# Shipping Pro Forma

Turn vessel, voyage, operating, and financing assumptions into a shipping pro forma for acquisition, fleet, and chartering decisions.

- Canonical: https://finamodel.com/pro-forma/shipping
- Excel download: https://finamodel.com/downloads/templates/shipping.xlsx
- Category: Infrastructure
- Pro forma type: Project finance
- Difficulty: Advanced
- Audiences: Founders & operators, Investors & analysts, Shipping operators, Maritime investors, Fleet managers, PE sponsors
- Tags: vessel, freight-rate, fuel-cost, utilization

## About this pro forma

This pro forma converts vessel employment, freight, bunker consumption, port costs, technical OPEX, dry-docking, financing, and fleet assumptions into projected maritime earnings and returns. The underlying Excel model is the engine; the pro forma presents voyage profitability, fleet P&L, cash flow, and financing outcomes.

Use it to appraise vessels, compare voyage and time-charter economics, plan dry-docking, allocate fleet capital, and test leverage or charter-rate cases.

## What's included

- Voyage revenue, bunker, and port cost outputs
- Time charter equivalent (TCE) rate projections
- Crew, insurance, maintenance, and technical OPEX
- Dry-docking and special survey capital schedules
- Ship mortgage, LTV, and DSCR outputs
- Vessel and fleet P&L, cash flow, and return projections

## Built for maritime investment decisions

Use this model when you need to evaluate vessel acquisitions, compare voyage versus time charter economics, or plan fleet capital allocation.

## Structured around shipping-specific economics

A useful shipping model needs TCE analysis, bunker cost logic, and dry-docking schedules that reflect how vessel profitability is actually measured in the maritime industry.

## Better for fleet operations and financing

This gives you a purpose-built framework for maritime assets instead of adapting a generic operating model that does not account for voyage-level economics or vessel lifecycle costs.

## Built for maritime investment decisions

Use this model when you need to evaluate vessel acquisitions, compare voyage versus time charter economics, or plan fleet capital allocation.

## Structured around shipping-specific economics

A useful shipping model needs TCE analysis, bunker cost logic, and dry-docking schedules that reflect how vessel profitability is actually measured in the maritime industry.

## Better for fleet operations and financing

This gives you a purpose-built framework for maritime assets instead of adapting a generic operating model that does not account for voyage-level economics or vessel lifecycle costs.

## Features

- **Voyage economics:** Model each major trade lane separately with distinct freight rates, fuel consumption, and port costs to capture margin variation.
- **Utilization and fleet deployment:** Forecast vessel deployment and ballast positioning to optimize cargo mix and minimize empty legs.
- **Fuel cost exposure and hedging:** Model bunker costs as a major variable expense; show impact of hedging on earnings volatility and operating margin.

## Use cases

- **Vessel acquisition and fleet renewal:** Evaluate newbuild ordering vs. S&P (secondhand) acquisitions by comparing capex, fuel efficiency, and slot productivity.
- **Rate and margin forecasting:** Model earnings sensitivity to freight rate cycles, bunker prices, and utilization to guide hedging and strategic decisions.
- **Investor and stakeholder reporting:** Present voyage earnings, earnings per day (EPD), and TCE (time-charter equivalent) to show operational and financial health.

## Frequently asked questions

### What does it show?

It shows voyage earnings, TCE, operating costs, dry-docking, financing, fleet P&L, and returns.

### What is TCE?

TCE is daily vessel earnings after voyage costs, a comparable measure of charter profitability.

### Can it model dry-docking?

Yes. Survey cycles and capital spending flow through projected vessel cash flows.

### Who uses it?

Ship owners, fleet managers, lenders, analysts, and investment teams use it.

## Related pro formas

- [Port Pro Forma](https://finamodel.com/pro-forma/port)
- [LNG Terminal Pro Forma](https://finamodel.com/pro-forma/lng-terminal)
- [Commodities Trading Pro Forma](https://finamodel.com/pro-forma/commodities-trading)
- [Fibre Network Pro Forma](https://finamodel.com/pro-forma/fibre-network)