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Estimating Commercial Ship Life Cycle Cost & Required Freight Rate
(3-Port Model)
1 SPAR Associates, Inc. 12/21/2012
This is another of SPAR’s ESTI-MATE Cost Models. It focuses on life cycle costs for commercial ships and estimating the required freight rates for a user-defined trade route and operational characteristics. For the life cycle costs, annual estimates are generated for
•Capital financing and return on equity; •Salvage/resale •Insurance •Administration •Supplies and crew
When the user defines details of the trade route (average voyage scenario of speeds and distances), the Cost Model estimates costs for
•Fuel •Port & drayage.
The Cost Model develops the Required Freight Rate (RFR) on the basis of unit (trailer, TEU, passenger, etc.) voyage cost, tonnage, and/or equivalent statute land miles (if applicable).
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16.5%
9.4%
35.4%
6.9%
8.6%
11.8%
0.9%1.5%
2.7% 2.8%
3.4%
Capital Cost
Return on Equity
Fuel Cost
Crew Cost
Port & Handling Costs
Door-to-Dock Drayage Tranport Costs
Insurance
Maintenance & Repairs
Management Costs
Lubes, Oils & Stores
Other
Typical Breakdown of Annual Costs for a High-Speed Commercial Trailer Ship
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Basic Hierarchy of Life Cycle Costs
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Defining Transit Route Distance per Leg of the Route
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Defining Transit Route Speed per Leg of the Route
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Defining Transit Route Time in Hours per Leg of the Route
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Defining Transit Route Fuel Consumption per Leg of the Route
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Defining Basic Components of Capital Cost
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$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
An
nu
al C
ost
of
Mo
ne
yM
illio
ns
Years for Financing
Comparing Financing Terms
Equal Annual Pmt of Principle + Interest on Rem. Principle
Equal Annual Pmt Mortgage
Equity Return
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y = 20.35477x2 + 42.40645x - 854.24061R² = 0.99912
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0 10 20 30 40 50 60 70
Esti
mat
ed
Pro
pu
lsio
n P
ow
er
(kW
)
Speed (KTS)
Estimating Propulsion Power Curve
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There are three methods for determining fuel consumption in metric tons for each leg of the trade route. 1. The first method allows entries of estimate kW expended each leg (including
electric generation in port) for each (if multiple) propulsion system for the ship. The cost model computes the tons of fuel consumed by multiplying the kW by the leg hours and the specific fuel consumption coefficient (SFC).
2. The second method estimates the propulsion kW based on the speed. The “Power Curve” worksheet builds an approximate second order speed-power curve (Figure 3.1-4) using the ship design’s maximum kW propulsion power versus maximum hull speed. This method most likely cannot develop an accurate kW for the transit leg speed if there are multiple propulsion systems in use. A manual entry for the specific fuel consumption coefficient is required for the model to compute tones consumed over the hours of operation over the transit leg period of time.
3. The third method allows the tons of fuel consumption to be computed off-line from the cost model and entered in the gray cell labeled “Manually Entered Propulsion Fuel MTONs.”
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Summary of 3-Port Voyage
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Summary of Cargo Transfers
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The Cost Model Generates a Variety of Tabular & Graphical Reports
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Report Indicating Required Freight Rates per Type of Cargo Transported
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Users of a cost model are cautioned that it is intended to provide only an estimate of cost information. There are limits to the capabilities of these calculations beyond which results may not be accurate. The data provided in the cost model is not a substitute for judgment, analysis and sound estimating practice. The cost model is an aid in developing an informed opinion of cost. If you are using the cost model as your sole cost authority for contract bids, you are reading more into the cost model than what has been intended. SPAR ASSOCIATES, INC. MAKES NO WARRANTIES OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTIBILITY AND FITNESS FOR A PARTICULAR PURPOSE. SPAR Associates, Inc. shall not be liable for errors contained herein or for incidental or consequential damages in connection with the furnishings, performance or use of this material.
User Caution
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Over 40 Years Serving the Shipbuilding & Repair Industry
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