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2001

2002
2

ExpDailyRate
Revenue
OpExpense
Depreciation
TaxableIncome
Tax
NI
Depreciation
CapitalExpenditures
Gain/Loss on sale of ship
ChgInWrkgCapital
NCF
PV(Nominal)
NPV(Nominal)
NPV(Nominal)
NPV(Nominal)

2003
3
20000
7140000
1460000
1560000
4120000

2004
4
20200
7211400
1474600
1560000
4176800

4120000

4176800
1560000

-3900000

-3900000

1560000
-31200000

-3900000
-3900000

-3900000
-3282552

-500000
-26020000
-20092214.2

5736800
4064093.75

-3786408

-1942338.4

-9145295.47

1422952.19

1991333.304
-10479823.2

2005
5
20400
7282800
1489346
1560000
4233454

2006
6
18714
6680898
1504239.46
1560000
3616658.54

2007
7
17283
6170031
1519281.85
1620000
3030749.15

2008
8
17481
6170793
1534474.67
1620000
3016318.33

2009
9
17682
6241746
1549819.42
1620000
3071926.58

2010
10
17886
6313758
1565317.61
1620000
3128440.39

2011
11
18092
6386476
1580970.79
1620000
3185505.21

4233454

3616658.54

3030749.15

3016318.33

3071926.58

3128440.39

3185505.21

1560000

1560000

1620000
-300000

1620000

1620000

1620000

1620000

5793454
3765347.59

5176658.54
3086672.35

4350749.15
2380008.77

4636318.33
2326811.83

4691926.58
2160293.34

4748440.39
2005792.53

4805505.21
1862291.13

1014117.58

639485.082

379293.231

285242.638

203714.788

145496.48

103913.195

2012
12
17428
6152084
1596780.5
1630000
2925303.5

2013
13
17628
6152172
1612748.3
1630000
2909423.7

2014
14
17831
6223019
1628875.79
1630000
2964143.21

2015
15
18036
6294564
1645164.54
1630000
3019399.46

2016
16
18243
6366807
1661616.19
1630000
3075190.81

2017
17
14762
5151938
1678232.35
1560000
12513705.6

2925303.5

2909423.7

2964143.21

3019399.46

3075190.81

12513705.6

1630000
-350000

1630000

1630000

1630000

1630000

1560000
-10600000

4205303.5
1495131.42

4539423.7
1480663.08

4594143.21
1374781.12

4649399.46
1276437.02

4705190.81
1185095.29

3473705.65
802680.199

64174.0047

48886.919

34916.1721

24937.2814

17809.8243

9279.09371

357

4000

353

349

2001
1

2002
2

2003
3
20000
7140000
1460000
2266666.667
3413333.333
1194666.667
2218666.667

2004
4
20200
7211400
1474600
2266666.67
3470133.33
1214546.67
2255586.67

-3900000

2266666.667
-31200000

2266666.67

-3900000

-3900000
-3900000

-3900000
-3282552

-500000
-27214666.7
-21014716

4522253.33
3203678.27

-3786408

-1942338.4

-9565187.08

1121696.81

ExpDailyRate
Revenue
OpExpense
Depreciation
TaxableIncome
Tax
NI
Depreciation
CapitalExpenditures
Gain/Loss on sale of ship
ChgInWrkgCapital
NCF
PV(Nominal)
NPV(Nominal)
NPV(Nominal)
NPV(Nominal)

-5284224.907
-11790677.94

2005
5
20400
7282800
1489346
2266666.67
3526787.33
1234375.57
2292411.77

2006
6
18714
6680898
1504239.46
2266666.67
2909991.87
1018497.16
1891494.72

2007
7
17283
6170031
1519281.85
2266666.67
2384082.48
834428.868
1549653.61

2008
8
17481
6170793
1534474.67
2326666.67
2309651.66
808378.081
1501273.58

2009
9
17682
6241746
1549819.42
2326666.67
2365259.91
827840.97
1537418.94

2010
10
17886
6313758
1565317.61
2326666.67
2421773.72
847620.802
1574152.92

2011
11
18092
6386476
1580970.79
2326666.67
2478838.54
867593.49
1611245.05

2266666.67

2266666.67

2266666.67
-300000

2326666.67

2326666.67

2326666.67

2326666.67

4559078.43
2963088.17

4158161.38
2479375.77

3516320.28
1923547.61

3827940.25
1921114.13

3864085.61
1779132.36

3900819.58
1647748.35

3937911.72
1526070.15

798045.793

513667.678

306548.696

235508.371

167771.461

119524.617

85152.5432

2012
12
17428
6152084
1596780.5
2326666.67
2228636.84
780022.892
1448613.94

2013
13
17628
6152172
1612748.3
2336666.67
2202757.03
770964.961
1431792.07

2014
14
17831
6223019
1628875.79
2336666.67
2257476.55
790116.792
1467359.76

2015
15
18036
6294564
1645164.54
2336666.67
2312732.79
809456.476
1503276.31

2016
16
18243
6366807
1661616.19
2336666.67
2368524.14
828983.45
1539540.69

2017
17
14762
5151938
1678232.35
2336666.67
11737039
4107963.64
7629075.34

2326666.67
-350000

2336666.67

2336666.67

2336666.67

2336666.67

2336666.67
-10600000

3425280.61
1217806.2

3768458.74
1229190.77

3804026.42
1138341.46

3839942.98
1054210.42

3876207.36 -634257.995
976299.428 -146560.01

52270.6563

40584.0805

28911.1669

20595.722

14672.0027 -1694.25391

357

4000

353

349

2001
1

2002
2

ExpDailyRate
Revenue
OpExpense
Depreciation
TaxableIncome
Tax
NI
Depreciation
CapitalExpenditures
ChgInWrkgCapital
NCF
PV(Nominal)
NPV(Nominal)
NPV(Nominal)
NPV(Nominal)

2003
3
20000
7140000
1460000
1560000
4120000

2004
4
20200
7211400
1474600
1560000
4176800

4120000

4176800
1560000

5736800
4064093.75
1422952.19

-3900000

-3900000

-3900000
-3900000

-3900000
-3282552

1560000
-31200000
-500000
-26020000
-20092214.2

-3786408

-1942338.4

-9145295.47

6826988.15
-10481826.63

2005
5
20400
7282800
1489346
1560000
4233454

2006
6
18714
6680898
1504239.46
1560000
3616658.54

2007
7
17283
6170031
1519281.85
1560000
3090749.15

2008
8
17481
6170793
1534474.67
1620000
3016318.33

2009
9
17682
6241746
1549819.42
1620000
3071926.58

2010
10
17886
6313758
1565317.61
1620000
3128440.39

2011
11
18092
6386476
1580970.79
1620000
3185505.21

4233454

3616658.54

3090749.15

3016318.33

3071926.58

3128440.39

3185505.21

1560000

1560000

1560000
-300000

1620000

1620000

1620000

1620000

5793454
3765347.59

5176658.54
3086672.35

4350749.15
2380008.77

4636318.33
2326811.83

4691926.58
2160293.34

4748440.39
2005792.53

4805505.21
1862291.13

1014117.58

639485.082

379293.231

285242.638

203714.788

145496.48

103913.195

2012
12
17428
6152084
1596780.5
1620000
2935303.5

2013
13
17628
6152172
1612748.3
1630000
2909423.7

2014
14
17831
6223019
1628875.79
1630000
2964143.21

2015
15
18036
6294564
1645164.54
1630000
3019399.46

2016
16
18243
6366807
1661616.19
1630000
3075190.81

2017
17
14762
5151938
1678232.35
1630000
1843705.65

2018
18
14932
5211268
1695014.67
1710000
1806253.33

2935303.5

2909423.7

2964143.21

3019399.46

3075190.81

1843705.65

1806253.33

1620000
-350000

1630000

1630000

1630000

1630000

1630000
-750000

1710000

4205303.5
1495131.42

4539423.7
1480663.08

4594143.21
1374781.12

4649399.46
1276437.02

4705190.81
1185095.29

2723705.65
629375.317

3516253.33
745423.694

64174.0047

48886.919

34916.1721

24937.2814

17809.8243

7275.66539

6628.61586

2019
19
15104
5271296
1711964.82
1710000
1849331.18

2020
20
15278
5332022
1729084.47
1710000
1892937.53

2021
21
15454
5393446
1746375.31
1710000
1937070.69

2022
22
14654
5114246
1763839.07
1710000
1640406.93

2023
23
14823
5173227
1781477.46
1730000
1661749.54

2024
24
14993
5232557
1799292.23
1730000
1703264.77

2025
25
15166
5292934
1817285.16
1730000
1745648.84

1849331.18

1892937.53

1937070.69

1640406.93

1661749.54

1703264.77

1745648.84

1710000

1710000

1710000

1710000
-850000

1730000

1730000

1730000

3559331.18
692253.146

3602937.53
642875.349

3647070.69
597018.411

2500406.93
375515.389

3391749.54
467319.951

3433264.77
433981.629

3475648.84
403063.474

4735.23181

3382.67074

2416.44729

1169.16011

1119.22453

799.522869

571.20189

2026
26
15341
5354009
1835458.01
1730000
1788550.99

2027
27
13448
4693352
1853812.59
1730000
1109539.41

1788550.99

1109539.41

1730000

1730000

3518550.99
374347.471

2839539.41
277161.215

408.082286

232.413818

357

4000

353

349

2001
1

2002
2

2003
3
20000
7140000
1460000
1560000
4120000
1442000
2678000

2004
4
20200
7211400
1474600
1560000
4176800
1461880
2714920

-3900000

-3900000

1560000

-3900000
-3282552

1560000
-31200000
-500000
-27462000
-21205702.7

-3900000
-3900000

4274920
3028461.1

-3786408

-1942338.4

-9652117.76

1060348.41

ExpDailyRate
Revenue
OpExpense
Depreciation
TaxableIncome
Tax
NI
Depreciation
CapitalExpenditures
ChgInWrkgCapital
NCF
PV(Nominal)
NPV(Nominal)
NPV(Nominal)
NPV(Nominal)

-2175507.741
-12059049.79

2005
5
20400
7282800
1489346
1560000
4233454
1481708.9
2751745.1

2006
6
18714
6680898
1504239.46
1560000
3616658.54
1265830.49
2350828.05

2007
7
17283
6170031
1519281.85
1560000
3090749.15
1081762.2
2008986.94

2008
8
17481
6170793
1534474.67
1620000
3016318.33
1055711.41
1960606.91

2009
9
17682
6241746
1549819.42
1620000
3071926.58
1075174.3
1996752.28

2010
10
17886
6313758
1565317.61
1620000
3128440.39
1094954.14
2033486.25

2011
11
18092
6386476
1580970.79
1620000
3185505.21
1114926.82
2070578.39

1560000

1560000

1560000
-300000

1620000

1620000

1620000

1620000

4311745.1
2802338.47

3910828.05
2331898.99

3268986.94
1788247.8

3580606.91
1796985.87

3616752.28
1665253.22

3653486.25
1543272.08

3690578.39
1430220.36

754751.226

483113.997

284986.465

220291.553

157032.705

111946.102

79804.2612

2012
12
17428
6152084
1596780.5
1620000
2935303.5
1027356.23
1907947.28

2013
13
17628
6152172
1612748.3
1630000
2909423.7
1018298.29
1891125.4

2014
14
17831
6223019
1628875.79
1630000
2964143.21
1037450.12
1926693.09

2015
15
18036
6294564
1645164.54
1630000
3019399.46
1056789.81
1962609.65

2016
16
18243
6366807
1661616.19
1630000
3075190.81
1076316.78
1998874.03

2017
17
14762
5151938
1678232.35
1630000
1843705.65
645296.977
1198408.67

2018
18
14932
5211268
1695014.67
1710000
1806253.33
632188.664
1174064.66

1620000
-350000

1630000

1630000

1630000

1630000

1630000
-750000

1710000

3177947.28
1129870.61

3521125.4
1148515.92

3556693.09
1064327.83

3592609.65
986308.016

3628874.03
914003.64

2078408.67
480264.494

2884064.66
611403.654

48496.2865

37920.4462

27031.3968

19269.1376

13735.8104

5551.92373

5436.85422

2019
19
15104
5271296
1711964.82
1710000
1849331.18
647265.912
1202065.27

2020
20
15278
5332022
1729084.47
1710000
1892937.53
662528.136
1230409.39

2021
21
15454
5393446
1746375.31
1710000
1937070.69
677974.74
1259095.95

2022
22
14654
5114246
1763839.07
1710000
1640406.93
574142.426
1066264.51

2023
23
14823
5173227
1781477.46
1730000
1661749.54
581612.34
1080137.2

2024
24
14993
5232557
1799292.23
1730000
1703264.77
596142.668
1107122.1

2025
25
15166
5292934
1817285.16
1730000
1745648.84
610977.096
1134671.75

1710000

1710000

1710000

1710000
-850000

1730000

1730000

1730000

2912065.27
566366.612

2940409.39
524659.865

2969095.95
486035.258

1926264.51
289289.698

2810137.2
387184.597

2837122.1
358626.251

2864671.75
332209.782

3874.12786

2760.64649

1967.24014

900.698038

927.301514

660.695913

470.791495

2026
26
15341
5354009
1835458.01
1730000
1788550.99
625992.848
1162558.15

2027
27
13448
4693352
1853812.59
1730000
1109539.41
388338.795
721200.619

1730000

1730000

2892558.15
307746.521

2451200.62
239256.317

335.479503

200.628627

357

4000

353

349