1	Full Capacity (in 1000 cu ft)	"600,000 "
2	% Capacity Produced	50.00%
3	% Fuel Requirement	10.00%
4	Units Produced and Sold	"270,000"
5	Price Per Unit	$192.00
6	Rate of Increase in Price	3.00%
7	Cost of Ship	"$100,000,000"
8	Routine Maint. (% of B7)	2.00%
9	Maint. Of Electrolysers	"$2,000,000"
10	Insurance Costs	"$500,000"
11	Office Expenses	"$1,500,000"
12	Labor Costs/hour	$50.00
13	Size of Ship's Crew	36
14	Moving Costs/1000 cu ft	$60.00
15	Rate of Increase in Costs	3.00%
16	Corp. Tax Rate	35.00%
17	Discount Rate:	10.00%																					
18																							
19	Period	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	
20																							
21	Sales Revenue		"51,840,000"	"53,395,200"	"54,997,056"	"56,646,968"	"58,346,377"	"60,096,768"	"61,899,671"	"63,756,661"	"65,669,361"	"67,639,442"	"69,668,625"	"71,758,684"	"73,911,444"	"76,128,788"	"78,412,651"	"80,765,031"	"83,187,982"	"85,683,621"	"88,254,130"	"90,901,754"	
22																							
23	Insurance		"500,000"	"515,000"	"530,450"	"546,364"	"562,754"	"579,637"	"597,026"	"614,937"	"633,385"	"652,387"	"671,958"	"692,117"	"712,880"	"734,267"	"756,295"	"778,984"	"802,353"	"826,424"	"851,217"	"876,753"	
24	Depreciation		"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	"5,000,000"	
25	Routine Maintenance		"2,000,000"	"2,060,000"	"2,121,800"	"2,185,454"	"2,251,018"	"2,318,548"	"2,388,105"	"2,459,748"	"2,533,540"	"2,609,546"	"2,687,833"	"2,768,468"	"2,851,522"	"2,937,067"	"3,025,179"	"3,115,935"	"3,209,413"	"3,305,695"	"3,404,866"	"3,507,012"	
26	Maint. Of Electrolysers								"2,459,748"							"3,025,179"							
27	Office Expenses		"1,500,000"	"1,545,000"	"1,591,350"	"1,639,091"	"1,688,263"	"1,738,911"	"1,791,078"	"1,844,811"	"1,900,155"	"1,957,160"	"2,015,875"	"2,076,351"	"2,138,641"	"2,202,801"	"2,268,885"	"2,336,951"	"2,407,060"	"2,479,271"	"2,553,650"	"2,630,259"	
28	Labor Costs		"3,744,000"	"3,856,320"	"3,972,010"	"4,091,170"	"4,213,905"	"4,340,322"	"4,470,532"	"4,604,648"	"4,742,787"	"4,885,071"	"5,031,623"	"5,182,572"	"5,338,049"	"5,498,190"	"5,663,136"	"5,833,030"	"6,008,021"	"6,188,262"	"6,373,909"	"6,565,127"	
29	Moving Costs		"16,200,000"	"16,686,000"	"17,186,580"	"17,702,177"	"18,233,243"	"18,780,240"	"19,343,647"	"19,923,957"	"20,521,675"	"21,137,326"	"21,771,445"	"22,424,589"	"23,097,326"	"23,790,246"	"24,503,954"	"25,239,072"	"25,996,244"	"26,776,132"	"27,579,416"	"28,406,798"	
30																							
31	Total Operating Costs		"28,944,000"	"29,662,320"	"30,402,190"	"31,164,255"	"31,949,183"	"32,757,658"	"36,050,136"	"34,448,100"	"35,331,543"	"36,241,489"	"37,178,734"	"38,144,096"	"39,138,419"	"43,187,751"	"41,217,448"	"42,303,972"	"43,423,091"	"44,575,784"	"45,763,057"	"46,985,949"	
32	Operating Costs/Unit		107.20	109.86	112.60	115.42	118.33	121.32	133.52	127.59	130.86	134.23	137.70	141.27	144.96	159.95	152.66	156.68	160.83	165.10	169.49	174.02	
33																							
34	Annual Operating Profits		"22,896,000"	"23,732,880"	"24,594,866"	"25,482,712"	"26,397,194"	"27,339,110"	"25,849,535"	"29,308,561"	"30,337,818"	"31,397,953"	"32,489,891"	"33,614,588"	"34,773,026"	"32,941,037"	"37,195,203"	"38,461,059"	"39,764,891"	"41,107,838"	"42,491,073"	"43,915,805"	
35	Corporate Income Tax		"8,013,600"	"8,306,508"	"8,608,203"	"8,918,949"	"9,239,018"	"9,568,688"	"9,047,337"	"10,257,996"	"10,618,236"	"10,989,283"	"11,371,462"	"11,765,106"	"12,170,559"	"11,529,363"	"13,018,321"	"13,461,371"	"13,917,712"	"14,387,743"	"14,871,875"	"15,370,532"	
36	After-Tax Profit		"14,882,400"	"15,426,372"	"15,986,663"	"16,563,763"	"17,158,176"	"17,770,421"	"16,802,198"	"19,050,565"	"19,719,582"	"20,408,669"	"21,118,429"	"21,849,482"	"22,602,467"	"21,411,674"	"24,176,882"	"24,999,688"	"25,847,179"	"26,720,094"	"27,619,197"	"28,545,273"	
37																							
38	Net Cash Flow	"-100,000,000"	"19,882,400"	"20,426,372"	"20,986,663"	"21,563,763"	"22,158,176"	"22,770,421"	"21,802,198"	"24,050,565"	"24,719,582"	"25,408,669"	"26,118,429"	"26,849,482"	"27,602,467"	"26,411,674"	"29,176,882"	"29,999,688"	"30,847,179"	"31,720,094"	"32,619,197"	"33,545,273"	
39																							
40	NPV	"$103,052,622"	"18,074,909"	"16,881,299"	"15,767,591"	"14,728,340"	"13,758,484"	"12,853,309"	"11,187,975"	"11,219,766"	"10,483,516"	"9,796,142"	"9,154,350"	"8,555,072"	"7,995,451"	"6,955,019"	"6,984,714"	"6,528,806"	"6,102,950"	"5,705,138"	"5,333,499"	"4,986,291"	
41																							
42	IRR	21.89%