SCENARIO A

2-Vessel Pilot Operation

Metric

Value

Setup Investment

10-Year Profit Before Tax

10-Year Profit After Tax

Average Net Margin (10yr)

NPV

IRR

Year 1 PBT

Year 2 PBT

$1,976,975

$7,177,718

$4,665,517

19.9%

$2,272,166

55.25%

$767,493 (establishment year)

$1,152,457 (first full profitability year)

$23,500,000

10-Year Gross Revenue

SCENARIO B

6-Vessel Scale-Up Operation

Metric

Value

Setup Investment

10-Year Gross Revenue

10-Year Profit Before Tax

10-Year Profit After Tax

Average Net Margin (10yr)

NPV

IRR

Year 1 PBT

Year 2 PBT

$4,023,083

$70,500,000

$33,139,245

$21,540,509

30.6%

106.05%

$12,512,403

$376,420 (profitable from Year 1)

$4,266,978

Modelling Approach

Revenue

Zero percent inflation assumed for all ten years. Southbound modelled at $150 per tonne. Northbound at ~$20 per tonne. 320 sailings per vessel per year.

Costs

Five percent annual escalation on all operating costs. Includes fuel, maintenance, staffing, insurance, loading fees, land transport, and contingencies.

Tax

Corporate tax modelled at 35%. Both scenarios deliver strong post-tax returns.

Financing

Model includes provision for commercial loans at 10% and 20% interest with 1-year moratorium and 10-year terms. Cash flows available for debt service remain healthy under both scenarios.