Ocean Carriers project Valuation Model

25 years project length with tax deduction

Parameters:
Discount rate:
Inflation rate:
Operating expense rate:
Tax rate:

Years:
Daily hire rate (adjusted for inflation)
Days on which revenue is earned
Annual revenue
Annual operating cost
Gross Profit
Purchase Cost
Annual depreciation on purchase cost
EBIT
Income Tax at 35%

9%
3%
4%
35%

Purchase price:
Up-front pay percentage
Days in year:
Days in leap year

2001

2002

-3,900,000.00

-3,900,000.00

-3,900,000.00

-3,900,000.00

Maintenance days age 5:

Maintenance days age 10:
Maintenance days age > 10:
Years of depreciation

39,000,000.00
10%
365
366

2003

20,600.00
357
7,354,200.00
1,460,000.00
5,894,200.00
-31,200,000.00
-1,560,000.00
-26,865,800.00

2004

20,806.00
358
7,448,548.00
1,522,560.00
5,925,988.00

8
12
16
25

2005

-1,560,000.00
4,365,988.00

21,012.00
357
7,501,284.00
1,579,136.00
5,922,148.00

2006

19,275.42
357
6,881,324.94
1,642,301.44
5,239,023.50

2007

17,801.49
357
6,355,131.93
1,707,993.50
4,647,138.43

-1,560,000.00 -1,560,000.00 -1,560,000.00

4,362,148.00 3,679,023.50 3,087,138.43

2008

18,005.43
354
6,373,922.22
1,781,179.85
4,592,742.37

2009

18,212.46
353
6,428,998.38
1,847,365.77
4,581,632.61

2010

18,422.58
353
6,503,170.74
1,921,260.40
4,581,910.34

2011

18,634.76
353
6,578,070.28
1,998,110.81
4,579,959.47

2012

17,950.84
354
6,354,597.36
2,083,728.49
4,270,868.87

-1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00

3,032,742.37 3,021,632.61 3,021,910.34 3,019,959.47 2,710,868.87

2013

18,156.84
349
6,336,737.16
2,161,156.66
4,175,580.50

2014

18,365.93
349
6,409,709.57
2,247,602.92
4,162,106.65

2015

18,577.08
349
6,483,400.92
2,337,507.04
4,145,893.88

2016

18,790.29
350
6,576,601.50
2,437,667.61
4,138,933.89

2017

15,204.86
349
5,306,496.14
2,528,247.61
2,778,248.53

-1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00

2,615,580.50 2,602,106.65 2,585,893.88 2,578,933.89 1,218,248.53

2018

15,379.96
349
5,367,606.04
2,629,377.52
2,738,228.52

2019

15,557.12
349
5,429,434.88
2,734,552.62
2,694,882.26

2020

15,736.34
350
5,507,719.00
2,851,726.33
2,655,992.67

2021

15,917.62
349
5,555,249.38
2,957,692.11
2,597,557.27

2022

15,093.62
349
5,267,673.38
3,075,999.80
2,191,673.58

-1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00

1,178,228.52 1,134,882.26 1,095,992.67 1,037,557.27
631,673.58

2023

15,267.69
349
5,328,423.81
3,199,039.79
2,129,384.02

2024

15,442.79
350
5,404,976.50
3,336,116.45
2,068,860.05

2025

15,620.98
349
5,451,722.02
3,460,081.44
1,991,640.58

2026

15,801.23
349
5,514,629.27
3,598,484.69
1,916,144.58

2027

13,851.44
349
4,834,152.56
3,742,424.08
1,091,728.48

-1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00 -1,560,000.00

569,384.02
508,860.05
431,640.58
356,144.58 -468,271.52