8/8/2019 Ocean carriers - Resoluo

1/32

Idade Navio Ano Evento

0 2000 440 7.30% 15,344 21.50%

1 2001 436 -0.90% 14,747 -3.90%

2 2002 445 2.00% 15,072 2.20%

1 3 2003 454 2.00% 15,403 2.20% 1.15 17,713 20,0

2 4 2004 463 2.00% 15,742 2.20% 1.15 18,103 20,2

3 5 2005 472 2.00% 16,088 2.20% 1.15 18,501 20,4

4 6 2006 479 1.50% 16,273 1.20% 1.15 18,714 18,7

5 7 2007 486 1.50% 16,460 1.20% 1.05 17,283 17,2

6 8 2008 493 1.50% 16,650 1.20% 1.05 17,481 17,4

7 9 2009 501 1.50% 16,841 1.20% 1.05 17,682 17,6

8 10 2010 508 1.50% 17,035 1.20% 1.05 17,886 17,8

9 11 2011 516 1.50% 17,231 1.20% 1.05 18,092 18,0

10 12 2012 524 1.50% 17,429 1.20% 1.00 17,428 17,4

11 13 2013 532 1.50% 17,629 1.20% 1.00 17,628 17,6

12 14 2014 540 1.50% 17,832 1.20% 1.00 17,831 17,8

13 15 2015 548 1.50% 18,037 1.20% 1.00 18,036 18,0

14 16 2016 556 1.50% 18,245 1.20% 1.00 18,243 18,24

15 17 2017 564 1.50% 18,454 1.20% 0.80 14,762 14,716 18 2018 573 1.50% 18,667 1.20% 0.80 14,932 14,9

17 19 2019 581 1.50% 18,881 1.20% 0.80 15,104 15,1

18 20 2020 590 1.50% 19,098 1.20% 0.80 15,278 15,2

19 21 2021 599 1.50% 19,318 1.20% 0.80 15,454 15,4

20 22 2022 608 1.50% 19,540 1.20% 0.75 14,654 14,6

21 23 2023 617 1.50% 19,765 1.20% 0.75 14,823 14,8

22 24 2024 626 1.50% 19,992 1.20% 0.75 14,993 14,9

23 25 2025 636 1.50% 20,222 1.20% 0.75 15,166 15,1

24 26 2026 645 1.50% 20,455 1.20% 0.75 15,341 15,34

25 27 2027 655 1.50% 20,690 1.20% 0.65 13,448 13,44

Quadro 6 Previses das taxas dirias de aluguer para novos navios graneleiros "cape-size"

AnoCalendrio

Expedies deMinrio de Ferro(10^6 Toneladas)

%Crescimento

Tx Diria MdiaFrete

%Crescimento

FactorAjustamentoTx Aluguer

Tx DiriaAluguerAjustada

Tx DiAlugu

Esper

8/8/2019 Ocean carriers - Resoluo

2/32

alor Contabilist ico do Navio 39000

preciao Anual (Navio) 1560

xa Imposto 0.35

xa Inflao Esperada 0.03

xa Actualizao 0.09

da Util 25

Taxa Custo ('000) Res.Operac ('000)

ade Ano Aluguer Operacion Dias ('000) Custos ('000) Impostos aps ('000) Investimen Investimen Vavio Evento Ano Dirio Dirio Aluguer Receitas Operacion AmortizaLucros Impostos AmortizaesNavio Vistorias N

0 2000

1 2001

2 2002

1 3 2003 20000

2 4 2004 20200

3 5 2005 20400

4 6 2006 18714

5 7 2007 17283

6 8 2008 17481

7 9 2009 17682

8 10 2010 17886

9 11 2011 18092

10 12 2012 17428

11 13 2013 1762812 14 2014 17831

13 15 2015 18036

14 16 2016 18243

15 17 2017 14762

16 18 2018 14932

17 19 2019 15104

18 20 2020 15278

19 21 2021 15454

20 22 2022 14654

21 23 2023 14823

22 24 2024 14993

23 25 2025 15166

8/8/2019 Ocean carriers - Resoluo

3/32

24 26 2026 15341

25 27 2027 13448

8/8/2019 Ocean carriers - Resoluo

4/32

('000)

sultado ('000) Valor

nda CashFlow CashFlow ContabilistiValor Abatevio Livre Livre ACTUAL NFM Navio

8/8/2019 Ocean carriers - Resoluo

5/32

0.0

8/8/2019 Ocean carriers - Resoluo

6/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0

2 4 2004 20200 4161.2

3 5 2005 20400 4328.9

4 6 2006 18714 4503.4

5 7 2007 17283 4684.86 8 2008 17481 4873.6

7 9 2009 17682 5070.0

8 10 2010 17886 5274.4

9 11 2011 18092 5486.9

10 12 2012 17428 5708.0

11 13 2013 17628 5938.1

12 14 2014 17831 6177.4

13 15 2015 18036 6426.3

14 16 2016 18243 6685.3

15 17 2017 14762 6954.7

16 18 2018 14932 7235.0

17 19 2019 15104 7526.618 20 2020 15278 7829.9

19 21 2021 15454 8145.4

20 22 2022 14654 8473.7

21 23 2023 14823 8815.2

22 24 2024 14993 9170.4

23 25 2025 15166 9540.0

24 26 2026 15341 9924.5

25 27 2027 13448 10324.4

8/8/2019 Ocean carriers - Resoluo

7/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

8/8/2019 Ocean carriers - Resoluo

8/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

8/8/2019 Ocean carriers - Resoluo

9/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357

2 4 2004 20200 4161.2 357

3 5 2005 20400 4328.9 357

4 6 2006 18714 4503.4 357

5 7 2007 17283 4684.8 3576 8 2008 17481 4873.6 353

7 9 2009 17682 5070.0 353

8 10 2010 17886 5274.4 353

9 11 2011 18092 5486.9 353

10 12 2012 17428 5708.0 353

11 13 2013 17628 5938.1 349

12 14 2014 17831 6177.4 349

13 15 2015 18036 6426.3 349

14 16 2016 18243 6685.3 349

15 17 2017 14762 6954.7 349

16 18 2018 14932 7235.0 349

17 19 2019 15104 7526.6 34918 20 2020 15278 7829.9 349

19 21 2021 15454 8145.4 349

20 22 2022 14654 8473.7 349

21 23 2023 14823 8815.2 349

22 24 2024 14993 9170.4 349

23 25 2025 15166 9540.0 349

24 26 2026 15341 9924.5 349

25 27 2027 13448 10324.4 349

8/8/2019 Ocean carriers - Resoluo

10/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

8/8/2019 Ocean carriers - Resoluo

11/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

8/8/2019 Ocean carriers - Resoluo

12/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0

2 4 2004 20200 4161.2 357 7211.4 1518.8

3 5 2005 20400 4328.9 357 7282.8 1580.0

4 6 2006 18714 4503.4 357 6680.9 1643.7

5 7 2007 17283 4684.8 357 6170.0 1710.06 8 2008 17481 4873.6 353 6170.8 1778.9

7 9 2009 17682 5070.0 353 6241.7 1850.6

8 10 2010 17886 5274.4 353 6313.8 1925.1

9 11 2011 18092 5486.9 353 6386.5 2002.7

10 12 2012 17428 5708.0 353 6152.1 2083.4

11 13 2013 17628 5938.1 349 6152.2 2167.4

12 14 2014 17831 6177.4 349 6223.0 2254.7

13 15 2015 18036 6426.3 349 6294.6 2345.6

14 16 2016 18243 6685.3 349 6366.8 2440.1

15 17 2017 14762 6954.7 349 5151.9 2538.5

16 18 2018 14932 7235.0 349 5211.3 2640.8

17 19 2019 15104 7526.6 349 5271.3 2747.218 20 2020 15278 7829.9 349 5332.0 2857.9

19 21 2021 15454 8145.4 349 5393.4 2973.1

20 22 2022 14654 8473.7 349 5114.2 3092.9

21 23 2023 14823 8815.2 349 5173.2 3217.5

22 24 2024 14993 9170.4 349 5232.6 3347.2

23 25 2025 15166 9540.0 349 5292.9 3482.1

24 26 2026 15341 9924.5 349 5354.0 3622.4

25 27 2027 13448 10324.4 349 4693.4 3768.4

8/8/2019 Ocean carriers - Resoluo

13/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

8/8/2019 Ocean carriers - Resoluo

14/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

8/8/2019 Ocean carriers - Resoluo

15/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 15606 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 1710

17 19 2019 15104 7526.6 349 5271.3 2747.2 171018 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

16/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

3900

3900

31200

1560

1560

1560

1560

1560 3001620

1620

1620

1620

1620 350

1630

1630

1630

1630

1630 750

1710

17101710

1710

1710 850

1730

1730

1730

1730

1730

8/8/2019 Ocean carriers - Resoluo

17/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

39000

37440

35880

34320

32760

31500 + Valor Investimento Vistorias29880

28260

26640

25020

23750 + Valor Investimento Vistorias

22120

20490

18860

17230

16350 + Valor Investimento Vistorias

14640

1293011220

9510

8650 + Valor Investimento Vistorias

6920

5190

3460

1730

0

8/8/2019 Ocean carriers - Resoluo

18/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 15606 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 1710

17 19 2019 15104 7526.6 349 5271.3 2747.2 171018 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

19/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

3900

3900

31200

1442.0 2678.0 1560

1446.4 2686.2 1560

1450.0 2692.8 1560

1217.0 2260.2 1560

1015.0 1885.0 1560 300970.2 1801.7 1620

969.9 1801.3 1620

969.0 1799.6 1620

967.3 1796.4 1620

857.0 1591.6 1620 350

824.2 1530.6 1630

818.4 1519.9 1630

811.6 1507.3 1630

803.8 1492.8 1630

344.2 639.2 1630 750

301.2 559.3 1710

284.9 529.2 1710267.4 496.7 1710

248.6 461.7 1710

109.0 202.4 1710 850

79.0 146.7 1730

54.4 101.0 1730

28.3 52.5 1730

0.6 1.0 1730

-281.8 -523.3 1730

8/8/2019 Ocean carriers - Resoluo

20/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

39000

37440

35880

34320

32760

3150029880

28260

26640

25020

23750

22120

20490

18860

17230

16350

14640

1293011220

9510

8650

6920

5190

3460

1730

0

8/8/2019 Ocean carriers - Resoluo

21/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 15606 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 1710

17 19 2019 15104 7526.6 349 5271.3 2747.2 171018 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

22/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

3900

3900

31200 500.0

1442.0 2678.0 1560 15.0

1446.4 2686.2 1560 15.5

1450.0 2692.8 1560 15.9

1217.0 2260.2 1560 16.4

1015.0 1885.0 1560 300 16.9970.2 1801.7 1620 17.4

969.9 1801.3 1620 17.9

969.0 1799.6 1620 18.4

967.3 1796.4 1620 19.0

857.0 1591.6 1620 350 19.6

824.2 1530.6 1630 20.2

818.4 1519.9 1630 20.8

811.6 1507.3 1630 21.4

803.8 1492.8 1630 22.0

344.2 639.2 1630 750 22.7

301.2 559.3 1710 23.4

284.9 529.2 1710 24.1267.4 496.7 1710 24.8

248.6 461.7 1710 25.5

109.0 202.4 1710 850 26.3

79.0 146.7 1730 27.1

54.4 101.0 1730 27.9

28.3 52.5 1730 28.7

0.6 1.0 1730 29.6

-281.8 -523.3 1730 -1016.4

8/8/2019 Ocean carriers - Resoluo

23/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

500 39000

515.0 37440

530.5 35880

546.4 34320

562.8 32760

579.6 31500597.0 29880

614.9 28260

633.4 26640

652.4 25020

672.0 23750

692.1 22120

712.9 20490

734.3 18860

756.3 17230

779.0 16350

802.4 14640

826.4 12930851.2 11220

876.8 9510

903.1 8650

930.1 6920

958.1 5190

986.8 3460

1016.4 1730

0

8/8/2019 Ocean carriers - Resoluo

24/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 15606 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 1710

17 19 2019 15104 7526.6 349 5271.3 2747.2 171018 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

25/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

3900

3900

31200 500.0

1442.0 2678.0 1560 15.0

1446.4 2686.2 1560 15.5

1450.0 2692.8 1560 15.9

1217.0 2260.2 1560 16.4

1015.0 1885.0 1560 300 16.9970.2 1801.7 1620 17.4

969.9 1801.3 1620 17.9

969.0 1799.6 1620 18.4

967.3 1796.4 1620 19.0

857.0 1591.6 1620 350 19.6

824.2 1530.6 1630 20.2

818.4 1519.9 1630 20.8

811.6 1507.3 1630 21.4

803.8 1492.8 1630 22.0

344.2 639.2 1630 750 22.7

301.2 559.3 1710 23.4

284.9 529.2 1710 24.1267.4 496.7 1710 24.8

248.6 461.7 1710 25.5

109.0 202.4 1710 850 26.3

79.0 146.7 1730 27.1

54.4 101.0 1730 27.9

28.3 52.5 1730 28.7

0.6 1.0 1730 29.6

-281.8 -523.3 1730 -1016.4 4367.73

8/8/2019 Ocean carriers - Resoluo

26/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

500 39000

515.0 37440 3305.6

530.5 35880 3404.8

546.4 34320 3506.9

562.8 32760 3612.1

579.6 31500 3720.5597.0 29880 3832.1

614.9 28260 3947.0

633.4 26640 4065.5

652.4 25020 4187.4

672.0 23750 4313.0

692.1 22120 4442.4

712.9 20490 4575.7

734.3 18860 4713.0

756.3 17230 4854.4

779.0 16350 5000.0

802.4 14640 5150.0

826.4 12930 5304.5851.2 11220 5463.6

876.8 9510 5627.5

903.1 8650 5796.4

930.1 6920 5970.3

958.1 5190 6149.4

986.8 3460 6333.9

1016.4 1730 6523.9

0 6719.6

8/8/2019 Ocean carriers - Resoluo

27/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 15606 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 1710

17 19 2019 15104 7526.6 349 5271.3 2747.2 171018 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

28/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACTU

3900 -3900.0 -3900.0

3900 -3900.0 -3578.0

31200 500.0 -31700.0 -26681.3

1442.0 2678.0 1560 15.0 4223.0 3260.9

1446.4 2686.2 1560 15.5 4230.7 2997.1

1450.0 2692.8 1560 15.9 4236.9 2753.7

1217.0 2260.2 1560 16.4 3803.8 2268.1

1015.0 1885.0 1560 300 16.9 3128.2 1711.2970.2 1801.7 1620 17.4 3404.4 1708.5

969.9 1801.3 1620 17.9 3403.4 1567.0

969.0 1799.6 1620 18.4 3401.2 1436.7

967.3 1796.4 1620 19.0 3397.4 1316.6

857.0 1591.6 1620 350 19.6 2842.0 1010.4

824.2 1530.6 1630 20.2 3140.4 1024.3

818.4 1519.9 1630 20.8 3129.1 936.4

811.6 1507.3 1630 21.4 3115.9 855.4

803.8 1492.8 1630 22.0 3100.8 781.0

344.2 639.2 1630 750 22.7 1496.6 345.8

301.2 559.3 1710 23.4 2245.9 476.1

284.9 529.2 1710 24.1 2215.1 430.8267.4 496.7 1710 24.8 2181.9 389.3

248.6 461.7 1710 25.5 2146.2 351.3

109.0 202.4 1710 850 26.3 1036.1 155.6

79.0 146.7 1730 27.1 1849.6 254.8

54.4 101.0 1730 27.9 1803.1 227.9

28.3 52.5 1730 28.7 1753.8 203.4

0.6 1.0 1730 29.6 1701.4 181.0

-281.8 -523.3 1730 -1016.4 4367.73 6590.8 643.3

-6872.3

8/8/2019 Ocean carriers - Resoluo

29/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

500 39000

515.0 37440 3305.6

530.5 35880 3404.8

546.4 34320 3506.9

562.8 32760 3612.1

579.6 31500 3720.5597.0 29880 3832.1

614.9 28260 3947.0

633.4 26640 4065.5

652.4 25020 4187.4

672.0 23750 4313.0

692.1 22120 4442.4

712.9 20490 4575.7

734.3 18860 4713.0

756.3 17230 4854.4

779.0 16350 5000.0

802.4 14640 5150.0

826.4 12930 5304.5851.2 11220 5463.6

876.8 9510 5627.5

903.1 8650 5796.4

930.1 6920 5970.3

958.1 5190 6149.4

986.8 3460 6333.9

1016.4 1730 6523.9

0 6719.6

8/8/2019 Ocean carriers - Resoluo

30/32

Valor Contabilistico do Navio 39000

Depreciao Anual (Navio) 1560

Taxa Imposto 0.35

Taxa Inflao Esperada 0.03

Taxa Actualizao 0.09

Vida Util 25

Taxa Custo ('000)

Idade Ano Aluguer Operacion Dias ('000) Custos ('000)

Navio Evento Ano Dirio Dirio Aluguer Receitas Operacion Amortiza

0 2000

1 2001

2 2002

1 3 2003 20000 4000.0 357 7140.0 1460.0 1560

2 4 2004 20200 4161.2 357 7211.4 1518.8 1560

3 5 2005 20400 4328.9 357 7282.8 1580.0 1560

4 6 2006 18714 4503.4 357 6680.9 1643.7 1560

5 7 2007 17283 4684.8 357 6170.0 1710.0 1560

6 8 2008 17481 4873.6 353 6170.8 1778.9 1620

7 9 2009 17682 5070.0 353 6241.7 1850.6 1620

8 10 2010 17886 5274.4 353 6313.8 1925.1 1620

9 11 2011 18092 5486.9 353 6386.5 2002.7 1620

10 12 2012 17428 5708.0 353 6152.1 2083.4 1620

11 13 2013 17628 5938.1 349 6152.2 2167.4 1630

12 14 2014 17831 6177.4 349 6223.0 2254.7 1630

13 15 2015 18036 6426.3 349 6294.6 2345.6 1630

14 16 2016 18243 6685.3 349 6366.8 2440.1 1630

15 17 2017 14762 6954.7 349 5151.9 2538.5 1630

16 18 2018 14932 7235.0 349 5211.3 2640.8 171017 19 2019 15104 7526.6 349 5271.3 2747.2 1710

18 20 2020 15278 7829.9 349 5332.0 2857.9 1710

19 21 2021 15454 8145.4 349 5393.4 2973.1 1710

20 22 2022 14654 8473.7 349 5114.2 3092.9 1710

21 23 2023 14823 8815.2 349 5173.2 3217.5 1730

22 24 2024 14993 9170.4 349 5232.6 3347.2 1730

23 25 2025 15166 9540.0 349 5292.9 3482.1 1730

24 26 2026 15341 9924.5 349 5354.0 3622.4 1730

25 27 2027 13448 10324.4 349 4693.4 3768.4 1730

8/8/2019 Ocean carriers - Resoluo

31/32

Res.Operac ('000) Resultado ('000)

Impostos aps ('000) InvestimenInvestimenVar Venda CashFlow CashFlow

Lucros Impostos AmortizaesNavio Vistorias NFM Navio Livre Livre ACT

3900 -3900.0 -3900.0

3900 -3900.0 -3578.0

31200 500.0 -31700.0 -26681.3

1442.0 2678.0 1560 15.0 4223.0 3260.9

1446.4 2686.2 1560 15.5 4230.7 2997.1

1450.0 2692.8 1560 15.9 4236.9 2753.7

1217.0 2260.2 1560 16.4 3803.8 2268.1

1015.0 1885.0 1560 300 16.9 3128.2 1711.2

970.2 1801.7 1620 17.4 3404.4 1708.5

969.9 1801.3 1620 17.9 3403.4 1567.0

969.0 1799.6 1620 18.4 3401.2 1436.7

967.3 1796.4 1620 19.0 3397.4 1316.6

857.0 1591.6 1620 350 19.6 2842.0 1010.4

824.2 1530.6 1630 20.2 3140.4 1024.3

818.4 1519.9 1630 20.8 3129.1 936.4

811.6 1507.3 1630 21.4 3115.9 855.4

803.8 1492.8 1630 22.0 3100.8 781.0

344.2 639.2 1630 750 22.7 1496.6 345.8

301.2 559.3 1710 23.4 2245.9 476.1284.9 529.2 1710 24.1 2215.1 430.8

267.4 496.7 1710 24.8 2181.9 389.3

248.6 461.7 1710 25.5 2146.2 351.3

109.0 202.4 1710 850 26.3 1036.1 155.6

79.0 146.7 1730 27.1 1849.6 254.8

54.4 101.0 1730 27.9 1803.1 227.9

28.3 52.5 1730 28.7 1753.8 203.4

0.6 1.0 1730 29.6 1701.4 181.0

-281.8 -523.3 1730 -1016.4 4367.73 6590.8 643.3

-6872.3

8/8/2019 Ocean carriers - Resoluo

32/32

('000)

Valor

ContabilistiValor Abate

AL NFM Navio

3900

7800

500 39000

515.0 37440 3305.6

530.5 35880 3404.8

546.4 34320 3506.9

562.8 32760 3612.1

579.6 31500 3720.5

597.0 29880 3832.1

614.9 28260 3947.0

633.4 26640 4065.5

652.4 25020 4187.4

672.0 23750 4313.0

692.1 22120 4442.4

712.9 20490 4575.7

734.3 18860 4713.0

756.3 17230 4854.4

779.0 16350 5000.0

802.4 14640 5150.0826.4 12930 5304.5

851.2 11220 5463.6

876.8 9510 5627.5

903.1 8650 5796.4

930.1 6920 5970.3

958.1 5190 6149.4

986.8 3460 6333.9

1016.4 1730 6523.9

0 6719.6