.89

Total Cash Flow

0.00
0.00
-500.00
4,223.00
4,231.00
4,237.47
3,804.70
3,129.44
3,406.02
3,405.44
3,403.68
3,400.44
2,845.56
3,144.50
3,133.76
3,121.20
3,106.74
1,503.21
2,253.36
2,223.31
2,190.96
2,156.20
1,047.06
1,861.63
1,816.21
1,768.11
1,716.99
5,490.00

PV(CF)
0.00
0.00
-420.84
3,260.93
2,997.35
2,754.06
2,268.62
1,711.91
1,709.37
1,567.96
1,437.75
1,317.78
1,011.70
1,025.67
937.77
856.89
782.49
347.35
477.70
432.41
390.94
352.97
157.25
256.50
229.58
205.04
182.67
535.87
26787.67

Invesments
3,900.00
3,900.00
31,200.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

PV(Investments)
3,900.00
3,577.98
26,260.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
33738.40

Age of Ship Event Year

0
1
2
1
3
2
4
3
5
4
6
5
7
6
8
7
9
8
10
9
11
10
12
11
13
12
14
13
15
14
16
15
17

Calender Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

Salvage Value after 25 Years is

NWC after 15 years is
Tax Rate
35.00%

Daily Hire Rate Days Hired

20.00
20.20
20.40
18.71
17.28
17.48
17.68
17.89
18.09
17.43
17.63
17.83
18.04
18.24
14.76

5,000.00
778.98

357
357
357
357
357
353
353
353
353
353
349
349
349
349
349

Revenue

Daily Operating Cost

7,140.00
7,211.40
7,282.80
6,680.90
6,170.03
6,170.79
6,241.75
6,313.76
6,386.48
6,152.08
6,152.17
6,223.02
6,294.56
6,366.81
5,151.94

4.00
4.16
4.33
4.50
4.68
4.87
5.06
5.26
5.47
5.69
5.92
6.16
6.40
6.66
6.93

Operating Cost

1,460.00
1,518.40
1,579.14
1,642.30
1,707.99
1,776.31
1,847.37
1,921.26
1,998.11
2,078.04
2,161.16
2,247.60
2,337.51
2,431.01
2,528.25

Dep
0.00
0.00
0.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,620.00
1,620.00
1,620.00
1,620.00
1,620.00
1,630.00
1,630.00
1,630.00
1,630.00
1,630.00

EBIT
0.00
0.00
0.00
4,120.00
4,133.00
4,143.66
3,478.60
2,902.04
2,774.48
2,774.38
2,772.50
2,768.37
2,454.05
2,361.02
2,345.42
2,327.06
2,305.80
993.69

EBIT(1-T)
0.00
0.00
0.00
2,678.00
2,686.45
2,693.38
2,261.09
1,886.32
1,803.41
1,803.35
1,802.12
1,799.44
1,595.13
1,534.66
1,524.52
1,512.59
1,498.77
645.90

CapEx

300.00

350.00

Change in NWC

500.00
15.00
15.45
15.91
16.39
16.88
17.39
17.91
18.45
19.00
19.57
20.16
20.76
21.39
22.03
22.69

CF(operation)
0.00
0.00
-500.00
4,223.00
4,231.00
4,237.47
3,804.70
3,129.44
3,406.02
3,405.44
3,403.68
3,400.44
2,845.56
3,144.50
3,133.76
3,121.20
3,106.74
2,253.21

Terminal Value CF

9,751.48

Total Cash Flow

0.00
0.00
-500.00
4,223.00
4,231.00
4,237.47
3,804.70
3,129.44
3,406.02
3,405.44
3,403.68
3,400.44
2,845.56
3,144.50
3,133.76
3,121.20
3,106.74
12,004.69

PV(CF)
0.00
0.00
-420.84
3,260.93
2,997.35
2,754.06
2,268.62
1,711.91
1,709.37
1,567.96
1,437.75
1,317.78
1,011.70
1,025.67
937.77
856.89
782.49
2,773.96

25993.36

Invesments
3,900.00
3,900.00
31,200.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

PV(Investments)
3,900.00
3,577.98
26,260.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

33738.40