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Airlines, shipping, rail and buses

Shipping company financial model, built free.

A three-statement Excel model for a ship owner and operator (tonnage provider), built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Owns dry bulk carriers, tankers, container ships, gas carriers or offshore vessels and earns time-charter or voyage revenue per operating day against daily running costs and drydocking.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued three ways

    Discounted cash flow, trading multiples and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Shipping company sample model.xlsx
The Summary sheet of the sample shipping company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a shipping company.

  1. How it earns revenue1 formula
    Charter revenue · All vessels
    Charter revenue (TCE basis)Fixed charter revenueExtension option revenueOpen days at market rates
  2. What drives its costs1 formula
    Vessel operating costs · All vessels
    Vessel operating costsCalendar daysOperating cost per ship per day
  3. What it invests in1 formula
    Vessel book value, drydocking and depreciation · All vessels
    Closing net book valueOpening net book valueDrydocking and upgrade capexVessel depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

17 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Interest-rate hedgingHedged share at a fixed rate
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Interest-rate forecastMarket forward curve
  • CPI forecastCPI glide path
  • Charter revenueFixed charters then market ratesDays each vessel works and the time-charter-equivalent (TCE) revenue it earns.
  • Vessel operating costsOpex per dayDaily running costs of each vessel: crew, insurance, stores, lubricants, repairs and technical management.
  • Vessel book value, drydocking and depreciationStraight-line to scrap valueNewbuild payments, drydocking, depreciation to scrap value and impairment of each vessel.
Key numbers

The numbers it tracks.

  1. 01TCE per day
  2. 02fleet days
  3. 03opex per day
  4. 04EBITDA breakeven rate
  5. 05net asset value
  6. 06loan-to-value
Used for

What it is used for.

Also used for
  • Asset acquisition
  • Scenarios and sensitivities
Related models

More in airlines, shipping, rail and buses.

Every transport and infrastructure model

Looking for a shipping company financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.