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Posted: November 29th, 2022
Exam assignment
1. Practical information:
This exam assignment is a 72-hour-individual written assignment.
The final submission is a Word document with max 15 pages, including tables and
figures. A supplementary Excel file can be included as an appendix.
The grading is based on the learning objective of the course:
§ Apply the data analysis process in shipping context
§ Gain an understanding of different analytical tools and models
§ Apply analytical tools and models to shipping business practices
§ Turn data and analysis into an insightful market view and support decision makings
When preparing the assignment, please also keep in mind of the follow criteria:
thorough analysis based on data and calculation supporting your argument
(quantitatively or qualitatively), correct use of terminology, high standard of
English scientific writing, a plausible structure, standard formatting of text, table,
figures, sources and references.
2. Exam assignment
The exam assignment consists of three tasks as below. Please focus on the
VLCC tanker sector for Task 1 & 2.
Task 1: Freight market analysis
Describe the developments of spot freight rates between Jan 2020 to April 2021
by referring to the supply and demand determinants/indicators.
Task 2: Ship choice decision
Please make the following analysis to support the ship choice decision between
secondhand and newbuild ships based on Price/Earings ratio and/or SH/NB price
ratio and discuss accordingly.
Task 3: Ship investment appraisal
A shipowner is considering the purchase of a 150,000dwt bulk-carrier. Based on
the information below, please estimate and suggest whether the shipowner should
go ahead with the investment on the basis of NPV.
§ The shipowner has secured a 6-year Contract of Agreement (COA) with
commitment to carry 2.0 million mt of iron ore at $30.7/tonne for the first four
years and $29.5/tonne for the last two years. 2 million mt is evenly distributed
over six years.
§ Discount rate at 10%.
§ Vessel costs $60 million.
§ Re-sale value after six years is estimated at $32 million.
§ Operating costs are estimated as follows:
o Crew: $900,000 for year 1, escalating at 10% per year
o Fuel: $800,000 for year 1, escalating at 5% per year
o Port Charges: $600,000 per year
o Repair & Maintenance: $800,000 (Years 1, 2 & 4), $1 million (Years 3 & 5)
$600,000 (Year 6).
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