Year

Year
Number of Days
Daily Hire Rate
Maintenance Days
Operating Days
Revenue

Capex i
Life
Depreciation
Capex ii
Life
Depreciation
Ship
Life
Depreciation
Sigma Deprecaition
Working Capital
Change in working Capital

Opex
Inflation Rate
Increase in Average Daily rate
Sum
Average Daily Rate
Annual Opex

0
1
2000 2001

0
2002

1
2003
365
$20,000
8
357
$7,140,000

39,000,000
25
1560000
1560000
$500,000.00

515,000.00
$15,000.00

3%
3%
4000
$1,460,000.00

2
2004
365
$20,200
8
357
$7,211,400

3
2005
365
$20,400
8
357
$7,282,800

4
2006
365
$18,714
8
357
$6,680,898

5
2007
365
$17,283
8
357
$6,170,031

6
2008
365
$17,481
12
353
$6,170,793

300000
5
60000

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1620000

530,450.00
$15,450.00

546,363.50
$15,913.50

562,754.41
$16,390.91

579,637.04
$16,882.63

597,026.15
$17,389.11

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
4160
4326.4
4499.456
4679.43424 4866.6116096
$1,518,400.00 $1,579,136.00 $1,642,301.44 $1,707,993.50 $1,776,313.24

7
2009
365
$17,682
12
353
$6,241,746

8
2010
365
$17,886
12
353
$6,313,758

9
2011
365
$18,092
12
353
$6,386,476

10
2012
365
$17,428
12
353
$6,152,084

11
2013
365
$17,628
16
349
$6,152,172

5
60000

5
60000

5
60000

5
60000
350000

5
60000
5
70000

1560000
1620000

1560000
1620000

1560000
1620000

1560000
1620000

1560000
1690000

614,936.93
$17,910.78

633,385.04
$18,448.11

652,386.59
$19,001.55

671,958.19
$19,571.60

692,116.94
$20,158.75

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
5061.276074 5263.7271169 5474.2762016 5693.2472497 5920.9771397
$1,847,365.77 $1,921,260.40 $1,998,110.81 $2,078,035.25 $2,161,156.66

12
2014
365
$17,831
16
349
$6,223,019

13
2015
365
$18,036
16
349
$6,294,564

14
2016
365
$18,243
16
349
$6,366,807

15
2017
365
$14,762
16
349
$5,151,938

16
2018
365
$14,932
16
349
$5,211,268

5
70000

5
70000

5
70000

5
70000

1560000
1630000

1560000
1630000

1560000
1630000

1560000
1630000

1560000
1560000

712,880.44
$20,763.51

734,266.86
$21,386.41

756,294.86
$22,028.01

778,983.71
$22,688.85

802,353.22
$23,369.51

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
6157.8162253 6404.1288743 6660.2940292 6926.7057904 7203.774022
$2,247,602.92 $2,337,507.04 $2,431,007.32 $2,528,247.61 $2,629,377.52

17
2019
365
$15,104
16
349
$5,271,296

18
2020
365
$15,278
16
349
$5,332,022

19
2021
365
$15,454
16
349
$5,393,446

20
2022
365
$14,654
16
349
$5,114,246

21
2023
365
$14,823
16
349
$5,173,227

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1560000

826,423.82
$24,070.60

851,216.53
$24,792.71

876,753.03
$25,536.50

903,055.62
$26,302.59

930,147.29
$27,091.67

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
7491.9249829 7791.6019822 8103.2660615 8427.396704 8764.4925721
$2,734,552.62 $2,843,934.72 $2,957,692.11 $3,075,999.80 $3,199,039.79

22
2024
365
$14,993
16
349
$5,232,557

23
2025
365
$14,166
16
349
$4,943,934

24
2026
365
$14,341
16
349
$5,005,009

25
2027
365
$13,448
16
349
$4,693,352

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1560000

958,051.70
$27,904.42

986,793.26
$28,741.55

1,016,397.05
$29,603.80

1,046,888.96
$30,491.91

3%
3%
3%
3%
1%
1%
1%
1%
4%
4%
4%
4%
9115.072275 9479.675166 9858.8621727 10253.21666
$3,327,001.38 $3,460,081.44 $3,598,484.69 $3,742,424.08

Year
Year
Number of Days
Daily Hire Rate
Maintenance Days
Operating Days
Revenue

Capex i
Life
Depreciation
Capex ii
Life
Depreciation
Ship
Life
Depreciation
Sigma Deprecaition
Working Capital
Change in working Capital

Opex
Inflation Rate
Increase in Average Daily rate
Sum
Average Daily Rate
COGS

0
1
2000 2001

0
2002

1
2003
365
$2,000
8
357
$714,000

39,000,000
25
1560000
1560000
$500,000.00

515,000.00
$15,000.00

3%
3%
4000
$1,460,000.00

2
2004
365
$2,200
8
357
$785,400

3
2005
365
$2,400
8
357
$856,800

4
2006
365
$18,714
8
357
$6,680,898

5
2007
365
$17,283
8
357
$6,170,031

6
2008
365
$17,481
12
353
$6,170,793

300000
5
60000

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1560000

1560000
1620000

530,450.00
$15,450.00

546,363.50
$15,913.50

562,754.41
$16,390.91

579,637.04
$16,882.63

597,026.15
$17,389.11

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
4160
4326.4
4499.456
4679.43424 4866.6116096
$1,518,400.00 $1,579,136.00 $1,642,301.44 $1,707,993.50 $1,776,313.24

7
2009
365
$17,682
12
353
$6,241,746

8
2010
365
$17,886
12
353
$6,313,758

9
2011
365
$18,092
12
353
$6,386,476

10
2012
365
$17,428
12
353
$6,152,084

11
2013
365
$17,628
16
349
$6,152,172

5
60000

5
60000

5
60000

5
60000
350000

5
60000
5
70000

1560000
1620000

1560000
1620000

1560000
1620000

1560000
1620000

1560000
1690000

614,936.93
$17,910.78

633,385.04
$18,448.11

652,386.59
$19,001.55

671,958.19
$19,571.60

692,116.94
$20,158.75

3%
3%
3%
3%
3%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
5061.276074 5263.7271169 5474.2762016 5693.2472497 5920.9771397
$1,847,365.77 $1,921,260.40 $1,998,110.81 $2,078,035.25 $2,161,156.66

12
2014
365
$17,831
16
349
$6,223,019

13
2015
365
$18,036
16
349
$6,294,564

14
2016
365
$18,243
16
349
$6,366,807

15
2017
365
$14,762
16
349
$5,151,938

5
70000

5
70000

5
70000

5
70000

1560000
1630000

1560000
1630000

1560000
1630000

1560000
1630000

712,880.44
$20,763.51

734,266.86
$21,386.41

756,294.86
$22,028.01

0.00
-$756,294.86

3%
3%
3%
3%
1%
1%
1%
1%
4%
4%
4%
4%
6157.8162253 6404.1288743 6660.2940292 6926.7057904
$2,247,602.92 $2,337,507.04 $2,431,007.32 $2,528,247.61

Year
Revenue
COGS
Gross Margin

2000

2001

3,900,000.00

3,900,000.00

Depreciation
Operating Income
Tax
Net Income
Free Cash Flow
EBIAT/Net Income
Less: Capex
Less: Change in NWC
Plus: Depreciation
Free Cash Flow
Discount Rate
Period
PV Cash Flows
Sigma PV
Salvage Value
Discounted Salavage Vale
NPV

3,900,000.00
3,900,000.00
9%
0
1
($3,900,000.00) ($3,577,981.65)
($9,390,651.25)
5,000,000
$1,155,365.88
($8,235,285.37)

2002

2003
7,140,000.00
1,460,000.00
5,680,000.00

2004
7,211,400.00
1,518,400.00
5,693,000.00

2005
7,282,800.00
1,579,136.00
5,703,664.00

2006
6,680,898.00
1,642,301.44
5,038,596.56

1,560,000.00
4,120,000.00
1,442,000.00
2,678,000.00

1,560,000.00
4,133,000.00
1,446,550.00
2,686,450.00

1,560,000.00
4,143,664.00
1,450,282.40
2,693,381.60

1,560,000.00
3,478,596.56
1,217,508.80
2,261,087.76

2,678,000.00

2,686,450.00

2,693,381.60

2,261,087.76

31,200,000.00

15,000.00
1,560,000.00
4,223,000.00

15,450.00
1,560,000.00
4,231,000.00

15,913.50
1,560,000.00
4,237,468.10

16,390.91
1,560,000.00
3,804,696.86

2
($26,260,415.79)

3
$3,260,930.84

4
$2,997,347.07

5
$2,754,063.52

6
$2,268,616.43

31,200,000.00

2007
6,170,031.00
1,707,993.50
4,462,037.50

2008
6,170,793.00
1,776,313.24
4,394,479.76

2009
6,241,746.00
1,847,365.77
4,394,380.23

2010
6,313,758.00
1,921,260.40
4,392,497.60

2011
6,386,476.00
1,998,110.81
4,388,365.19

1,560,000.00
2,902,037.50
1,015,713.13
1,886,324.38

1,620,000.00
2,774,479.76
971,067.92
1,803,411.85

1,620,000.00
2,774,380.23
971,033.08
1,803,347.15

1,620,000.00
2,772,497.60
970,374.16
1,802,123.44

1,620,000.00
2,768,365.19
968,927.82
1,799,437.37

1,886,324.38
300,000.00
16,882.63
1,560,000.00
3,129,441.74

1,803,411.85

1,803,347.15

1,802,123.44

1,799,437.37

17,389.11
1,620,000.00
3,406,022.73

17,910.78
1,620,000.00
3,405,436.37

18,448.11
1,620,000.00
3,403,675.33

19,001.55
1,620,000.00
3,400,435.82

7
$1,711,911.80

8
$1,709,367.96

9
$1,567,957.50

10
$1,437,749.24

11
$1,317,780.59

2012
6,152,084.00
2,078,035.25
4,074,048.75

2013
2014
2015
2016
6,152,172.00 6,223,019.00 6,294,564.00 6,366,807.00
2,161,156.66 2,247,602.92 2,337,507.04 2,431,007.32
3,991,015.34 3,975,416.08 3,957,056.96 3,935,799.68

1,620,000.00
2,454,048.75
858,917.06
1,595,131.69

1,690,000.00 1,630,000.00 1,630,000.00 1,630,000.00

2,301,015.34 2,345,416.08 2,327,056.96 2,305,799.68
805,355.37
820,895.63
814,469.94
807,029.89
1,495,659.97 1,524,520.45 1,512,587.02 1,498,769.79

1,595,131.69
350,000.00
19,571.60
1,620,000.00
2,845,560.09

1,495,659.97

1,524,520.45

1,512,587.02

1,498,769.79

20,158.75
1,690,000.00
3,165,501.23

20,763.51
1,630,000.00
3,133,756.94

21,386.41
1,630,000.00
3,121,200.61

22,028.01
1,630,000.00
3,106,741.79

12
$1,011,695.43

13
$1,032,518.91

14
$937,765.69

15
$856,888.30

16
$782,494.32

2017 2018
5,151,938.00
2,528,247.61
2,623,690.39
1,630,000.00
993,690.39
347,791.64
645,898.75

645,898.75
756,294.86
1,630,000.00
3,032,193.61
17
$700,658.61