INFLATION RATE

3
2001
-390000

Initial Investment
Woking Capital
Addl Working Capital
(added in overall
cash flow)
Daily Hiring
Cost(Income)
No of days Repairs

2002
-390000

Annual hiring
cost(Annaul Income)
Less Operating
Expenses
Gross Profit
Depreciation
Deprecitaion on
Survey Cost
Profit before taxes
Tax35% Hong Kong
Profit After Tax
Add Back
depreciation
Cost of Survey (
Capital Expenditure)
Net salvage value
Working Capital
return
Cash Outflow
NPV
IRR
PBP

-390000

13th year

Salvage Value Computation

Loss due to salvage

Tax credit
Net Salvage value

2004
-515000

-15000

20000
8

20200
8

7140000

7211400

1460000
5680000
1560000

1518400
5693000
1560000

0
4120000
0.35
2678000

0
4133000
0.35
2686450

1560000

1560000

-301,185.98
9%

Book Value
Salvage Value

2003
-31200000
-500000

15600000
5000000
-10600000
-3710000
1290000

-390000

-27462000

4231450

2005

2006

2007

2008

2009

2010

2011

2012

-530450

-546363.5

-562754.405

-579637

-597026

-614937

-633385

-652387

-16390.905 -16882.63215

-17389.1

-17910.8

-18448.1

-19001.6

-19571.6

-15913.5
20400
8

18714
8

17283
8

17481
12

17682
12

17886
12

18092
12

17428
12

7282800

6680898

6170031

6170793

6241746

6313758

6386476

6152084

1579136
5703664
1560000

1642301.44
5038596.56
1560000

1707993.498
4462037.502
1560000

1776313
4394480
1560000

1847366
4394380
1560000

1921260
4392498
1560000

1998111
4388365
1560000

2078035
4074049
1560000

0
4143664
0.35
2693381.6

0
3478596.56
0.35
2261087.764

60000
2842037.502
0.35
1847324.377

0
2834480
0.35
1842412

0
2834380
0.35
1842347

0
2832498
0.35
1841123

0
2828365
0.35
1838437

70000
2444049
0.35
1588632

1560000

1560000

1620000

1560000

1560000

1560000

1560000

1630000

300000

4237468.1

3804696.859

3450441.744

350000

3385023

3384436

3382675

3379436

3199060

2013

2014

2015

2016

2017

2018

2019

2020

2021

-671958

-692117

-712880

-734267

-756295

-778984

-802353

-826424

-851217

-20158.7

-20763.5

-21386.4

-22028

-22688.8

-23369.5

-24070.6

-24792.7

-25536.5

17628
16

17831
16

18036
16

18243
16

14762
16

14932
16

15104
16

15278
16

15454
16

6152172

6223019

6294564

6366807

5151938

5211268

5271296

5332022

5393446

2161157
3991015
1560000

2247603
3975416
1560000

2337507
3957057
1560000

2431007
3935800
1560000

2528248
2623690
1560000

2629378
2581890
1560000

2734553
2536743
1560000

2843935
2488087
1560000

2957692
2435754
1560000

0
2431015
0.35
1580160

0
2415416
0.35
1570020

0
2397057
0.35
1558087

0
150000
0
0
0
0
2375800 913690.4 1021890 976743.4 928087.3 875753.9
0.35
0.35
0.35
0.35
0.35
0.35
1544270 593898.8 664228.8 634883.2 603256.7
569240

1560000

1560000

1560000

1560000

1710000

1560000

1560000

1560000

1560000

2200859

2170813

2138464

2103704

750000
1290000

3120001

3109257

3096701

3082242

756294.9
4327505

2022

2023

2024

2025

2026

2027

-876753

-903056

-930147

-958052

-986793 -1016397

-26302.6

-27091.7

-27904.4

-28741.6

-29603.8

-30491.9

14654
16

14823
16

14993
16

15166
16

15341
16

13448
16

5114246

5173227

5232557

5292934

5354009

4693352

3076000
2038246
1560000

3199040
1974187
1560000

3327001
1905556
1560000

3460081
1832853
1560000

3598485 3742424
1755524 950927.9
1560000 1560000

170000
0
0
0
0
308246.2 414187.2 345555.6 272852.6 195524.3
0.35
0.35
0.35
0.35
0.35
200360 269221.7 224611.2 177354.2 127090.8

250000
-859072
0.35
-558397

1730000

1810000

1560000

1560000

1560000

1560000

850000

1904057

1250000

1802130

1756707

1708613

1657487

1221111

OCEAN CARRIERS
INFLATION RATE

3
2001

Initial
Investment

-390000

Woking Capital
Addl Working
Capital (added in
overall cash
flow)
Daily Hiring
Cost(Income)
No of days
Repairs
Annual hiring
cost(Annaul
Income)
Less Operating
Expenses
Gross Profit
Depreciation
Deprecitaion on
Survey Cost
Profit before
taxes
Tax 0 % Hong
Kong
Profit After Tax
Add Back
depreciation
Cost of Survey (
Capital
Expenditure)
Net Salvage
Value
Working Capital
Return
Cash Outflow
NPV
IRR=
PBP

2002

2003

2004

2005

2006

-500000

-515000

-530450

-546364

-15000

-15913.5

-16390.9

20000

20200

20400

18714

7140000

7211400

7282800

6680898

1460000
5680000
1560000

1518400
5693000
1560000

1579136
5703664
1560000

1642301
5038597
1560000

4120000

4133000

4143664

3478597

4120000

4133000

4143664

3478597

1560000

1560000

1560000

1560000

5678000

5687751

5022206

-390000 -31200000

-390000
8,760,611.68
16%
9th year

-390000 -26020000

Salvage Value
Book Value
Salvage Value
Loss due to
salvage
Tax credit
Net Salvage
value

15600000
5000000
-10600000
0
5000000

2007

2008

2009

2010

2011

2012

2013

2014

2015

-562754

-579637

-597026

-614937

-633385

-652387

-671958

-692117

-712880

-16882.6

-17389.1

-17910.8

-18448.1

-19001.6

-19571.6

-20158.7

-20763.5

-21386.4

17283

17481

17682

17886

18092

17428

17628

17831

18036

12

12

12

12

12

16

16

16

6170031

6170793

6241746

6313758

6386476

6152084

6152172

6223019

6294564

1707993
4462038
1560000

1776313
4394480
1560000

1847366
4394380
1560000

1921260
4392498
1560000

1998111
4388365
1560000

2078035
4074049
1560000

2161157
3991015
1560000

2247603
3975416
1560000

2337507
3957057
1560000

60000

70000

2842038

2834480

2834380

2832498

2828365

2444049

2431015

2415416

2397057

2842038

2834480

2834380

2832498

2828365

2444049

2431015

2415416

2397057

1620000

1560000

1560000

1560000

1560000

1630000

1560000

1560000

1560000

3970857

3954653

3935671

300000

4445155

350000

4377091

4376469

4374049

4369364

4054477

2016

2017

2018

2019

2020

2021

2022

2023

2024

-734267

-756295

-778984

-802353

-826424

-851217

-876753

-903056

-930147

-22028

-22688.8

-23369.5

-24070.6

-24792.7

-25536.5

-26302.6

-27091.7

-27904.4

18243

14762

14932

15104

15278

15454

14654

14823

14993

16

16

16

16

16

16

16

16

16

6366807

5151938

5211268

5271296

5332022

5393446

5114246

5173227

5232557

2431007
3935800
1560000

2528248
2623690
1560000

2629378
2581890
1560000

2734553
2536743
1560000

2843935
2488087
1560000

2957692
2435754
1560000

3076000
2038246
1560000

3199040
1974187
1560000

3327001
1905556
1560000

150000

170000

2375800 913690.4
0

1021890 976743.4 928087.3 875753.9 308246.2 414187.2 345555.6

0

2375800 913690.4

1021890 976743.4 928087.3 875753.9 308246.2 414187.2 345555.6

1560000

1560000

1710000

1560000

1560000

1560000

750000

1730000

1560000

1560000

1947096

1877651

850000

5000000
756294.9
3913772 8357296

2558521

2512673

2463295

2410217

2011944

2025

2026

2027

-958052

-986793 -1016397

-28741.6

-29603.8

-30491.9

15166

15341

13448

16

16

16

5292934

5354009

4693352

3460081
1832853
1560000

3598485 3742424
1755524 950927.9
1560000 1560000

250000

272852.6 195524.3

-859072

272852.6 195524.3

-859072

1560000

1810000

1560000

1250000

1804111

1725921

920436

INFLATION RATE

3
2001
-390000

Initial Investment
Woking Capital
Addl Working Capital
(added in overall
cash flow)
Daily Hiring
Cost(Income)
No of days Repairs

2002
-390000

Annual hiring
cost(Annaul Income)
Less Operating
Expenses
Gross Profit
Depreciation
Deprecitaion on
Survey Cost
Profit before taxes
Tax35% Hong Kong
Profit After Tax
Add Back
depreciation
Cost of Survey (
Capital Expenditure)
Book Value at the
end of 15 Yr
Net Salvage Value
Tax on
Cash Outflow
NPV
IRR
PBP

2003
-31200000
-500000

2004
-515000

-15000

20000
8

20200
8

7140000

7211400

1460000
5680000
1560000

1518400
5693000
1560000

0
4120000
0.35
2678000

0
4133000
0.35
2686450

1560000

1560000

-390000
2,305,935.62
8%
13th year

-390000

-27462000

4231450

2005

2006

2007

2008

2009

2010

2011

2012

-530450

-546363.5

-562754.405

-579637

-597026

-614937

-633385

-652387

-16390.905 -16882.63215

-17389.1

-17910.8

-18448.1

-19001.6

-19571.6

-15913.5
20400
8

18714
8

17283
8

17481
12

17682
12

17886
12

18092
12

17428
12

7282800

6680898

6170031

6170793

6241746

6313758

6386476

6152084

1579136
5703664
1560000

1642301.44
5038596.56
1560000

1707993.498
4462037.502
1560000

1776313
4394480
1560000

1847366
4394380
1560000

1921260
4392498
1560000

1998111
4388365
1560000

2078035
4074049
1560000

0
4143664
0.35
2693381.6

0
3478596.56
0.35
2261087.764

60000
2842037.502
0.35
1847324.377

0
2834480
0.35
1842412

0
2834380
0.35
1842347

0
2832498
0.35
1841123

0
2828365
0.35
1838437

70000
2444049
0.35
1588632

1560000

1560000

1620000

1560000

1560000

1560000

1560000

1630000

300000

4237468.1

3804696.859

3450441.744

350000

3385023

3384436

3382675

3379436

3199060

2013

2014

2015

2016

2017

2018

2019

2020

2021

-671958

-692117

-712880

-734267

-756295

-778984

-802353

-826424

-851217

-20158.7

-20763.5

-21386.4

-22028

-22688.8

-23369.5

-24070.6

-24792.7

-25536.5

17628
16

17831
16

18036
16

18243
16

14762
16

14932
16

15104
16

15278
16

15454
16

6152172

6223019

6294564

6366807

5151938

5211268

5271296

5332022

5393446

2161157
3991015
1560000

2247603
3975416
1560000

2337507
3957057
1560000

2431007
3935800
1560000

2528248
2623690
1560000

2629378
2581890
1560000

2734553
2536743
1560000

2843935
2488087
1560000

2957692
2435754
1560000

0
2431015
0.35
1580160

0
2415416
0.35
1570020

0
2397057
0.35
1558087

0
150000
0
0
0
0
2375800 913690.4 1021890 976743.4 928087.3 875753.9
0.35
0.35
0.35
0.35
0.35
0.35
1544270 593898.8 664228.8 634883.2 603256.7
569240

1560000

1560000

1560000

1560000

1710000

1560000

1560000

1560000

1560000

2200859

2170813

2138464

2103704

750000

3120001

3109257

3096701

3082242

2281210

2022

2023

2024

2025

2026

2027

-876753

-903056

-930147

-958052

-986793 -1016397

-26302.6

-27091.7

-27904.4

-28741.6

-29603.8

-30491.9

14654
16

14823
16

14993
16

15166
16

15341
16

13448
16

5114246

5173227

5232557

5292934

5354009

4693352

3076000
2038246
1560000

3199040
1974187
1560000

3327001
1905556
1560000

3460081
1832853
1560000

3598485 3742424
1755524 950927.9
1560000 1560000

170000
0
0
0
0
308246.2 414187.2 345555.6 272852.6 195524.3
0.35
0.35
0.35
0.35
0.35
200360 269221.7 224611.2 177354.2 127090.8

250000
-859072
0.35
-558397

1730000

1810000

1560000

1560000

1560000

1560000

850000

1904057

1250000

1802130

1756707

1708613

1657487

1221111

OCEAN CARRIERS
INFLATION RATE

3
2001

Initial
Investment

-390000

Woking Capital
Addl Working
Capital (added in
overall cash
flow)
Daily Hiring
Cost(Income)
No of days
Repairs
Annual hiring
cost(Annaul
Income)
Less Operating
Expenses
Gross Profit
Depreciation
Deprecitaion on
Survey Cost
Profit before
taxes
Tax 0 % Hong
Kong
Profit After Tax
Add Back
depreciation
Cost of Survey (
Capital
Expenditure)
Cash Outflow
NPV
IRR=
PBP

-390000
10,750,396.21
15%
9th year

2002

2003

2004

2005

2006

-500000

-515000

-530450

-546364

-15000

-15913.5

-16390.9

20000

20200

20400

18714

7140000

7211400

7282800

6680898

1460000
5680000
1560000

1518400
5693000
1560000

1579136
5703664
1560000

1642301
5038597
1560000

4120000

4133000

4143664

3478597

4120000

4133000

4143664

3478597

1560000

1560000

1560000

1560000

0
-390000 -26020000

5678000

5687751

5022206

-390000 -31200000

2007

2008

2009

2010

2011

2012

2013

2014

2015

-562754

-579637

-597026

-614937

-633385

-652387

-671958

-692117

-712880

-16882.6

-17389.1

-17910.8

-18448.1

-19001.6

-19571.6

-20158.7

-20763.5

-21386.4

17283

17481

17682

17886

18092

17428

17628

17831

18036

12

12

12

12

12

16

16

16

6170031

6170793

6241746

6313758

6386476

6152084

6152172

6223019

6294564

1707993
4462038
1560000

1776313
4394480
1560000

1847366
4394380
1560000

1921260
4392498
1560000

1998111
4388365
1560000

2078035
4074049
1560000

2161157
3991015
1560000

2247603
3975416
1560000

2337507
3957057
1560000

60000

70000

2842038

2834480

2834380

2832498

2828365

2444049

2431015

2415416

2397057

2842038

2834480

2834380

2832498

2828365

2444049

2431015

2415416

2397057

1620000

1560000

1560000

1560000

1560000

1630000

1560000

1560000

1560000

300000
4445155

4377091

4376469

4374049

4369364

350000
4054477

3970857

3954653

3935671

2016

2017

2018

2019

2020

2021

2022

2023

2024

-734267

-756295

-778984

-802353

-826424

-851217

-876753

-903056

-930147

-22028

-22688.8

-23369.5

-24070.6

-24792.7

-25536.5

-26302.6

-27091.7

-27904.4

18243

14762

14932

15104

15278

15454

14654

14823

14993

16

16

16

16

16

16

16

16

16

6366807

5151938

5211268

5271296

5332022

5393446

5114246

5173227

5232557

2431007
3935800
1560000

2528248
2623690
1560000

2629378
2581890
1560000

2734553
2536743
1560000

2843935
2488087
1560000

2957692
2435754
1560000

3076000
2038246
1560000

3199040
1974187
1560000

3327001
1905556
1560000

150000

170000

2375800 913690.4
0

1021890 976743.4 928087.3 875753.9 308246.2 414187.2 345555.6

0

2375800 913690.4

1021890 976743.4 928087.3 875753.9 308246.2 414187.2 345555.6

1560000

1710000

1560000

1560000

1560000

1560000

1730000

1560000

1560000

3913772

750000
2601002

2558521

2512673

2463295

2410217

850000
2011944

1947096

1877651

2025

2026

2027

-958052

-986793 -1016397

-28741.6

-29603.8

-30491.9

15166

15341

13448

16

16

16

5292934

5354009

4693352

3460081
1832853
1560000

3598485 3742424
1755524 950927.9
1560000 1560000

250000

272852.6 195524.3

-859072

272852.6 195524.3

-859072

1560000

1560000

1810000

1804111

1725921

1250000
920436