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Charter rates, which are normally expressed in
60 calendar years, have to be converted into rates
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We, therefore, identify a representative time Like the anticipated charter rate, vessel life is
series or index of charter rates for the ship type, in effect a prediction about the future and
which is either single series or a synthetic therefore can be estimated from historical
series that VesselsValue has derived from more practices. By analysing the database of ships,
than one source, and calculate a short-term VesselsValue are able to determine the
and a long-term average. These rates for the typical life of any ship type. If a vessel
generic type are then converted into short and continues beyond its normal life we make the
long-term rates for the actual vessel by assumption it will continue until the next
applying the size and feature scores and by major survey.
taking into account any reduction in charter
rate owing to the age of the vessel. One other figure is crucial in any discounted
cash flow calculation: the discount rate itself.
VesselsValue, as a member of the LTAV
Charter rates for each period are calculated
Association, is supplied with quarterly rates
from the short and long-term rates by means
for bulkers, tankers and containers over 5, 10,
of linear interpolation, using the following
15, 20 and 25 year terms by accountancy firm
formula:
PwC. We use linear interpolation and
extrapolation to calculate the specific
(3) discount rate for the vessel on the valuation
day.
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A similar rage of facilities enables the inputs $50,913,573
for OPEX or survey costs, which together 6
constitute expenditure, to be amended or 4
replaced: the vessel or type can be selected,
2
the figures can be directly entered and alter
0
the increase in OPEX due to age and the
USD millions
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rate of inflation can be altered.
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Many of the inputs are interconnected within The principal output of the model is the DCF
a hierarchy of dependency. Amending vessel value itself. However, the model also
life or the date on which it was built will not computes the average charter rate,
only alter the remaining useful life of the calculated from the total charter income
vessel but this in turn will affect the divided by the total number of booked days
calculated discount rate since that rate is over the remaining life of the vessel. This
determined by the length of the term. encapsulates in a single figure the average
Changing the inflation rate for expenditure charter rate necessary to achieve a specific
will change the calculated OPEX rate, value.
management fee and the survey charges: this
is because all flat fees are subject to inflation The model also incorporates a goal seeking
or deflation from the date at which they were tool which enables the user to reverse the
entered into the database. A change in the normal process of calculation and go from
size of the vessel will alter its size score and output to input. Applying a mathematical
thereby cause a change in the calculated root finding algorithm, the tool iteratively
charter rates, OPEX rate and survey charges determines the discount rate or short-term,
for the vessel that are displayed in the table. long-term or average charter rate that would
lead to a specified value. VesselsValue has
Analysis used the goal seeking tool to calculate the
average charter rate implied by the market
The DCF calculator is designed not just to value of the vessel.
compute values but also to analyse them. We
have developed a number of tools which
help the user to investigate what inputs
would generate what outputs and why.