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This plan is presented
for educational purposes only. Open Window inc.
Business plan Bunkering On a condition of the prices for January, 21 st,2009
Address: Rep. Panama, Panama City, cll. 70 Phone: +507- 6507- 1840 E-mail: info@panamashop.biz The site of the project www.panamashop.biz President of Company Tmenov Sergey
Panama 2009
1.1 .The purpose of the Project. 1.2.Strategy of realization of the project. 1.3.Terms of realization of the project. 2.The analysis of need of the market 2.2.Clients on purchase of fuel. 4.The plan of works. Expenses. Terms. The prices 4.1.The general strategy of works. 4.2.Expenses on the first stage of work. 4.2.1.Presence of vessels suitable for work. 4.2.2.The order of purchase of vessel. Charges. 4.2.4.Expenses for opening of branch in Venezuela. 4.2.5.Expenses for opening office in Panama. 4.2.7.Total on the first stage of works. 4.3.Expenses for the second stage of works. 4.3.2.The basic working capital. 4.3.3.Ships crew salaries. Charges on the maintenance vessels in a month. 4.3.4.Salaries to the administrative board of the company. 4.3.7.Total on the second stage of works. 5.A turn of the capital. The monthly vessels schedule. 5.1.A turn of the capital. The general concepts. 5.2.The monthly vessels schedule. 6.1.Calculation of profit without taking into account expenses. 6.2.Expenses for purchase of fuel.
1.1.The purpose of the Project.
Maintenance of the petrotrading enterprises with diesel fuel.Satisfaction in a stable demand of consumers of diesel fuel, lub. oil, water.
1.2.Strategy of realization of the project.
Commissioning of 2 ocean tankers in total amount of 13300 metric tons. Commissioning of 2 supply vessels in total amount of 1200 metric tons.
1.3.Terms of realization of the project.
February,2009 – March,2010 Is provided preschedule realization of the project till September-October,2009
2.The analysis of need of the market
1gallon=4,853litres 1m3 = 264gallons 1metric ton =314gallons
2.2.Clients on purchase of fuel
- The fishing companies which are based Canary Islands(the Spanish ships) fleet of 37fishing trawlers. Catch fish in Atlantic Ocean. The minimal need of 15 000 metric tons in a month. - The fishing companies which are based in Honduras. Fleet of 23 fishing Trawlers. Catch fish in Caribbean Sea. The minimal need of 9 000 metric tons in a month. - Bunkering companies in Panama. Volume of tanks of 1 000 000 metric tons. The minimal need of 40 000 metric tons. - The petrotrading company in Guadeloupe. Volume of tanks 300 000 metric tons. The minimal need of 6000 metric tons in a month.
Total initial need of minimally 70 000metric tons(21 980 000 gallons) in a month.
Proceeds of credit are necessary for realization of the project at a rate of 25 000 000 US dollars. The base variant of financing provides reception of the bank credit. The size of percent for the credit is accepted at a level 98% At the first stage receipts of 13 000 000 US dollars on purchase of vessels and registrations of the general documents for the beginning works are planned. At the second stage receipts of 12 000 000 US dollars for formation of a working capital, reserve fund and planned. Return of the credit and percent under the credit can start to be carried out not earlier than in 45 days after receipt of means on the second stage of financing. In process of full return of the credit with percent, the opportunity of participation of the investor in profit of the company at a level 48% with equivalent participation in expenses on expansion and maintenance of the project is provided. The control of the investor over execution of obligations of the company can be by joint access to the account of the company both physically and by internet-banking, till time of full transfer by the company of the credit and percent under the credit for the account of the investor. In the further, it is planned exclusively contractual attitudes supported by corresponding contracts with obligatory assurance, authorized by the notary with translation of this contract into the Spanish, English and Russian languages.
4.The plan of works.Expenses.Terms.The prices
4.1.The general strategy of work.
For trade exclusively diesel fuel is considered. It is caused by specificity of work of the vessels. Engines of the ocean vessels consume diesel oil or fuel oil. At rather low price of fuel oil(in 1.7 times is cheaper some diesel fuel) its consumption in 2,3 times above, than consumption of diesel fuel. Diesel fuel more dear, but its consumption below. Thus, ship owners, considering low cost of re-equipment of engines from fuel oil on diesel fuel (the order 20 000$) try to use in the greater image vessels with the engines consuming diesel fuel. Also for maintenance of a continuity of work of the fishing trawlers catch fish in waters of Atlantic Ocean, the opportunity of trade by lubricating oil and fresh water as accompanying , but during too time the necessary goods is considered. Also the opportunity of delivery of members of crew of the trawlers for change of crews is considered. Purchase of fuel on the terminal of Island Margarita or on the terminal of Maracaibo in Venezuela is supposed. Purchase value of fuel, in Venezuela will make 0.75 – 0.80dollar for gallon. Fluctuations of the price are caused by fluctuation of a rate of oil at the international stock exchanges. So low price of purchase is caused by the arrangement with administration of the terminal and is direct with the president Hugo Chaves.Also,the agreement on payment not in national currency Bolivar, and in US dollars is reached, that considerably cuts down expenses because of fluctuations of a rate of national currency of Venezuela. For maintenance of a continuity of work of the company caused because of Idle time of the ships on arrests and loss of time on bunkering, purchase 2 supply vessels and 2 tankers is supposed. Thus, supply vessels will be registered under the Venezuela flag to not pay customs ,port dues and the custom charges for purchase of fuel. Tankers will be registered under the Panama flag, but to come in port they not entrance, with a view of economy of money for arrests and plumps of tanks. Basing tankers exclusively in free waters (12miles a mark) and bunkering by supply vessels the companies under the Venezuela flag, and unloading tanks or supply vessels the customer (a variant of work with Panama and Guadeloupe), or direct unloading(bunkering) on Vessels of the ship owner(a variant of work with fishing fleet of Canary Islands and Honduras )is supposed. Also specificity of work including the safety of the company, causes necessity of registration of each separate vessel on the separate company. In case of arrest of this or that ship, the company continues the work by the remained vessels, till the moment of the resolution of dispute lawyers of the company. From the economic point of view uninterrupted operation of work of the ships will be provided by payment 2% from net profit of the company to the Operation Director of the company in Venezuela, 2% from net profit of the company to the Technical Director of the company in Panama, on 2% from net profit of the company to 3 lawyers of the company. Total the percent of monthly deduction will make 10%. It is accepted, that it is economically expedient for same reasons and: a.The tax to trade in mineral oil would make 24% b.Losses of the company because of arrest(monthly idle time)supply vessel will make up to 30% from the aggregate profit of the company. c.Century of loss of the company because of arrest(monthly idle time)tanker will make up to 50% from the aggregate profit of the company. At work under above resulted scheme the tax to trade in mineral oil will not be paid, as trade (resale)occurs exclusively in neutral waters, whose jurisdiction concerns to one country. Also at work of lawyers with contracts and administration of the companies of ship owners and terminals the risk or arrest, penalties and other sanctions against the company up to 0,07%.
4.2.Expenses on the first stage of work.
4.2.1.Presence of the ships suitable for work.
a. 1 tanker ,tanks in volume of 5 000mt,place of basing territorial waters in Peru, 1 week of a course up to place of purchase, cost 3 800 000 US dollars. b. 1 tanker, tanks in volume of 7 400mt, place of basing Indian Ocean, 1 month of a course up to place of purchase, cost 3 700 000 US dollars. c. 1 tanker, tanks in volume of 5 900mt, a place of basing Northern part of Atlantic Ocean, 1 month of a course up to place of purchase, cost 3 900 000 US dollars. d.1 tanker, tanks in volume of 5 200mt,a place of basing territorial water of Canada, 1 month of a course up to place of purchase, cost 3 200 000 US dollars. e.1 tanker, tanks in volume of 5 700mt, a place of basing territorial water in Panama, 6 days of a course up to place of purchase, cost 4 300 000 US dollars.
f. 1 supply vessel, tanks in volume of 530mt, a place of basing territorial waters of Venezuela, cost 1 700 000 US dollars. g.1 supply vessel, tanks in volume of 510mt, a place of basing territorial waters of Venezuela, cost 1 900 000 US dollars. h.1 supply vessel, tanks in volume of 720mt, a place of basing territorial waters of Australia, 1 month of a course up to place of purchase, cost 1 850 000 US dollars. i.1 supply vessel, tanks in volume of 765mt, a place of basing Indian Ocean, 1 month of a course up to place of purchase, cost 1 950 000 US dollars.
4.2.2. The order of purchase of the ships. Charges.
At cost 1 tanker 4 000 000 US dollars, 1 supply vessel 2 000 000 US dollar. The exact price of purchase approximately is accepted can be certain only at survey of this or that ship on a place by engineers of the company. Also takes into consideration that any ship should have (the mooring ends, sleeves, pumps, counters, spare parts) account materials(rags, bulbs, the electric tools, electrodes etc.) welding machines, gas cylinders, a wire, the first aid set, means of rescue of crew, a satellite communication, navigation charts, etc.). Also it is necessary scheduled (5 years) repair of the vessels in docks and painting of the case anticorrosive paints, and other coverings. Thus after survey the tender with the ship owner then the immediate conclusion of the contract with the certificate of remarks on the hull, ship equipment, machinery and account materials and immediate exhibiting of the letter of credit to the account of the ship owner by all means takes place. Thus the total cost of purchase of the ships will make: 2 tankers on 4 000 000 US dollars. Total 8 000 000 US dollars. 2 supply vessels on 2 000 000 US dollars. Total 4 000 000 US dollars. Total price of purchase 12 000 000 US dollars. Payment of necessary (possible) repair and recompleting on 100 000 US dollars on the ship. Total approximately 400 000 US dollars.
Opening of 4 shipping companies on 3200 US dollars. Total 12 800 US dollars. Registration of 4 ships on 22 000 US dollars. Total 88 000 US dollars. The total cost on registration of the ships will make 100 800 US dollar.
4.2.4.Expenses for opening of branch in Venezuela.
10 000 US dollars lumpsum. 1400 Us dollars in a month rent of office.
4.2.5.Expenses for opening of office in Panama.
10 000 US dollars lumpsum . 1400 US dollars in a month rent of office.
a.Two cars in Panama and in Venezuela on 20 000 US dollars. b.Business trips 2.500 US dollars on each person, on 4 persons on each business trip, 4 trips on customers, 10 trips on survey of the ships, total 14 trips. Total on expenses For business trips 140 000 US dollars. c. Traveling and living expenses on arrival of crew to a place of ship base. According to sea laws and sea practice of an expense for arrival of crew on a vessel the ship owner bears.Change of crew of the ship is necessary at change of the ship owner. The crew of the ship is made by 12 persons. Thus the ship owner pays air ticket, visa formality and hotels for members of crew. Cost of tickets on 1 300 US dollars on the person approximately is accepted. 4 vessels on 12 persons crew on 1 300 US dollars ticket. Total 62 400 US dollars.
4.2.7.Total on the first stage of work.
Expenses 12 766 000 US dollars. Reserve capital 234 000 US dollars. Total: 13 000 000 US dollars.
4.3.The second stage of work. Expenses.
Before the beginning of works, from the moment of the conclusion of the contract on Purchase of the ship and till the moment of the beginning of its work it is by all means Necessary insurance the ships. According to the arrangement of the company with insurance agencies it decided to insure the ships with the following terms. Payment of the Insurance it is made once a year. The insurance averages 10 US dollars per 1mt of displacement of the ship. Displacement of the ship on the average on 10 -15% above, than capacity of its tanks in tons. Thus accepting the average tonnage of capacities of tankers for 12 300mt, and the average tonnage supply vessels 1200mt, we have 13 200mt plus 10% .Total: 14 520mt. Cost of the insurance a year will roughly make 145 200 US dollars in a year. 4.3.2.The basic working capital.
The basic working capital pays off from cost of tanks of the ships, and with calculation of a Delay of one payment till the moment of arrival of payment from the second trip. As the company assumes use of 2 basic tankers, there is a probability of idle time supply vessels. As supply vessel more speeded vessel, than tanker, is supposed possible work and supply vessels. Thus the working capital will pay off and on their tanks. But in the further at calculation of a turn of ships and at calculation there have arrived the supply vessels to attention will not be accepted, the company wishes to show this the greatest possible charges and minimally possible profit as the worst variant of work. The average tonnage of capacities of tankers is equal 12 000mt The average tonnage of capacities of supply vessels is equal 1200mt Thus ,we have 13 200mt of working volume of the ships. In two-multiple increase it is 26 400mt. 26 400mt *314gallons in 1 mt =8 289 600gallons. At the maximum jump of cost of gallon of diesel fuel up to 0,97 US dollar per gallon, the capital in 8 289 600gls x 0,97(1gls) =8 040 912US dollars of the basic working capital is necessary for us. 4.3.3.The salary of crews of the ships.Charges on the maintenance of the ships in a month.
The salary of crew of the ship makes 50 000 US dollars in a month on the ship. On 4 ships of 200 000 US dollars.Charges on the maintenance of the ship (diesel fuel, oil, water, spare parts, nutrition for crew, etc) makes miscellaneous cost 350 000 US dollars per each ship in a month. On 4 ships it is 1 400 000 US dollars.Charges on the maintenance Of the ship will be know precisely only after 3-4 month of operation of the ship in the same route and at stable weather. 4.3.4.The salary to the administrative board of the company.
The Technical Director in Panama 8 000 US dollars. The Operation Director in Venezuela 8 000 US dollars. 3 lawyers on 2 000 US dollars per each. Total 6 000 US dollars. Salary to the Head of the Company 5 000 US dollars. Secretary in Panama 1000 US dollars. Secretary in Venezuela 1000 US dollars. Total: 29 000 US dollars.
On rent of offices of 2 800 US dollars in a month. On the electrical energy 150 US dollars in a month. On water 50 US dollars in a month. Telephone conversation and other 10 000 US dollars in a month. Total: 13 000 US dollars
The reserve capital is provided on a case of arrests of the ships, large breakages, emergency change of crew, etc. is necessary for maintenance of uninterrupted operation of work of the ships. The reserve capital makes 2 371 888 US dollars. 4.3.7.Total expenses on the second stage of 12 000 000 US dollars. 5.A turn of the capital.The monthly schedule of work of the ships. 5.1.A turn of the capital.The general concepts.
As it is already written above the Company has preliminary arrangements in following regions: - The fishing companies which are based in Canary Islands( Spanish trawlers).Fleet of 37 fishing trawlers. Fishing region on Atlantic Ocean. The minimal need of 15 000mt in a month. - The fishing companies which are based in Honduras. Fleet of 23 fishing trawlers. Fishing region on Caribbean Sea. The minimal need of 9000mt in a month. - Bunkering companies in Panama.Volume of tanks of 1 000 000mt . The minimal need of 40 000mt in a month. - The petrotrading company in Guadeloupe. Volume of tanks of 300 000mt. The minimal need of 6000mt in a month. Total the minimal need of 70 000mt (21 980 000gls) in a month. Thus it is necessary to consider the following moments: 1.The fishing companies on Canary Islands. Fuel is delivered directly to the consumer and directly unloaded on the fishing trawlers.Thus, cost of sale which during too time suits the ship owner has been 1,85 US dollars per each gallon. 2.The fishing companies in Honduras.The price of fuel in Honduras is relative greater, in comparison with the majority of the Latin American countries. The national economy is not stable in relation to dollar. It causes unwillingness of many companies to serve the ships under the Honduras flag. But during too time the need for diesel fuel is kept. On the basis of it is was possible to come to the agreement with representatives of the companies of ship owners that the Company will deliver fuel on conditions 2,1 US dollars per each gallon,with an immediate reimbursement in dollars. 3.The bunkering companies in Panama. Panama is a World Gate. For all ships of the following between Atlantic and Pacific oceans. Having a huge turn,(800 000mt a month) the bunkering companies should have the interest from resale. Having small fleet ,for reduction of taxes,the companies of Panama are ready to buy fuel in neutral waters at the price of 1,48 US dollars per each gallon. 4. The petrol trading company in Guadeloupe. Guadeloupe this is small islands country. The terminal of the international petrotrading company has very bad approaches from the sea. The rate is interfered by reeves. Quite often strong excitement in a coastal zone. National currency of euro. The Company managed to come to the agreement on delivery of fuel on 1,93 US dollars per each gallon. Thus, priorities of the Company the following: Panama, Canary Islands, Honduras, Guadeloupe. 5.2.The monthly schedule of work of the ships.
The Company accepts, that: The average tonnage of capacities of tankers is equal 12 000mt The average tonnage of capacities of supply vessels is equal 1200mt Thus, conditionally there are 2 tankers on 6000mt
Vessel Tonnage Destination Monthly Monthly general passes tonnage Tanker 1 6000mt Canary Isl. 2 12 000mt Tanker 2 6000mt Panama 5 30 000mt Total 42 000mt 6.1.Calculation of profit taking into account expenses
Destination Monthly general Total in gls Cost of Monthly profit tonnage sale Canary Isl. 12 000mt 3 768 000 1,85 6 970 000 USD Panama 30 000mt 9 420 000 1,48 13 941 600 USD Total 20 911 600 USD 6.2.Expenses for purchase of fuel
42 000mt * 314gls * 0,8$ =10 550 400 US dollars.
The salary to crew of ships. Charges on the maintenance of the ships in a month. Pt.4.3.3. 1 600 000 US dollars. The salary to the administrative board of the Company. Pt. 4.3.4. 29 000 US dollars. The office charges. Pt. 4.3.5. 13 000 US dollars. Insurance of the ships. Pt. 4.3.1. at the rate of in month(accumulation). 12 100 US dollars. Total 1 654 100 US dollars in a month.
Profit without taking into account expenses of 20 911 600 US dollars. Expenses for purchase 10 550 400 US dollars. Monthly charges 1 654 100 US dollars. Net profit 8 707 100 US dollars. Minus 10% of monthly deduction. Pt. 4.1. 8 707 100 $ - 10%(870 710$) = 7 836 390 Us dollars monthly.
Considering, that the first stage of financing will pass in current of 2 month, and the first payments on return of investments will begin in 45 days from the moment of receipt of financing on the second stage, and considering percent under the credit 98% total sum of payments will make 49 500 000 US dollars. General return of investments, including percent, at the worst variant, is possible in 10 months from the moment of receipt of payments on the first stage of financing ,at absence of delay with transfer of the credit from the investor. In the further the profit of the investor will make 3 761 467,20 US dollars monthly without escalating a turn and at kept quantity of the ships. 8.The schedule of return of investments.
Conditions and the reason of events which can change a degree of risk of the project. 9.1.The Company considers as the basic risk of the project seasonal deterioration of weather in area of Caribbean Sea and Atlantic Ocean. The seasons of hurricanes begins from June and last till January. The basic areas of whirlwinds, storm, squalls and hurricanes Peninsula Miami, Gulf of Mexico. Decrease in terms of passage of the ships in a direction to Honduras till 5 days. 9.2.The act of God circumstances connected with spontaneous natural disasters. Occurrence of the act of God circumstances connected with the spontaneous phenomena, possibly worldwide also cannot be the reason of decrease in business activity. Occurrence of such circumstances, entails the raised demand for fuel. 9.3.The act of God circumstances connected with military action and disorders, are possible worldwide, it can be decrease in the general business activity, but by all means entails the raised demand for fuel. 9.4.Sharp fluctuation of exchange rate. The similar kind of risk is stipulated by the present plan. All the countries of Latin America are developing and accept to calculation US dollars. Also rates of all currencies of the countries of Latin America are adhered to a dollar exchange rate as to base currency. 9.5.Change in the tax laws. Probability of realization of this kind of risk low enough. This kind of risk is stipulated by the present plan. Owing to competent work of lawyers of the Company and Directors, the ships of the Company will not spend commercial activity in waters of any state. 9.6.Risk of fluctuation of a rate of oil and as consequence fluctuation of the price of fuel. The probability of realization of this kind of risk is high enough, however the present plan stipulates the worst behavior of the market. However at sharp increase of purchase value of fuel selling cost of fuel grows proportionality, that cannot influence the general parameters of profit of the Company under the given project. 9.7.Risk of destruction of the ships. The probability of realization of the kind of risk in the present plan. All the ships of the Company will be have insurances. Return of the insurances sum is made within 1 month. It can slightly be reflected in the general parameters of profit of the Company. 9.8. Risk of arrest of the ships. This kind of risk is probable. However the Company has provided it in the present plan. Owing to presence of the reserve capital and competent work of lawyers of the Company the probability of approach of this kind of risk is lowered up to 0,07%. 9.9.Risk of emergency change of crew of the ship or destruction of one or several members of crew. This kind of risk is probable. However the Company has provided it in the present plan. Owing to presence of the reserve capital and competent work of lawyers of the Company the probability of influence of this kind of risk on the general parameters on profit of the Company is lowered till 0,07%. 9.10.Risk of an attack of pirates and capture of the ship. Probability of realization of this kind of risk low enough. Activity of pirates is most sharply expressed in Indian Ocean more close to territorial waters of Somalia. The Company plans primary activity to spend in waters of Caribbean Sea and the West of Atlantic Ocean where activity of pirates is last time noticed in 19 century. 9.11. All other kinds of risks, probably to provide by negotiations and entering of corresponding ítems into contracts on financing the present plan of the Company. --------------------------------------------------------------------------------------------------------------
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