Shipping IRR Matrices
• Unlevered & Levered (linear loan amortization + balloon)
Acquisition Price (P)
Base Residual Value (RV)
Base TCE/day (net of Comm)
Revenue Days / year
OPEX / day
G&A / day
Investment Horizon (years)
Dry Dock Year (DDY)
Dry Dock Days (DDD)
Dry Dock Cost (DD)
Loan Amount (L)
Loan Interest Rate (r, %)
Loan Balloon (B)
Vessel Age (years)
Amortization Profile (years)
Implied Balloon Amt.
Amort. Profile - Vessel Age cannot be less than Investment Horizon
Working Capital (optional)
Vessel Scrap Value (For Depr. Value Calc)
Implied Vessel Depreciated Value (Using Scrap Value & "Amort. Profile Yrs")
Calculate Matrices
T rows: Base T − 5k to +9k (step 1k). RV cols: Base RV − 5m to +9m (step 1m). 15×15 each.
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Unlevered IRR Matrix
Levered IRR Matrix