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A cost-benefit analysis of three gillnet fisheries in Santa Catarina, Brazil: contributing to fisheries management decisions.

Analisis costo-beneficio de tres pesquerias de enmalle en Santa Catarina, Brasil: contribuyendo a las decisiones de manejo pesquero

INTRODUCTION

Among the several industrial fishing fleets operating in the Southeast/South (SE/S) region of Brazil, the bottom gillnet fleet is one of the most important, either in terms of number of vessels as in annual landings. Gillnets have been used by artisanal fishing in the region for many years, while industrial gillnetting was only introduced in Southern Brazil in the late 1980s after the conversion of some bottom trawlers to gillnet vessels (Barcellos et al., 1991; Haimovici, 1997). The fishery developed focusing primarily on demersal fish as angel-shark (Squatina spp.), whitemouth croaker (Micropogonias furnieri) and Argentine croaker (Umbrina conosai), exploited over coastal areas and continental shelf fishing grounds (Pio et al, 2012). During the last decade, however, the fishery diversified its target species and expanded its effort to deeper waters in search for more profitable resources (Perez et al, 2003). In fact, after 2000, the monkfish (Lophius gastrophysus) started to be harvested along slope grounds by Spanish gillnet vessels chartered by Brazilian companies (Perez et al., 2002, 2003), using catch and processing technologies previously unknown by the national fleet (Perez et al, 2002; Wahrlich et al, 2004).

The State of Santa Catarina concentrates a significant part of the industrial fishing fleet operating in SE/S Brazil, including nearly 140 bottom gillnetters whose operational characteristics are not uniform (Pio et al., 2012, 2016). Part of the fleet operate on the continental shelf and can be divided in two different fleets, according to their respective target species (i.e., sciaenid fish like Argentine croaker and whitemouth croaker) and mesh sizes (i.e., 100 and 130 mm, respectively). The other two fleets exploit slope resources as the gulf hake (Urophysis mystacea) and monkfish using nets of 110 and 280 mm mesh size, respectively (Pio et al, 2012, 2016).

Even though these fishing fleets dynamics, their technology and by-catch components are relatively well documented (Perez & Wahrlich, 2005; Pio et al. 2012, 2016; Schroeder et al, 2014) there is scarce information on these fishing boats costs and their economic and financial performance. Possible reasons for these include the lack of regulations requiring fishermen to provide this kind of information not only in Brazil but, also in most countries of the world (Gasalla et al, 2010).

One of the challenges of fisheries science is the integrated analysis of human uses of the marine ecosystem as economic, social and political aspects, and not just the system components that directly affect fish production such as biological and fisheries aspects (Sainsbury & Sumaila, 2001; Dudley, 2008). Lucena & O'Brien (2005) add that economic studies in fisheries are scarce in the world and, as a consequence, management has focused only on biological and technological issues. In spite of the extent of the work done by Tietze et al. (2005) on the economic performance and fishing efficiency of marine capture fisheries, at a global scale, data on fishing costs and cost structure are poorly documented, and they vary according to the type of fishery, vessel and fishing gear employed (Lam et al, 2011). In such cases, i.e., parametrization models, economic parameters were based only on previous empirical approximations (Gasalla et al., 2010). When costs and revenues are known, a series of economic and social analysis can be performed, subsidizing valuable information for developing a more realistic fisheries management (Dreyfus-Leon & Manzo-Monroy, 1993; Lucena & O'Brien, 2005; Dudley, 2008; Lam et al, 2011).

Brazilian reality is not different and during past decades fisheries management has been dominated by biological considerations (Lucena & O'Brien, 2005; Branch et al., 2006) while economic, social and political aspects have been neglected, at least on an explicit manner. Management efforts in the bottom gillnet fishery began with the publication of the Normative Instruction (NI) MPA/MMA No. 12/2012 (Brasil, 2012). Even though the main objective of this norm was to reduce incidental catches of small cetaceans, turtles and some elasmobranch species, it also defined a reduction of fishing effort by limiting the maximum extension of gillnets used in the whitemouth croaker fishery whose total length had reached 34 km by the 2000s (Pio et al, 2012). The NI defined different maximum net lengths according to the vessels' gross tonnage (GRT) and the area of operation. A gradual reduction in net length over the years was also determined. Even though some aspects of NI MPA/MMA No.12/2012 focuses in the whitemouth croaker fishery it is in fact, a general norm which applies to all gillnet vessels operating in the SE/S, with the exception of those licensed for monkfish, which are managed according to the NI MMA/SEAP-PR No. 3/2009 (Brasil, 2009).

In this context and based on information collected in year 2009 on landings, fishing effort, costs and revenues for the whitemouth croaker, gulf hake and the monkfish gillnet fishing fleets of Santa Catarina, Brasil, this study had a twofold purpose: first to assess their economic and financial performance under the 2009 conditions and; second to assess the expected effects of applying NI MPA/MMA No.12/2012 on the economic and financial performance of the representative vessel in the whitemouth croaker gillnet fishery.

MATERIALS AND METHODS

Data

Crucial to the completion of this paper objective was to collect data through interviews to vessel owners on their fishing fleets cost structures, fishing costs levels and others.

Economic data of the bottom gillnet fishing fleet operating in year 2009 was obtained through interviews conducted with vessel owners from Itajai and Navegantes harbors in Santa Catarina State (Fig. 1), between July and November 2010. Data on fleet landings was obtained from the Industrial Fishing Statistic Program of Santa Catarina, which is conducted by the University of Vale do Itajai.

Fifteen fishing vessel owners were interviewed to provide physical, operational and economic information on 30 fishing vessels, 28 vessels targeting whitemouth croaker stocks on the continental shelf, 1 vessel targeting the gulf hake and 1 vessel targeting monkfish. Interviewed vessel owners targeting whitemouth croaker represented a 28% of the operating fishing fleet, the vessel owner targeting gulf hake represented 14% of the operating fleet and the vessel owner targeting monkfish was the only vessel operating in this fishery in 2009.

Physical and operational characteristics included: vessel length overall, GRT, haul capacity, main engine power, year of construction, fishing gear (length and mesh size), crew number and composition, and fishing effort (number of trips), among others (Tables 1 and 2). Economic data collected referred to acquisition or implementation costs, maintenance, fuel and other current costs, crew shares, production and income.

Cost data was collected in Brazilian currency or Reals and then they were used and presented in US dollar (US$) base 2009 using an exchange rate of 1 US$ by 1.74 $ (Brazilian Reals).

Cost structures

Cost structures presented in this study were built following the methodology applied by Tietze et al. (2005) to study the economic and financial performance of fishing fleets around the world. This methodology was also applied by Cerda et al. (2014) to determine the cost structure and levels of industrial and artisanal fishing fleets and fish processing plants in Chile.

Figure 2 depicts the components of total fishing costs organized according to the categories used by Tietze et al. (2005), namely Operating costs (aggregated as Running costs, Vessel costs, and Labor costs) and Other costs.

Running costs refer to all expenditures directly related to the level of fishing effort. Vessel costs refer to maintenance costs related to the ship, including its equipment and the fishing gear, and to insurance costs. Labor costs includes all payments to crew considering the different categories according to each fishery. Labor cost were valued at their opportunity cost considering the potential income a Deck hand may earn in an alternative activity, such as housing construction, which was estimated to be a 1,000 B$/month. Income to other crew members were estimated based on the shares of the share system used in these fishing fleets (Table 3) and the base value for a Deck hand.

Investment costs were collected from the three gillnet fisheries under analysis and they are presented in Tables 4 and 5.

Data collected on fishing costs for the whitemouth croaker fishery are presented in Table 6, along with estimated averages for each cost item, considering a 95% confidence interval. Table 7 presents averages for the gulf hake and the monkfish fisheries in 2009.

Depreciation costs (US$ [yr.sup.-1]) were estimated applying a linear depreciation method for the average representative vessel in each fishery, considering the main components of fishing vessel investment costs (fixed assets) and an estimate of their service life (Table 8).

Economic and financial performance

The analysis of the economic and financial performance of the average representative vessel from each of the three gillnet fisheries considered was based on the traditional economic and financial analysis whose backbone is a cash-flow table summarizing in essence expenditures, revenues and profits over a time period (Mishan, 1978; Sapag & Sapag, 2008). Expenditures considered are investment costs, operational costs and other costs. The period to be considered is named the assessment horizon and it usually covers the lifespan of the project or business under analysis. Revenues are determined by the interaction between the level of production-sales (annual landings) and product market prices (ex-vessel prices) (Table 9). Other revenues obtained from selling assets at market price once either their service life is reached or the assessment horizon has been attained, are also considered. Business profit taxes, interest rates and discount rates are also used to build the cash-flow tables.

Three indicators of performance were used, namely the Net Present Value (NPV), Internal Rate of Return (IRR) and Profitability Index (PI). The assessment horizon considered in this study is of 20 years, corresponding to the service life of the vessel. The dis count rate used is of 10% annual, it refers to the rate the Central Bank of Brazil charges to all commercial banks.

NPV is a scalar value expressed in US$ and it is calculated as the difference of the sum of all net cash flows obtained from the first period to the last period of the assessment horizon and the total investment cost realized in period zero or the present (Mishan, 1978; Sapag & Sapag, 2008).

IRR on an investment or project is the "annualized effective compounded return rate" or rate of return that makes the net present value of all cash flows (both positive and negative) from a particular investment equal to zero. It is also defined as the discount rate at which the present value of all future cash flow is equal to the initial investment or, in other words, the rate at which an investment breaks even (Mishan, 1978; Sapag & Sapag, 2008).

PI is also known as profit investment ratio (PIR) or as value investment ratio (VIR) and is the ratio of payoff to investment of a proposed project. It is calculated as the rate between discounted summation of all cash flows from the first to the last period of the project assessment and the amount of investment costs realized of the current or zero period. Thus, it is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment cost (Mishan, 1978; Sapag & Sapag, 2008).

Expected effects of the fishing gear regulation in the whitemouth croaker fishery

The above methodology of the analysis of the economic and financial performance of the average representative vessel was applied to estimate the expected effects of the regulation on fishing gear and the same three indi cators were used NPV, IRR and PI. The regulation indicates a 46% reduction in fishing gear size from a 24 km gillnet (for more details see Pio et al., 2012) to a 13 km gillnet. Thus, its assumed that investment cost in fishing gear may be reduced in at least 40%.

This ex-ante analysis was based on three scenarios representing the situation before the enactment of the fishing gear regulation (Current scenario) and the expected situation from the application of the regulations, divided into an Optimistic scenario and a Conservative scenario. Each scenario considers an assessment horizon of 20 years, and an annual discount rate of 10% (Central Bank of Brazil).

The Optimistic scenario considers that the implementation of restriction in the length of the gillnet will imply on the one hand, a reduction in the investment costs of 40% in fishing gear. Changes on fishing gear maintenance were not expected as most probably the reduction in materials will be balanced by an increase in the number of net casts per fishing trip. This scenario also includes an estimated 30% reduction in annual harvest during the first year of the assessment horizon, with a 10% recovery in annual harvest until it reaches a maximum of 20% over current annual harvest levels during the seventh year of the assessment horizon. No changes in ex-vessel price are considered.

The Conservative scenario differs in that the maximum expected increase in landings is of 15% and that the expected recovery of annual harvests takes a longer time to occur. That is, it also considers a 30% reduction in annual harvest the first year, followed by a 10% increase in annual harvest reduction years 2 and 3, and a 5% recovery on annual harvest from year 4 on until reaching a 15% increase over current annual harvest levels from year 8 and onward.

RESULTS

Fishing costs and cost structure

Total fishing costs were the highest for the monkfish fishery with a total of approximately US$ 476,000 per year in 2009, followed in importance by the gulf hake fishery with approximately US$ 342,000 per year and the whitemouth croaker fishery with US$ 310,000 per year (Fig. 3). Figure 3 also depicts that Running costs were the most important item among these three fisheries, representing between 42% to 44% of the total costs. Vessel costs were the second most important cost component in the whitemouth croaker fishery (27%) and the monkfish fishery (29%). Labor costs were the second most important cost item in the gulf hake fishery (29%), but they ranked third for the whitemouth croaker and the monkfish fisheries, with a 20% and 22%, respectively. Other costs were the smallest costs ranging from 6% to 9%.

Figure 4 presents the components of Running costs for all three fisheries where monkfish fishery had the largest cost with US$ 210,000 per year, followed by gulf hake and whitemouth croaker with US$ 147,000 and US$ 129,000 per year, respectively. Fuel & lubricant was the most important expenditure representing between 52% to 57% of total running costs in 2009. Next item in importance were expenses on Personnel or crew supplies (other than food) and Food which in total ranges from 20% in the whitemouth croaker fishery to 28% in the gulf hake fishery. Ice & water were third in importance representing between 14% to 16% of the Running costs. Harbor services and Navigation & monitoring represented together between 6% to 8% of the running costs in 2009.

Labor costs are depicted in Figure 5 and the gulf hake fisheries incurred in higher expenditures followed by the monkfish and the whitemouth croaker fishery. Payment to officers like the skipper, the engineer (or motormen) and boatswain ranged from 45% to 51% of all crew payment. Payment to simple deck hands ranged from 18% to 32% of all labor costs depending on the number crew considered. All remaining payments were allotted to intermediate posts like Cook, Freezer men or Freeze helper.

Vessel costs (Fig. 6) and the monkfish fishery incurred in the higher expenditure in this item with approximately US$ 140,000 per year in 2009, followed by the representative vessel of the Whitemouth croaker fishery and that of the gulf hake fishery with US$ 85,000 and US$ 67,000 per year, respectively.

Figure 7 presents the item Other costs, including fishing licenses, organizational fees and assets depreciation (Table 8). Again the monkfish and the gulf hake fisheries incurred in higher levels of expenditure with approximately US$ 30,000 to 31,000 per year, followed by the whitemouth croaker fishery with approximately US$ 26,000 spent in 2009. Licenses and organizational fees were marginal while, depreciation represented between 92% and 98% of this item.

Investment cost

Investment costs were separated into Vessel cost and Fishing gear cost (Tables 4 and 5). Investment on Vessel assets in the whitemouth croaker fishery was estimated to be an average of US$ 407,900 with a confidence interval (95%) of US$ 31,900 (Table 4).

The main component of this investment was "Hull, engines & others", representing an 86% of total vessel investment, followed by "Deck Equipment, hydraulics & lifesaving" with a 10.5% of the total and "Monitoring & Navigation" with a 4.6% of the total. In this same fishery investment on "Fishing gear" was estimated to be an average of US$ 96,300 with a confidence interval (95%) of US$ 9,100 (Table 4).

The main characteristics for this average vessel in the whitemouth croaker fishery were estimate as: 21 m of length overall, a main engine of 290 HP, a hull capacity of 60 ton, a GRT of 70 ton, 7 crew members, a gillnet of 429 bodies and 25 km long and a mesh size of approximately 130 mm (Table 1).

Investment on Vessel assets in the gulf hake and the monkfish fisheries were estimated to be an average of US$ 462,000 and US$ 445,000, respectively as of 2009 (Table 5). The main component of these investments were "Hull, engines & others", representing an 80% to 83% of total vessel investment, followed by "Deck equipment, hydraulics & lifesaving" with 11% to 12% of the total and "Monitoring & navigation" with 6% to 8% of the total.

Investment on "Fishing gear" was estimated to be an average of US$ 102,000 for the gulf hake fishery and of US$ 230,000 for the monkfish fishery in 2009 (Table 5). The main characteristics for these average vessels are presented in Table 2.

Economic and financial performance of the representative vessels

Figure 8 presents the level reached by the NPV, the IRR and the PI for the average vessel in the three fisheries studied under current conditions and Tables 10, 11 and 12 present the cash flow used to calculate these indicators. These indicators showed that all three average fishing vessels are generating profits over time. Please notice total vessel investment cost for whitemouth croaker average vessel is marginally higher in Tables 8 and 10, as it corresponds to the summation of the averages for the three investment components (i.e., "Hull, engines & others", "Deck equipment, hydraulics & lifesaving" and "Monitoring & navigation") and not the average of that summation for all vessels in the fleet (Table 4).

For a period of 20 years the average vessel in whitemouth croaker fishery generated the US$ 82,785, with an IRR of 12.1% annual and a PI of 1.2 US$ on each US$ invested in 20 years. In a similar time horizon, the average vessel in gulf hake fishery generated an NPV of US$ 176,641, an IRR of 14.1% and a PI of 1.3 US$ on each US$ invested (Table 11). In turn, the average vessel in the monkfish fishery generated an NPV of US$ 501,568, an IRR of 19.5% and a PI of 1.7 US$ on each US$ invested (Table 12).

Expected effects of the fishing gear regulation in the whitemouth croaker fishery

The above presented information on fishing vessel and gear investment costs, fishing costs, landings and revenues were used to analyze the expected effects of applying the regulation on fishing gear in the whitemouth croaker fishery. Figure 9 presents the effects on the economic and financial performance of the average vessel in the whitemouth croaker fishery of the regulation on the fishing gear according to the three scenarios considered, namely: Current conditions, Optimist and Conservative.

As Figure 9 the expected effects on the average vessel from the Optimist scenario were to provide a 219% increase in NPV, a 23% increase in the IRR and a 34% increase in PI. Similarly, the expected effects from the Conservative scenario are also positive but lower levels of increase in the indicators used, thus, Figure 9 shows a lower increase of 60% in NPV, a marginal increase of 2% in IRR and small increase of 10% in PI.

DISCUSSION

With respect to the fishing costs structures results obtained for the average vessel in these three fisheries were similar to those obtained by Tietze et al. (2005) for gillnet fishing boats in Senegal and those obtained by Cerda et al. (2014) gillnet fishing boat in central south Chile, where the weight of fishing costs is on Running, labor and vessel costs. The relative lower weight estimated for these costs items when compared to those estimated by the above mentioned authors, arises from the fact that our costs structure includes Other costs but, theirs did not included such costs.

Results obtained for the gulf hake and monkfish fishery are comparable to those obtained by Tietze et al. (2005) for trawler fisheries in South Africa. The differences in the level of fishing costs observed between the whitemouth croaker, gulf hake and monkfish fishery lays on the existing differences on vessel, crew and fishing gear sizes. Other differences in costs, arises from the fact that no vessel pays for insurance in the gulf hake fishery and their vessel maintenance costs are the lowest of the three fisheries.

Vessel owners reported that the preferred fishing gear strategy is to replace sections rather than mend them. In average, vessels operating in the whitemouth croaker fishery replace a lower number of sections per fishing trip than those operating in the gulf hake and monkfish fishery. This may be due to the fact that the whitemouth croaker fishery is conducted on the continental shelf and the gulf hake and monkfish fisheries on the slope.

In general, fuel was determined to be the main cost component in all three fisheries under analysis. According to Sumaila et al. (2008) fuel is a substantial component in the cost of fisheries and the proportion varies with each type of fishing, ranging from 60% of the costs as in commercial fishing in Hong Kong. Results for this study showed that Fuel & lubricant ranged from 52% to 57% of the vessels' Running costs what is consistent with the 23% of the total operating costs reported for the bottom gillnet fishery of Sao Paulo State (Gasalla et al., 2010) and with previous estimations that fuel represents between 10 and 60% of the total cost of the fishing activity in Brazil (Haimovici et al, 2006).

When comparing the bottom gillnet fishing, which operates passively during the fishing operation, with an active fishing such as trawling, is evident that bottom gillnet vessels consumes less fuel and therefore have lower operating costs (Lam et al., 2011). In Norway, was reported that trawlers use four times as much fuel to catch one fish ton of fish when compared to local gillnet and line vessels (Smith, 2007).

In summary, fishing costs structure and cost levels obtained in this study showed to be consistent with partial information provided in studies for the Santa Catarina region or others like Alves et al. (2009), Gasalla et al. (2010), Pio et al. (2012), Wahrlich et al. (2004) and Piniella et al. (2007).

The determination of fishing cost structures and estimation of fishing costs levels are important information to determine in turn the economic and financial performance of the fishing vessels operating the fisheries and this in turn is an important information for fisheries management purposes (Gasalla et al., 2010).

Even though results on NPV, IRR and PI for the average vessel in the three fisheries analyzed showed positive levels, the profitability of the business is low having an IRR lower than 20% and a PI lower than 2, considering a 10% discount rate. The profitability index obtained indicated a return of 70 cents on the dollar for monkfish and of 30 and 20 cents on the dollar for gulf hake and whitemouth croaker fishing vessels which is low compared to US$ 5 or more on the dollar from salmon aquaculture (Gonzalez et al., 2013). The average vessel takes almost 14 years to recover the capital investment in the whitemouth croaker fishery. In turn it would take approximately 8 and 12 years to recover the capital invested in the gulf hake and monkfish fisheries. According to these results, the whitemouth croaker and the gulf hake fisheries would specially be in a fragile condition.

Most common economic activities like bakeries, shoe stores, small markets have IRR that in average range from 15% to 20%, being activities with low levels of uncertainty and risks. High risk activities like fisheries, aquaculture, mining and others require higher and faster returns on investment, with IRR higher than 40% to 50% (Stutely, 2000).

Nonetheless, these results indicate that the fishery is still an economically viable activity, generating employment and income to fishermen.

Tietze et al. (2005) showed a number of fishing activities with low return on investment or even negative ones, so these results are not out of the common in the fishing activity around the world at the fleet level.

Important to bear in mind is that Sumaila et al. (2008) showed that in year 2000 Brazil allocated an average of 61 million dollars for the subsidy of diesel, and thus the average per gallon was US$0.11. Therefore, the actual operating costs of the three gillnet fisheries analyzed in this study were lower than what was here estimated. Nonetheless, this does not modify the fact that as a business these fisheries are currently in fragile condition. Furthermore, this type of subsidies will hurt the fishing activity in the long run as they artificially sustain higher levels of fishing effort and mortality than those actually supported by the fish stocks under the current market and economic conditions in Santa Catarina.

Another important element to bear in mind when analyzing the results previously presented is that labor costs were estimated at its opportunity costs, based on the potential incomes a deck hand may earn in the construction business, and was not based on the current prevailing share system. Consideration of the opportunity cost of labor was justified on the grounds that it allows to actually have reasonable estimates of the business profitability. This as when using the share system, crew incomes include not only the payment to actual work, but also includes part of the business profitability. The above is explained by the fact that shares are calculated as portions of a net revenue which is normally obtained from subtracting running costs from gross revenues. The number of portions used normally include the crew and their role, plus additional portions or shares for the capital and the vessel owner. Thus, this system tends to distribute business profitability between the crew and the capital owner (Cardoso et al., 2004; Cardoso & Freitas, 2006; Moreno et al., 2009; Cardoso & Haimovici, 2010; Gasalla et al., 2010, among others). Under a share system, the combination of the vessel and owner shares, would be used to pay for Vessel and Other costs items in Tietze's cost structure.

With respect to the analysis of results from the application of the regulation on fishing gear (Fig. 9) shows improvements in the economic and financial indicators for the whitemouth croaker fishery. In proportional terms the changes in NPV are significant with increases of approximately 220% and 60% for scenarios Optimist and Conservative, respectively, when compared to the current situation. The effects on the IRR and PI are less impressing though, with results that failed to revert the fragile economic and financial performance for the average vessel in the fishery.

The above may be explained by the fact even though the reduction on fishing gear investment cost is relevant with a 40% decrease, there are no expected reductions in fishing gear maintenance costs and the expected increase in landings due to fish stock recovery is expected to be of only 20% at most in scenario Optimist and 15% in scenario Conservative.

This as the gillnet fishing fleet is not the only fleet targeting the whitemouth croaker stock, which is also subject to fishing effort and mortality from the trawler fishery in Santa Catarina. Thus, even though the expected effects from the gear regulation are positive, they seem not to be sufficient by themselves to revert the current fragile situation of this fishing fleet and the whitemouth croaker fish stock supporting them.

Finally, the present study has shown how the information on investment costs, fishing costs and their costs structure, along with fishing effort and landings, ex-vessel prices and complementary information on exchange rates, discount rates and service lives is necessary to conduct assessments and analysis of the economic and financial performance of the fishing activity in Santa Catarina, Brazil, and the management instruments devised by the Brazilian fishing authorities.

In this context, this is a good starting point due to the previous void of economic information but, it is also important to recognize that the analysis presented here was not directly linked to the dynamics of the fish stocks, the fishing fleets and fish markets, and, it only presents a partial comparative static analysis. Dynamic bioeconomic modelling is the approach that needs to be considered for future analyses of these fishing activities and their interaction with both the dynamic of the fish resources and the fish product markets.

DOI: 10.3856/vol44-issue5-fulltext-19

Received: 29 July 2015; Accepted: 10 October 2016

ACKNOWLEDGEMENTS

We are indebted to the vessel's owners or "armador" who kindly gave information and contributed to this work and the Syndicate of Owners and Fishery Industries of Itajai (SINDIPI) by contact with the owners and the space given to the interviews. CAPES (Coordenacao de Aperfeicoamento de Pessoal de Nivel Superior, Ministry of Education, Brazil) funded this study (Edital Capes Ciencias do Mar 09/2009, AUXPE 1141/2010-IGEPESCA Project) and supported V.M.P. by a Ph.D. scholarship. P.R.P. coordinates IGEPESCA/ CAPES Project and is supported by a research grant from CNPq (Conselho Nacional de Desenvolvimento Cientifico e Tecnologico-Ministry of Science, Technology and Innovation-Brazil, Process 306904/20128).

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Perez, J.A.A. & R. Wahrlich. 2005. A bycatch assessment of the gillnet monkfish Lophius gastrophysus fishery off southern Brazil. Fish. Res., 72: 81-95.

Perez, J.A.A., R. Wahrlich, P.R. Pezzuto & F.R.A. Lopes. 2002. Estrutura e dinamica da pescaria do peixe-sapo Lophius gastrophysus no sudeste e sul do Brasil. Bol. Inst. Pesca, 28(2): 205-231.

Perez, J.A.A., R. Wahrlich, P.R. Pezzuto, P.R. Schwingel, F.R.A. Lopes & M. Rodrigues-Ribeiro, M. 2003. Deep-sea fishery off southern Brazil: recents trends of the Brazilian fishing industry. Northwest Atlantic Fish. Sci., 31: 1-18.

Piniella, F., M.C. Soriguer, M.A. Fernandez-Engo. 2007. Artisanal fishing in Andalusia: a statistical study of the fleet. Mar. Policy, 31: 573-581.

Pio, V.M. 2011. A pesca industrial de emalhe de fundo em Santa Catarina - Brasil: dinamica, tecnologia, economia e gestao. Master Thesis. Universidade do Vale do Itajai, Itajai, 117 pp.

Pio, V.M., P.R. Pezzuto & R. Wahrlich. 2012. Aspectos tecnologicos das pescarias industriais com rede de emalhar de fundo no Estado de Santa Catarina, Brasil. Bol. Inst. Pesca, 38(1): 1-14.

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Sainsbury, K. & U.R. Sumaila. 2001. Incorporating ecosystem objectives into management of sustai-nable marine fisheries including "best practice" reference points and use of marine protected areas. The Reyjavik Conference on Responsible Fisheries in Marine Ecosystems. FAO, Reykjavik, 343-360.

Sapag, N. & R. Sapag. 2008. Preparacion y evaluacion de proyectos. McGrawHill, Bogota, 445 pp.

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Stutely, R. 2000. Plan de negocios: la estrategia inteligente. Pearson Education, Mexico D.F., 320 pp.

Tietze, U., W. Thiele, R. Lach, B. Thomsen & D. Rihan. 2005. Economic performance and fishing efficiency of marine capture fisheries. FAO Fish. Tech. Pap., 482: 68 pp.

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Vanessa Mafra Pio (1), Exequiel Gonzalez-Poblete (2), Paulo Ricardo Pezzuto1 & Roberto Wahrlich (1)

(1) Grupo de Estudos Pesqueiros, Universidade do Vale do Itajai, Itajai, Santa Catarina, Brasil

(2) Escuela de Ciencias del Mar, Pontificia Universidad Catolica de Valparaiso, Valparaiso, Chile

Corresponding author: Vanessa Mafra Pio (vahmafra@hotmail.com)

Corresponding editor: Patricio M. Arana

Caption: Figure 1. Location of the main fish landing ports of Itajai and Navegantes, Santa Catarina State, Brazil.

Caption: Figure 2. General diagram of fishing costs disaggregation. Source: Tietze et al. (2005).
Table 1. Main attributes of the whitemouth croaker fishing
fleet of Santa Catarina, Brazil, 2009. Source: Pio (2011)
and Pio et al. (2012).

                                        Engine     Hull
Whitemouth         Year       Hull      power    capacity    GRT
croaker fleet      built   length (m)    (hp)     (ton)     (ton)

Vessel I           2005       21.5       290        40       81
Vessel II          2003       22.9       360        75       120
Vessel III         2000       20.0       360        50       60
Vessel IV          2002       18.0       300        45       53
Vessel V           1984       24.0       350        50
Vessel VI          1980       23.0       350        45       83
Vessel VII         1998       19.0       290        45
Vessel VIII        2003       21.0       320        50       70
Vessel IX          1985       16.9       290        30       32
Vessel X           2005       24.0       360        90       105
Vessel XI          2005       20.0       360        50       60
Vessel XII         1984       21.0       270        35       48
Vessel XIII        1994       21.0       350        50       85
Vessel XIV         2005       21.5       290        50
Vessel XV          1985       18.0       260        20       30
Vessel XVI         1981       23.0       370        60       78
Vessel XVII        2001       22.0       300        70
Vessel XVIII       2004       20.0       360        50       60
Vessel XIX         2002       22.8       290        55
Vessel XX          2003       22.5       360        65       110
Vessel XXI         2005       19.0       267        40
Vessel XXII        2006       14.0       180        12
Vessel XXIII       2002       21.9       320        60       92
Vessel XXIV        2004       22.8       290        55
Vessel XXV         2000       20.5       167        40       65
Vessel XXVI        1995       21.6       290        50       95
Vessel XXVII       2004       22.5       360        60       70
Vessel XXVIII      2002       21.4       360        60       82
Average                       20.9       311        50       74
Lower limit                   20.0      290.8      44.0     62.7
  (Conf. 95%)
Upper limit                   21.8      331.6      56.2     85.2
  (Conf. 95%)
Confidence                    0.9        20.4      6.1      11.3
  interval (95%)
Coefficient                   0.1        0.2       0.3       0.3
  of variation

Whitemouth         Crew   Number of    Gillnet total     Mesh
croaker fleet      size   net bodies    length (km)    size (mm)

Vessel I            7        420           24.8           120
Vessel II           7        500           29.5           130
Vessel III          7        400           23.6           130
Vessel IV           7        450           26.5           130
Vessel V            7        480           28.3           130
Vessel VI           7        450           26.5           130
Vessel VII          7        400           23.6           130
Vessel VIII         7        400           23.6           130
Vessel IX           7        400           23.6           120
Vessel X            9        430           25.4           130
Vessel XI           7        400           23.6           130
Vessel XII          7        450           26.5           130
Vessel XIII         7        480           28.3           130
Vessel XIV          7        455           26.8           130
Vessel XV           6        350           20.6           130
Vessel XVI          8        550           32.4           130
Vessel XVII         7        570           33.6           130
Vessel XVIII        7        400           23.6           130
Vessel XIX          7        400           23.6           130
Vessel XX           7        450           26.5           130
Vessel XXI          7        350           20.6           130
Vessel XXII         5        100            5.9           130
Vessel XXIII        7        500           29.5           130
Vessel XXIV         7        400           23.6           130
Vessel XXV          7        400           23.6           130
Vessel XXVI         7        500           29.5           130
Vessel XXVII        7        450           26.5           130
Vessel XXVIII       7        480           28.3           130
Average             7        429           25.3           129
Lower limit        6.8      396.7          23.4          128.3
  (Conf. 95%)
Upper limit        7.2      461.5          27.2          130.3
  (Conf. 95%)
Confidence         0.2       32.4           1.9           1.0
  interval (95%)
Coefficient        0.1       0.2            0.2           0.0
  of variation

Table 2. Main attributes of the gulf hake and monkfish fishing
fleet of Santa Catarina, Brazil 2009. Source: Pio (2011)
and Pio et al. (2012).

Representative   Year       Hull        Engine         Hull
vessel           built   length (m)   power (hp)   capacity (ton)

Gulf hake        2001       23.0         290            60
Monkfish         2002       20.7         290            50

Representative      Gross      Crew   Number of    Gillnet total
vessel             tonnage     size   net bodies    length (km)
                 ([m.sup.3])

Gulf hake            84         10       500           22.5
Monkfish             85         10      1,000          50.0

Representative     Mesh
vessel           size (mm)

Gulf hake           110
Monkfish            280

Table 3. Crew shares for three gillnet fisheries,
Santa Catarina, Brazil, 2009. Source: Pio (2011).

                             Shares

Crew role        Whitemouth   Gulf    Monkfisk
                  croaker     hake

Skipper             3.50      6.00      6.00
Engineer            1.60      4.00      3.50
Boatswain                     2.00      2.50
Freezer             1.30      2.00      2.50
Cook                1.30      2.00      2.50
Freezer helper      1.25                2.00
Deck hand 1         1.00      1.50      1.75
Deck hand 2         1.00      1.50      1.75
Deck hand 3                   1.50      1.75
Deck hand 4                   1.50      1.75
Deck hand 5                   1.50
Total              10.95      23.50    26.00

Table 4. Investment costs (thousand US$) in the whitemouth
fishing fleet, Santa Catarina, Brazil, 2009. Source: Pio
(2011).

Whitemouth          Hull,     Deck equipment,    Monitoring
croaker fleet      engines      hydraulics      & navigation
                   & others    & lifesaving

Vessel I            246.0          31.0             19.0
Vessel II           437.0          45.0             21.4
Vessel III          407.0          43.0             20.7
Vessel IV           297.0          46.0             24.1
Vessel V            401.0          66.0             16.6
Vessel VI           246.0          31.0             19.0
Vessel VII          407.0          34.0             17.3
Vessel VIII         370.0          46.0             20.0
Vessel IX           246.0          31.0             19.0
Vessel X            361.0
Vessel XI           407.0          43.0             20.7
Vessel XII          297.0          46.0             24.7
Vessel XIII         401.0          66.0             16.6
Vessel XIV
Vessel XV           370.0          46.0             20.0
Vessel XVI          245.0          55.0             19.9
Vessel XVII         297.0          46.0             24.7
Vessel XVIII        407.0          43.0             20.7
Vessel XIX          407.0          34.0             17.3
Vessel XX           437.0          45.0             21.4
Vessel XXI          293.0          23.0             21.4
Vessel XXII         176.0          12.0             2.2
Vessel XXIII        361.0
Vessel XXIV         407.0          34.0             17.3
Vessel XXV          370.0          46.0             20.0
Vessel XXVI         369.0          51.0             10.4
Vessel XXVII        407.0          43.0             20.7
Vessel XXVHI        401.0          66.0             16.6
Average             350.7          42.9             18.9
Lower limit         322.5          37.6             1.0
  (Conf. 95%)
Upper limit         379.0          48.1             1.0
  (Conf. 95%)
Confidence           28.3           5.3             1.9
  interval (95%)
Coefficient          0.20          0.30             0.24
  of variation

Whitemouth
croaker fleet      Vessel   Fishing
                             gear

Vessel I           296.0     92.0
Vessel II          503.4     109.0
Vessel III         470.7     103.0
Vessel IV          367.1     103.0
Vessel V           483.6     116.0
Vessel VI          296.0     98.0
Vessel VII         458.3     87.0
Vessel VIII        436.0     92.0
Vessel IX          296.0     87.0
Vessel X           361.0
Vessel XI          470.7     103.0
Vessel XII         367.7     103.0
Vessel XIII        483.6     116.0
Vessel XIV
Vessel XV          436.0     80.0
Vessel XVI         319.9     95.0
Vessel XVII        367.7     131.0
Vessel XVIII       470.7     103.0
Vessel XIX         458.3     87.0
Vessel XX          503.4     98.0
Vessel XXI         337.4     60.0
Vessel XXII        190.2     18.0
Vessel XXIII       361.0
Vessel XXIV        458.3     87.0
Vessel XXV         436.0     92.0
Vessel XXVI        430.4     115.0
Vessel XXVII       470.7     116.0
Vessel XXVHI       483.6     116.0
Average            407.9     96.3
Lower limit        376.1     87.2
  (Conf. 95%)
Upper limit        439.8     105.4
  (Conf. 95%)
Confidence          31.9      9.1
  interval (95%)
Coefficient         0.20     0.23
  of variation

Table 5. Investment costs (thousand US$) in the gulf hake and
monkfish fishing fleets, Santa Catarina, Brazil, 2009.
Source: Pio (2011).

                                         Deck
Representative   Hull, engines   equipment, hydraulics
vessel             & others          & lifesaving

Gulf hake             384                 52
Monkfish              356                 55

Representative    Monitoring    Vessel   Fishing
vessel           & navigation             gear

Gulf hake            26.0        462       102
Monkfish             34.3        445       230

Table 6. Fishing costs (US$ [yr.sup.-1]) for the whitemouth croaker
fishery, Santa Catarina, Brazil, 2009. Source: Pio (2011).

Whitemouth         Insurance   Licenses   Organization   Harbour
croaker fleet                                 fees       services

Vessel I                         330          345         4,055
Vessel II            5,747       345          345         5,460
Vessel III                       517         8,276        14,793
Vessel IV            8,046       287          862         4,630
Vessel V                         241         2,069        2,115
Vessel VI                        330          345         4,055
Vessel VII                       299          345         4,138
Vessel VIII                      287          690         8,331
Vessel IX                        330          345         4,055
Vessel X                         287         1,034        2,331
Vessel XI                        517         8,276        14,793
Vessel Xn            8,046       287          862         8,078
Vessel XIII                      241         2,069        2,115
Vessel XIV                                    793          201
Vessel XV                        287          690         8,331
Vessel XVI           6,897       322         1,724        3,193
Vessel XVTI          8,046       287          862         4,630
Vessel XVIII                     517         8,276        14,793
Vessel XIX                       362          345         4,138
Vessel XX                        345          345         5,460
Vessel XXI           2,069       345                       862
Vessel XXII           414        270
Vessel XXm                       287         1,034        2,331
Vessel XXIV                      362          345         4,138
Vessel XXV                       287          690         8,331
Vessel XXVI                      316                      4,397
Vessel XXVII                     517         8,276        14,793
Vessel XXVm                      241         2,069        2,115
Average              1,402       323         1,833        5,595
Lower limit           285        283          769         3,877
  (Conf, 95%)
Upper limit          2,520       363         2,896        7,313
  (Conf, 95%)
Confidence           1,117        40         1,064        1,718
  interval (95%)
Coefficient          2.050       0.32        1.500        0.790
  of variation

Whitemouth         Insurance    Navigation      Vessel
croaker fleet                  & monitoring   maintenance

Vessel I                          2,407         33,507
Vessel II            5,747        1,832         35,920
Vessel III                        6,499         58,333
Vessel IV            8,046        6,430         31,034
Vessel V                          3,557         55,288
Vessel VI                         2,407         33,507
Vessel VII                        9,304         33,333
Vessel VIII                       3,840         49,885
Vessel IX                         2,407         33,507
Vessel X                          6,430         47,989
Vessel XI                         6,499         58,333
Vessel Xn            8,046        6,430         31,034
Vessel XIII                       3,557         55,288
Vessel XIV                         683          20,546
Vessel XV                         3,840         49,885
Vessel XVI           6,897        4,138         19,082
Vessel XVTI          8,046        6,430         31,034
Vessel XVIII                      6,499         58,333
Vessel XIX                        9,304         25,575
Vessel XX                         1,832         35,920
Vessel XXI           2,069        1,327         20,230
Vessel XXII           414                        2,299
Vessel XXm                        6,430         47,989
Vessel XXIV                       9,304         33,333
Vessel XXV                        3,840         49,885
Vessel XXVI                       1,832         30,172
Vessel XXVII                      6,499         58,333
Vessel XXVm                       3,557         55,288
Average              1,402        4,540         39,102
Lower limit           285         3,519         33,386
  (Conf, 95%)
Upper limit          2,520        5,561         44,818
  (Conf, 95%)
Confidence           1,117        1,021          5,716
  interval (95%)
Coefficient          2.050        0.580          0.380
  of variation

Whitemouth         Insurance   Fishing gear     Crew      Food
croaker fleet                  maintenance    supplies

Vessel I                          51,724       5,882     22,941
Vessel II            5,747        45,977       8,824     17,647
Vessel III                        72,414       6,353     18,529
Vessel IV            8,046        45,977       4,118     23,529
Vessel V                          51,724       5,294     20,000
Vessel VI                         51,724       5,882     22,941
Vessel VII                        34,483       4,706     14,118
Vessel VIII                       28,736       5,882     17,647
Vessel IX                         51,724       5,882     22,941
Vessel X                          26,437       11,765    20,588
Vessel XI                         72,414       6,353     18,529
Vessel Xn            8,046        45,977       4,118     18,028
Vessel XIII                       51,724       5,294     20,000
Vessel XIV                        68,966       7,059     18,824
Vessel XV                         28,736       5,882     17,647
Vessel XVI           6,897        11,494       3,529     20,588
Vessel XVTI          8,046        45,977       4,118     23,529
Vessel XVIII                      72,414       6,353     18,529
Vessel XIX                        34,483       4,706     14,118
Vessel XX                         45,977       8,824     17,647
Vessel XXI           2,069        25,862       5,294     13,235
Vessel XXII           414         5,747        11,765    20,588
Vessel XXm                        26,437       11,765    20,588
Vessel XXIV                       34,483       4,706     14,118
Vessel XXV                        28,736       5,882     17,647
Vessel XXVI                       57,471       2,353     20,588
Vessel XXVII                      72,414       6,353     18,529
Vessel XXVm                       51,724       5,294     20,000
Average              1,402        44,356       6,257     19,058
Lower limit           285         37,337       5,300     17,954
  (Conf, 95%)
Upper limit          2,520        51,374       7,214     20,162
  (Conf, 95%)
Confidence           1,117        7,018         957      1,104
  interval (95%)
Coefficient          2.050        0.410        0.460     0.160
  of variation

Whitemouth         Insurance    Ice     Water   Lubricant    Fuel
croaker fleet

Vessel I                       19,853    706      2,471     72,958
Vessel II            5,747     20,588   1,765     2,471     73,958
Vessel III                     18,529    706      6,353     72,149
Vessel IV            8,046     23,529    588      3,059     73,369
Vessel V                       19,118    471      2,471     76,899
Vessel VI                      19,853    706      2,471     72,958
Vessel VII                     20,235    706      2,447     73,981
Vessel VIII                    20,588    588      3,059     73,369
Vessel IX                      19,853    706      2,471     72,958
Vessel X                       14,412    412      3,059     85,134
Vessel XI                      18,529    706      6,353     72,149
Vessel Xn            8,046     12,386    588      3,040     55,329
Vessel XIII                    19,118    471      2,471     76,899
Vessel XIV                     21,176    706      2,118     83,487
Vessel XV                      20,588    588      3,059     43,958
Vessel XVI           6,897     23,529   1,765     2,647     83,193
Vessel XVTI          8,046     23,529    588      3,059     73,369
Vessel XVIII                   18,529    706      6,353     72,149
Vessel XIX                     20,235    706      2,447     61,805
Vessel XX                      20,588   1,765     2,471     73,958
Vessel XXI           2,069     16,941    529      2,753     66,722
Vessel XXII           414      14,412    412       824      22,664
Vessel XXm                     14,412    412      3,059     79,294
Vessel XXIV                    20,235    706      2,447     61,805
Vessel XXV                     20,588    588      3,059     73,369
Vessel XXVI                    11,765    588      2,647     91,471
Vessel XXVII                   18,529    706      6,353     72,149
Vessel XXVm                    19,118    471      2,471     76,899
Average              1,402     18,956    727      3,142     71,014
Lower limit           285      17,776    579      2,596     65,919
  (Conf, 95%)
Upper limit          2,520     20,136    874      3,687     76,110
  (Conf, 95%)
Confidence           1,117     1,180     147       545       5,096
  interval (95%)
Coefficient          2.050     0.170    0.66      0.540      0.200
  of variation

Table 7. Fishing costs (US$ yr1) for the gulf hake and monkfish
fishery, Santa Catarina, Brazil, 2009. Source: Pio
(2011).

Representative
vessel           Insurance   Licenses   Organization   Harbour
                                            fees       services

Gulf hake                      287          345         2,873
Monkfish           8,966       345          345         4,379

Representative                                              Fishing
vessel           Insurance    Navigation      Vessel         gear
                             & monitoring   maintenance   maintenance

Gulf hake                       3,557          9,484        57,471
Monkfish           8,966        9,304         61,207        69,540

Representative
vessel           Insurance     Crew      Food     Ice     Water
                             supplies

Gulf hake                     5,882     35,294   23,529
Monkfish           8,966      10,588    41,176   29,412    706

Representative
vessel           Insurance   Lubricant     Fuel

Gulf hake                      3,059      72,958
Monkfish           8,966       6,471     108,082

Table 8. Depreciation costs for three gillnet fisheries in Santa
Catarina, Brazil, 2009. Source: Pio (2011).
http://smanbusiness.chron.com/
tax-issues-company-fishing-boats-80960.html, http://www.sii.cl/
pagina/valores/bienes/tabla_vida_enero.htm,
http://www.windom.org/de-preciationfishing.html.

                                                Deck
Representative vessel   Hull, engines   equipment, hydraulics
                          & others          & lifesaving

Investment costs (thousand US$)

  Whitemouth                350.7               42.9
    croaker fleet           384.0               52.0
  Gulf hake                 356.0               55.0
  Monkfish
Service life (years)         20                  10

Depreciation (US$ [yr.sup.-1])

  Whitemouth               17,537               4,288
    croaker fleet
  Gulf hake                19,200               5,200
  Monkfish                 17,800               5,500

Representative vessel    Monitoring
                        & navigation   Vessel

Investment costs (thousand US$)

  Whitemouth                18.9       412.5
    croaker fleet           26.0       462.0
  Gulf hake                 34.3       445.3
  Monkfish
Service life (years)         5

Depreciation (US$ [yr.sup.-1])

  Whitemouth               3,774       25,599
    croaker fleet
  Gulf hake                5,200       29,600
  Monkfish                 6,860       30,160

Table 9. Annual landings (kg [yr.sup.-1]) and ex-vessel price
(US$ [kg.sup.-1]) for three gillnet fisheries in Santa
Catarina, Brazil, 2009. Source: Pio (2011).

                            Landings        Ex-vessel price
Representative vessel   (kg [yr.sup.-1])   (US$ [kg.sup.-1])

Whitemouth croaker          200,000              1.84
Gulf hake                   250,000              1.61
Monkfish                    280,000              2.01

Table 10. Cash-flow for the average vessel in the whitemouth
croaker fishery of Santa Catarina, Brazil, 2009.

                                             Year

                              0          1         2         3

TOTAL REVENUES                        368,000   368,000   368,000

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                    200       200       200
Ex-vessel price                        1.84      1.84      1.84
  (US$ [kg.sup.-1])
Other revenues
TOTAL COSTS                           311,127   311,127   311,127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 69,224    69,224    69,224
Skipper                               22,126    22,126    22,126
Engineer                              10,115    10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                          7,902     7,902     7,902
Deck hand (2)                         12,644    12,644    12,644
Vessel costs                          84,860    84,860    84,860
Insurance                              1,402     1.402     1,402
Vessel maitenance                     39,102    39,102    39,102
Fishing gear maintenance              44,356    44,356    44,356
Other costs                           27,754    27,754    27,754
Licenses                               32.3      .323      32.3
Union                                  1,833     1,833     1,833
Depreciation                          25,599    25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    56,873    56,873
TAXES ON PROFITS (15%)                 8,531     8,531     8,531
PROFITS AFTER FAXES                   48,342    48,342    48,342
Depreciation                          25,599    25,599    25,599
INVESTMENT                 508,769       0         0         0
Vessel                     412,489       0         0         0
Hull, engines & others     350,741
Deck equip., hydraul.       42,880
  & lifesaving
Monitoring & navigation     18,868
Fishing gear                96,280
NET CASH FLOW              -508,769   73,941    73,941    73,941
Discounted net cash flow   -508,769   67,219    61,108    55,553
NET PRESENT VALUE           82,785
IRR                         12.1%
PROFIT INDEX                 1.2

                                             Year

                              0          4         5         6

TOTAL REVENUES                        368,000   368,943   368,000

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                    200       200       200
Ex-vessel price                        1.84      1.84      1.84
  (US$ [kg.sup.-1])
Other revenues                                    943
TOTAL COSTS                           311,127   311,127   311,127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 69,224    69,224    69,224
Skipper                               22,126    22,126    22,126
Engineer                              10,115    10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                          7,902     7,902     7,902
Deck hand (2)                         12,644    12,644    12,644
Vessel costs                          84,860    84,860    84,860
Insurance                              1,402     1,402     1,402
Vessel maitenance                     39,102    39,102    39,102
Fishing gear maintenance              44,356    44,356    44,356
Other costs                           27,754    27,754    27,754
Licenses                                323      32.3      .323
Union                                  1,833     1,833     1,833
Depreciation                          25,599    25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    57,817    56,873
TAXES ON PROFITS (15%)                 8,531     8,672     8,531
PROFITS AFTER FAXES                   48,342    49,144    48,342
Depreciation                          25,599    25,599    25,599
INVESTMENT                 508,769       0      18,868       0
Vessel                     412,489       0      18,868       0
Hull, engines & others     350,741
Deck equip., hydraul.       42,880
  & lifesaving
Monitoring & navigation     18,868              18,868
Fishing gear                96,280
NET CASH FLOW              -508,769   73,941    55,875    73,941
Discounted net cash flow   -508,769   50,503    34,694    41,738
NET PRESENT VALUE           82,785
IRR                         12.1%
PROFIT INDEX                 1.2

                                             Year

                              0          7         8         9

TOTAL REVENUES                        368,000   368,000   368,000

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                    200       200       200
Ex-vessel price                        1.84      1.84      1.84
  (US$ [kg.sup.-1])
Other revenues
TOTAL COSTS                           311,127   311,127   311,127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 69,224    69,224    69,224
Skipper                               22,126    22,126    22,126
Engineer                              10,115    10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                          7,902     7,902     7,902
Deck hand (2)                         12,644    12,644    12,644
Vessel costs                          84,860    84,860    84,860
Insurance                              1,402     1,402     1,402
Vessel maitenance                     39,102    39,102    39,102
Fishing gear maintenance              44,356    44,356    44,356
Other costs                           27,754    27,754    27,754
Licenses                               .323      32.3       323
Union                                  1,833     1,833     1,833
Depreciation                          25,599    25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    56,873    56,873
TAXES ON PROFITS (15%)                 8,531     8,531     8,531
PROFITS AFTER FAXES                   48,342    48,342    48,342
Depreciation                          25,599    25,599    25,599
INVESTMENT                 508,769       0         0         0
Vessel                     412,489       0         0         0
Hull, engines & others     350,741
Deck equip., hydraul.       42,880
  & lifesaving
Monitoring & navigation     18,868
Fishing gear                96,280
NET CASH FLOW              -508,769   73,941    73,941    73,941
Discounted net cash flow   -508,769   37,943    34,494    31,358
NET PRESENT VALUE           82,785
IRR                         12.1%
PROFIT INDEX                 1.2

                                            Year

                           0          10        11        12

TOTAL REVENUES                        371,087   368,000   368,000

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                  200       200       200
Ex-vessel price                       1.84      1.84      1.84
  (US$ [kg.sup.-1])
Other revenues                        3,087
TOTAL COSTS                           311,127   311,127   311.127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                      5,595     5,595     5,595
Navigation & monitoring               4,540     4,540     4,540
Labor                                 69,224    69,224    69,224
Skipper                               22,126    22,126    22,126
Engineer                              10,115    10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                         7,902     7,902     7,902
Deck hand (2)                         12,644    12,644    12,644
Vessel costs                          84,860    84,860    84,860
Insurance                             1,402     1,402     1,402
Vessel maitenance                     39,102    .39,102   39,102
Fishing gear maintenance              44,356    44,356    44,356
Other costs                           27,754    27,754    27,754
Licenses                              32.3      .323      32.3
Union                                 1,833     1,833     1,833
Depreciation                          25,599    25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  59,961    56,873    56,873
TAXES ON PROFITS (15%)                8,994     8,531     8,531
PROFITS AFTER FAXES                   50,967    48,342    48,342
Depreciation                          25,599    25,599    25,599
INVESTMENT                 508,769    61,748    0         0
Vessel                     412,489    61,748    0         0
Hull, engines & others     350,741
Deck equip., hydraul.      42,880     42,880
  & lifesaving
Monitoring & navigation    18,868     18,868
Fishing gear               96,280
NET CASH FLOW              -508,769   14,817    73,941    73,941
Discounted net cash flow   -508,769   5,713     25,916    23,560
NET PRESENT VALUE          82,785
IRR                        12.1%
PROFIT INDEX               1.2

                                             Year

                           0          13        14        15

TOTAL REVENUES                        368,000   368,000   368,943

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                  200       200       200
Ex-vessel price                       1.84      1.84      1.84
  (US$ [kg.sup.-1])
Other revenues                                            943
TOTAL COSTS                           311,127   311.127   311,127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                      5,595     5,595     5,595
Navigation & monitoring               4,540     4,540     4,540
Labor                                 69,224    69,224    69,224
Skipper                               22,126    22,126    22,126
Engineer                              10,115    10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                         7,902     7,902     7,902
Deck hand (2)                         12,644    12,644    12,644
Vessel costs                          84,860    84,860    84,860
Insurance                             1,402     1,402     1,402
Vessel maitenance                     39,102    39,102    39,102
Fishing gear maintenance              44,356    44,356    44,356
Other costs                           27,754    27,754    27,754
Licenses                              .323      323       32.3
Union                                 1,833     1,833     1,833
Depreciation                          25,599    25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    56,873    57,817
TAXES ON PROFITS (15%)                8,531     8,531     8,672
PROFITS AFTER FAXES                   48,342    48,342    49,144
Depreciation                          25,599    25.599    25,599
INVESTMENT                 508,769    0         0         18,868
Vessel                     412,489    0         0         18,868
Hull, engines & others     350,741
Deck equip., hydraul.      42,880
  & lifesaving
Monitoring & navigation    18,868                         18,868
Fishing gear               96,280
NET CASH FLOW              -508,769   73,941    73,941    55,875
Discounted net cash flow   -508,769   21,418    19,471    13,376
NET PRESENT VALUE          82,785
IRR                        12.1%
PROFIT INDEX               1.2

                                             Year

                              0         16        17         18

TOTAL REVENUES                        368,000   368,000   368,000

Fishing revenues                      368,000   368,000   368,000
Annual harvest (ton)                    200       200       200
Ex-vessel price                        1.84      1.84       1.84
  (US$ [kg.sup.-1])
Other revenues
TOTAL COSTS                           311,127   311,127   311,127
Operating costs                       283,373   283,373   283,373
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315     25,315
Fuel & lubricant                      74,156    74,156     74,156
Ice & water                           19,683    19,683     19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 69,224    69,224     69,224
Skipper                               22,126    22,126     22,126
Engineer                              10,115    10,115     10,115
Boatswain
Cook/freezer (2)                      16,437    16,437     16,437
Freeze helper                          7,902     7,902     7,902
Deck hand (2)                         12,644    12,644     12,644
Vessel costs                          84,860    84,860     84,860
Insurance                              1,402     1,402     1,402
Vessel maitenance                     .39,102   39,102     39,102
Fishing gear maintenance              44,356    44,356     44,356
Other costs                           27,754    27,754     27,754
Licenses                               32.3      .32.3      .323
Union                                  1,833     1,833     1,8.33
Depreciation                          25,599    25,599     25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    56,873     56,873
TAXES ON PROFITS (15%)                 8,531     8,531     8,531
PROFITS AFTER FAXES                   48,342    48,342     48,342
Depreciation                          25,599    25,599     25,599
INVESTMENT                 508,769       0         0         0
Vessel                     412,489       0         0         0
Hull, engines & others     350,741
Deck equip., hydraul.       42,880
  & lifesaving
Monitoring & navigation     18,868
Fishing gear                96,280
NET CASH FLOW              -508,769   73,941    73,941     73,941
Discounted net cash flow   -508,769   16,092    14,629     13,299
NET PRESENT VALUE           82,785
IRR                         12.1%
PROFIT INDEX                 1.2

                                       Year

                              0         19        20

TOTAL REVENUES                        368,000   371,087

Fishing revenues                      368,000   368,000
Annual harvest (ton)                    200       200
Ex-vessel price                        1.84      1.84
  (US$ [kg.sup.-1])
Other revenues                                   3,087
TOTAL COSTS                           311.127   311,127
Operating costs                       283,373   283,373
Running costs                         129,288   129,288
Pers. supply & food                   25,315    25,315
Fuel & lubricant                      74,156    74,156
Ice & water                           19,683    19,683
Harbour services                       5,595     5,595
Navigation & monitoring                4,540     4,540
Labor                                 69,224    69,224
Skipper                               22,126    22,126
Engineer                              10,115    10,115
Boatswain
Cook/freezer (2)                      16,437    16,437
Freeze helper                          7,902     7,902
Deck hand (2)                         12,644    12,644
Vessel costs                          84,860    84,860
Insurance                              1,402     1,402
Vessel maitenance                     39,102    39,102
Fishing gear maintenance              44,356    44,356
Other costs                           27,754    27,754
Licenses                               32.3      .32.3
Union                                  1,833     1,833
Depreciation                          25,599    25,599
Interest cost
PROFITS BEFORE TAXES                  56,873    59,961
TAXES ON PROFITS (15%)                 8,531     8,994
PROFITS AFTER FAXES                   48,342    50,967
Depreciation                          25,599    25,599
INVESTMENT                 508,769       0         0
Vessel                     412,489       0         0
Hull, engines & others     350,741
Deck equip., hydraul.       42,880
  & lifesaving
Monitoring & navigation     18,868
Fishing gear                96,280
NET CASH FLOW              -508,769   73,941    76,565
Discounted net cash flow   -508,769   12,090    11,381
NET PRESENT VALUE           82,785
IRR                         12.1%
PROFIT INDEX                 1.2

Table 11. Cash-flow for the average vessel in the
gulf hake fishery of Santa Catarina, Brazil, 2009.

                                             Year

                              0          1         2         3

TOTAL REVENUES                        402,500   402,500   402,500
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues
TOT AT. COSTS                         342,328   342,328   324,464
Operating costs                       312,096   312,096   294,232
Running costs                         147,152   147,152   129,288
Pers. supply & food                   41,176    41,176    25,315
Fuel & lubricant                      76,017    76,017    74,156
Ice & water                           23,529    23,529    19,683
Harbour services                       2,873     2,873     5,595
Navigation & monitoring                3,557     3,557     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                  .345       345      .345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  60,172    60,172    78,036
TAXES ON PROFITS (15%)                 9,026     9,026    11,705
PROFITS AFTER TAXES                   51,147    51,147    66,331
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000       0         0         0
Vessel                     462,000       0         0         0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   80,747    80,747    95,931
Discounted net cash flow   -564,000   73,406    66,733    72,074
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                             Year

                              0          4         5         6

TOTAL REVENUES                        402,500   403,800   402,500
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues                                   1,300
TOT AT. COSTS                         324,464   324,464   324,464
Operating costs                       294,232   294,232   294,232
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                   345       345       345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  78,036    79,336    78,036
TAXES ON PROFITS (15%)                11,705    11,900    11,705
PROFITS AFTER TAXES                   66,331    67,436    66,331
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000       0      26,000       0
Vessel                     462,000       0      26,000       0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000              26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   95,931    71,036    95,931
Discounted net cash flow   -564,000   65,522    44,108    54,150
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                             Year

                              0          7         8         9

TOTAL REVENUES                        402,500   402,500   402,500
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues
TOT AT. COSTS                         324,464   324,464   324,464
Operating costs                       294,232   294,232   294,232
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                   345       345       345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  78,036    78,036    78,036
TAXES ON PROFITS (15%)                11,705    11,705    11,705
PROFITS AFTER TAXES                   66,331    66,331    66,331
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000       0         0         0
Vessel                     462,000       0         0         0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   95,931    95,931    95,931
Discounted net cash flow   -564,000   49,228    44,752    40,684
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                             Year

                              0         10        11        12

TOTAL REVENUES                        406,400   402,500   402,500
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues                         3,900
TOT AT. COSTS                         324,464   324,464   324,464
Operating costs                       294,232   294,232   294,232
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    .31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                   345       345      .345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  81,936    78,036    78,036
TAXES ON PROFITS (15%)                12,290    11,705    11,705
PROFITS AFTER TAXES                   69,646    66,331    66,331
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000    78,000       0         0
Vessel                     462,000    78,000       0         0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000    52,000
  & lifesaving
Monitoring & navigation     26,000    26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   21,246    95,931    95,931
Discounted net cash flow   -564,000    8,191    33,623    30,566
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                             Year

                              0         13        14        15

TOTAL REVENUES                        402,500   402,500   403,800
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues                                             1,300
TOT AT. COSTS                         324,464   324,464   324,464
Operating costs                       294,232   294,232   294,232
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                   345       345       345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  78,036    78,036    79,336
TAXES ON PROFITS (15%)                11,705    11,705    11,900
PROFITS AFTER TAXES                   66,331    66,331    67,436
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000       0         0      26,000
Vessel                     462,000       0         0      26,000
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000                        26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   95,931    95,931    71,036
Discounted net cash flow   -564,000   27,788    25,262    17,005
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                             Year

                              0         16        17        18

TOTAL REVENUES                        402,500   402,500   402,500
Fishing revenues                      402,500   402,500   402,500
Annual harvest (ton)                    250       250       250
Ex-vessel price                       1.61      1.61      1.61
  (USS [kg.sup.-1])
Other revenues
TOT AT. COSTS                         324,464   324,464   324,464
Operating costs                       294,232   294,232   294,232
Running costs                         129,288   129,288   129,288
Pers. supply & food                   25,315    25,315    25,315
Fuel & lubricant                      74,156    74,156    74,156
Ice & water                           19,683    19,683    19,683
Harbour services                       5,595     5,595     5,595
Navigation & monitoring                4,540     4,540     4,540
Labor                                 97,989    97,989    97,989
Skipper                               25,287    25,287    25,287
Engineer                              16,437    16,437    16,437
Boatswain                              8,218     8,218     8,218
Cook/freezer (2)                      16,437    16,437    16,437
Freeze helper                            0         0         0
Deck hand (2)                         31,609    31,609    31,609
Vessel costs                          66,955    66,955    66,955
Insurance                                0         0         0
Vessel maitenance                      9,484     9,484     9,484
Fishing gear maintenance              57,471    57,471    57,471
Other costs                           30,232    30,232    30,232
Licenses                                287       287       287
Union                                   345       345       345
Depreciation                          29,600    29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  78,036    78,036    78,036
TAXES ON PROFITS (15%)                11,705    11,705    11,705
PROFITS AFTER TAXES                   66,331    66,331    66,331
Depreciation                          29,600    29,600    29,600
INVESTMENT                 564,000       0         0         0
Vessel                     462,000       0         0         0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   95,931    95,931    95,931
Discounted net cash flow   -564,000   20,877    18,979    17,254
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

                                       Year

                              0         19        20

TOTAL REVENUES                        402,500   406,400
Fishing revenues                      402,500   402,500
Annual harvest (ton)                    250       250
Ex-vessel price                       1.61      1.61
  (USS [kg.sup.-1])
Other revenues                                   3,900
TOT AT. COSTS                         324,464   324,464
Operating costs                       294,232   294,232
Running costs                         129,288   129,288
Pers. supply & food                   25,315    25,315
Fuel & lubricant                      74,156    74,156
Ice & water                           19,683    19,683
Harbour services                       5,595     5,595
Navigation & monitoring                4,540     4,540
Labor                                 97,989    97,989
Skipper                               25,287    25,287
Engineer                              16,437    16,437
Boatswain                              8,218     8,218
Cook/freezer (2)                      16,437    16,437
Freeze helper                            0         0
Deck hand (2)                         31,609    31,609
Vessel costs                          66,955    66,955
Insurance                                0         0
Vessel maitenance                      9,484     9,484
Fishing gear maintenance              57,471    57,471
Other costs                           30,232    30,232
Licenses                                287       287
Union                                   345      .345
Depreciation                          29,600    29,600
Interest cost
PROFITS BEFORE TAXES                  78,036    81,936
TAXES ON PROFITS (15%)                11,705    12,290
PROFITS AFTER TAXES                   66,331    69,646
Depreciation                          29,600    29,600
INVESTMENT                 564,000       0         0
Vessel                     462,000       0         0
Hull, engines & others     384,000
Deck equip., hidraul.       52,000
  & lifesaving
Monitoring & navigation     26,000
Fishing gear               102,000
NET CASH FLOW              -564,000   95,931    99,246
Discounted net cash flow   -564,000   15,685    14,752
NET PRESENT VALUE          176,641
IRR                         14.1%
PROFIT INDEX                 1.3

Table 12. Cash-flow for the average vessel in the
monkfish fishery of Santa Catarina, Brazil, 2009.

                                               Year

                                0          1         2          3

TOTAL RLVLNULS                          562,800   562,800    562,800
Fishing revenues                        562,800   562,800    562,800
Annual harvest (ton)                      280       280        280
Ex-vessel price                          2.01       2.01       2.01
  (US$ [kg..sup.-1])
Other revenues
TOTAL COSTS                             476,267   421,414    421,414
Operating costs                         445,417   .390,564   .390,564
Running costs                           210,118   210,118    210,118
Pers. supply & food                     51,764     51,764     51,764
Fuel & lubricant                        114,553   114,553    114,553
Ice & water                             30,118     30,118     30,118
Harbour services                         4,379     4,379      4,379
Navigation & monitoring                  9,304     9,304      9,304
Labor                                   95,586     95,586     95,586
Skipper                                 21,684     21,684     21,684
Engineer                                12,644     12,644     12,644
Boatswain                                9,040     9,040      9,040
Cook/freezer (2)                        18,080     18,080     18,080
Freeze helper                            8,851     8,851      8,851
Deck hand (2)                           25,287     25,287     25,287
Vessel costs                            139,713    84,860     84,860
Insurance                                8,966     1,402      1,402
Vessel maitenance                       61,207     39,102     39,102
Fishing gear maintenance                69,540     44,356     44,356
Other costs                             30,850     30,850     30,850
Licenses                                  345       345        345
Union                                     345       345        345
Depreciation Interest cost              30,160     30,160     30,160
PROFITS BEFORE TAXES                    86,533    141,386    141,386
TAXES ON PROFITS (15%)                  12,980     21,208     21,208
PROFITS AFTER TAXES                     73,553    120,178    120,178
Depreciation                            30,160     30,160     30,160
INVESTMENT                   675,300       0         0          0
Vessel                       445,300       0         0          0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   103,713   150,338    150,338
Discounted net cash flow     -675,300   94,284    124,246    112,951
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                               Year

                                0          4         5         6

TOTAL RLVLNULS                          562,800   564,515   562,800
Fishing revenues                        562,800   562,800   562,800
Annual harvest (ton)                      280       280       280
Ex-vessel price                          2.01      2.01       2.01
  (US$ [kg..sup.-1])
Other revenues                                     1,715
TOTAL COSTS                             421,414   421,414   421,414
Operating costs                         390,564   390,564   .390,564
Running costs                           210,118   210,118   210,118
Pers. supply & food                     51,764    51,764     51,764
Fuel & lubricant                        114,553   114,553   114,553
Ice & water                             30,118    30,118    .30,118
Harbour services                         4,379     4,379     4,379
Navigation & monitoring                  9,304     9,304     9,304
Labor                                   95,586    95,586     95,586
Skipper                                 21,684    21,684     21,684
Engineer                                12,644    12,644     12,644
Boatswain                                9,040     9,040     9,040
Cook/freezer (2)                        18,080    18,080     18,080
Freeze helper                            8,851     8,851     8,851
Deck hand (2)                           25,287    25,287     25,287
Vessel costs                            84,860    84,860     84,860
Insurance                                1,402     1,402     1,402
Vessel maitenance                       39,102    39,102     39,102
Fishing gear maintenance                44,356    44,356     44,356
Other costs                             30,850    30,850     30,850
Licenses                                  345       345       345
Union                                     345       345       345
Depreciation Interest cost              30,160    30,160     30,160
PROFITS BEFORE TAXES                    141,386   143,101   141,386
TAXES ON PROFITS (15%)                  21,208    21,465     21,208
PROFITS AFTER TAXES                     120,178   121,636   120,178
Depreciation                            30,160    .30,160    30,160
INVESTMENT                   675,300       0      34,300       0
Vessel                       445,300       0      34,300       0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300              34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   150,338   117,496   150,338
Discounted net cash flow     -675,300   102,683   72,956     84,862
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                         Year

                                0          7             8

TOTAL RLVLNULS                          562,800   562,800 562,800
Fishing revenues                        562,800   562,800 562,800
Annual harvest (ton)                      280           280
Ex-vessel price                          2.01          2.01
  (US$ [kg..sup.-1])
Other revenues
TOTAL COSTS                             421,414       421,414
Operating costs                         390,564       390,564
Running costs                           210,118       210,118
Pers. supply & food                     51,764        51,764
Fuel & lubricant                        114,553       114,553
Ice & water                             30,118        30,118
Harbour services                         4,379         4,379
Navigation & monitoring                  9,304         9,304
Labor                                   95,586        95,586
Skipper                                 21,684        21,684
Engineer                                12,644        12,644
Boatswain                                9,040         9,040
Cook/freezer (2)                        18,080        18,080
Freeze helper                            8,851         8,851
Deck hand (2)                           25,287        25,287
Vessel costs                            84,860        84,860
Insurance                                1,402         1,402
Vessel maitenance                       39,102        39,102
Fishing gear maintenance                44,356        44,356
Other costs                             30,850        30,850
Licenses                                  345           345
Union                                     345           345
Depreciation Interest cost              30,160        30,160
PROFITS BEFORE TAXES                    141,386       141,386
TAXES ON PROFITS (15%)                  21,208        21,208
PROFITS AFTER TAXES                     120,178       120,178
Depreciation                            30,160        30,160
INVESTMENT                   675,300       0             0
Vessel                       445,300       0             0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   150,338       150,338
Discounted net cash flow     -675,300   77,147        70,134
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                               Year

                                0          9        10        11

TOTAL RLVLNULS                                    567,265   562,800
Fishing revenues                                  562,800   562,800
Annual harvest (ton)                      280       280       280
Ex-vessel price                          2.01      2.01      2.01
  (US$ [kg..sup.-1])
Other revenues                                     4,465
TOTAL COSTS                             421,414   421,414   421,414
Operating costs                         390,564   390,564   390,564
Running costs                           210,118   210,118   210,118
Pers. supply & food                     51,764    51,764    51,764
Fuel & lubricant                        114,553   114,553   114,553
Ice & water                             30,118    30,118    30,118
Harbour services                         4,379     4,379     4,379
Navigation & monitoring                  9,304     9,304     9,304
Labor                                   95,586    95,586    95,586
Skipper                                 21,684    21,684    21,684
Engineer                                12,644    12,644    12,644
Boatswain                                9,040     9,040     9,040
Cook/freezer (2)                        18,080    18,080    18,080
Freeze helper                            8,851     8,851     8,851
Deck hand (2)                           25,287    25,287    25,287
Vessel costs                            84,860    84,860    84,860
Insurance                                1,402     1,402     1,402
Vessel maitenance                       39,102    39,102    39,102
Fishing gear maintenance                44,356    44,356    44,356
Other costs                             30,850    30,850    30,850
Licenses                                  345       345       345
Union                                     345       345       345
Depreciation Interest cost              30,160    30,160    30,160
PROFITS BEFORE TAXES                    141,386   145,851   141,386
TAXES ON PROFITS (15%)                  21,208    21,878    21,208
PROFITS AFTER TAXES                     120,178   123,973   120,178
Depreciation                            30,160    30,160    30,160
INVESTMENT                   675,300       0      89,300       0
Vessel                       445,300       0      89,300       0
Hull, engines & others       356,000
Deck equip.,                  55,000              55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300              34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   150,338   64,833    150,338
Discounted net cash flow     -675,300   63,758    24,996    52,692
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                               Year

                                0         12        13        14

TOTAL RLVLNULS                          562,800   562,800   562,800
Fishing revenues                        562,800   562,800   562,800
Annual harvest (ton)                      280       280       280
Ex-vessel price                          2.01      2.01      2.01
  (US$ [kg..sup.-1])
Other revenues
TOTAL COSTS                             421,414   421,414   421,414
Operating costs                         390,564   390,564   390,564
Running costs                           210,118   210,118   210,118
Pers. supply & food                     51,764    51,764    51,764
Fuel & lubricant                        114,553   114,553   114,553
Ice & water                             30,118    .30,118   30,118
Harbour services                         4,379     4,379     4,379
Navigation & monitoring                  9,304     9,304     9,304
Labor                                   95,586    95,586    95,586
Skipper                                 21,684    21,684    21,684
Engineer                                12,644    12,644    12,644
Boatswain                                9,040     9,040     9,040
Cook/freezer (2)                        18,080    18,080    18,080
Freeze helper                            8,851     8,851     8,851
Deck hand (2)                           25,287    25,287    25,287
Vessel costs                            84,860    84,860    84,860
Insurance                                1,402     1,402     1,402
Vessel maitenance                       39,102    39,102    39,102
Fishing gear maintenance                44,356    44,356    44,356
Other costs                             30,850    30,850    30,850
Licenses                                  345       345       345
Union                                     345       345       345
Depreciation Interest cost              30,160    .30,160   .30,160
PROFITS BEFORE TAXES                    141,386   141,386   141,386
TAXES ON PROFITS (15%)                  21,208    21,208    21,208
PROFITS AFTER TAXES                     120,178   120,178   120,178
Depreciation                            30,160    30,160    30,160
INVESTMENT                   675,300       0         0         0
Vessel                       445,300       0         0         0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   150,338   150,338   150,338
Discounted net cash flow     -675,300   47,902    43,548    39,589
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                               Year

                                0         15        16         17

TOTAL RLVLNULS                          564,515   562,800   562,800
Fishing revenues                        562,800   562,800   562,800
Annual harvest (ton)                      280       280       280
Ex-vessel price                          2.01      2.01       2.01
  (US$ [kg..sup.-1])
Other revenues                           1,715
TOTAL COSTS                             421,414   421,414   421,414
Operating costs                         390,564   390,564   .390,564
Running costs                           210,118   210,118   210,118
Pers. supply & food                     51,764    51,764     51,764
Fuel & lubricant                        114,553   114,553   114,553
Ice & water                             .30,118   30,118     30,118
Harbour services                         4,379     4,379     4,379
Navigation & monitoring                  9,304     9,304     9,304
Labor                                   95,586    95,586     95,586
Skipper                                 21,684    21,684     21,684
Engineer                                12,644    12,644     12,644
Boatswain                                9,040     9,040     9,040
Cook/freezer (2)                        18,080    18,080     18,080
Freeze helper                            8,851     8,851     8,851
Deck hand (2)                           25,287    25,287     25,287
Vessel costs                            84,860    84,860     84,860
Insurance                                1,402     1,402     1,402
Vessel maitenance                       39,102    39,102     39,102
Fishing gear maintenance                44,356    44,356     44,356
Other costs                             30,850    30,850     30,850
Licenses                                  345       345       345
Union                                     345       345       345
Depreciation Interest cost              .30,160   30,160     30,160
PROFITS BEFORE TAXES                    143,101   141,386   141,386
TAXES ON PROFITS (15%)                  21,465    21,208     21,208
PROFITS AFTER TAXES                     121,636   120,178   120,178
Depreciation                            30,160    30,160     30,160
INVESTMENT                   675,300    34,300       0         0
Vessel                       445,300    34,300       0         0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300    34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   117,496   150,338   150,338
Discounted net cash flow     -675,300   28,128    32,718     29,744
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

                                               Year

                                0         18        19         20

TOTAL RLVLNULS                          562,800   562,800   567,265
Fishing revenues                        562,800   562,800   562,800
Annual harvest (ton)                      280       280       280
Ex-vessel price                          2.01      2.01       2.01
  (US$ [kg..sup.-1])
Other revenues                                               4,465
TOTAL COSTS                             421,414   421,414   421,414
Operating costs                         390,564   390,564   390,564
Running costs                           210,118   210,118   210,118
Pers. supply & food                     51,764    51,764     51,764
Fuel & lubricant                        114,553   114,553   114,553
Ice & water                             30,118    30,118     30,118
Harbour services                         4,379     4,379     4,379
Navigation & monitoring                  9,304     9,304     9,304
Labor                                   95,586    95,586     95,586
Skipper                                 21,684    21,684     21,684
Engineer                                12,644    12,644     12,644
Boatswain                                9,040     9,040     9,040
Cook/freezer (2)                        18,080    18,080     18,080
Freeze helper                            8,851     8,851     8,851
Deck hand (2)                           25,287    25,287     25,287
Vessel costs                            84,860    84,860     84,860
Insurance                                1,402     1,402     1,402
Vessel maitenance                       39,102    39,102     39,102
Fishing gear maintenance                44,356    44,356     44,356
Other costs                             30,850    30,850     30,850
Licenses                                  345       345       345
Union                                     345       345       345
Depreciation Interest cost              30,160    30,160     30,160
PROFITS BEFORE TAXES                    141,386   141,386   145,851
TAXES ON PROFITS (15%)                  21,208    21,208     21,878
PROFITS AFTER TAXES                     120,178   120,178   123,97.3
Depreciation                            30,160    30,160     30,160
INVESTMENT                   675,300       0         0         0
Vessel                       445,300       0         0         0
Hull, engines & others       356,000
Deck equip.,                  55,000
  hydraul. & lifesaving
Monitoring & navigation       34,300
Fishing gear                 230,000
NET CASH FLOW                -675,300   150,338   150,338   154,133
Discounted net cash flow     -675,300   27,040    24,581     22,911
NET PRESEN T VALUE           501,568
IRR                           19.5%
PROFIT INDEX                   1.7

Figure 3. Total fishing costs (US$) and cost structure
for three gillnet fisheries of Santa Catarina, Brazil, 2009.

            Running costs   Labor   Vessel costs   Other costs

Monkish          44%         20%         29%           7%
Gulf hake        43%         29%         20%           8%
WM croaker       42%         22%         27%           9%

US$             WM croaker   Gulf hake   Monkish
[yr.sup.1]
2009

Running costs    129,288      147,152    210,118
Labor             69,224       97,989     95,586
Vessel costs      84,860       66,955    139,713
Other costs       26,264       30,232     30,850

Note: Table made from bar graph.

Figure 4. Running costs (US$ [yr.sup.-1]) and cost structure
for three gillnet fisheries of Santa Catarina, Brazil, 2009.

              Pers.
             supply    Fuel &     Ice &   Harbour    Navigation &
             & food   lubricant   water   services   monitoring

Monkish        25%       55%       14%       2%          4%
Gulf hake      28%       52%       16%       2%          2%
WM croaker     20%       57%       15%       4%          4%

US$            WM croaker   Gulf hake   Monkish
[yr.sup.-1]
(2009)

Pers.            25,315      41,176      51,764
  supply
  & food
Fuel &           74,156      76,017     114,553
  lubricant
Ice &            19,683      23,529      30,118
  water
Harbour           5,595       2,873       4,379
  services
Navigation &      4,540       3,557       9,304
  monitoring

Note: Table made from bar graph.

Figure 5. Labor costs (US$ [yr.sup.-1]) and cost structure for
three gillnet fisheries of Santa Catarina, Brazil, 2009.

             Skipper   Engineer   Boatswain    Cook/    Freeze   Deck
                                              Freezer   helper   hand

Monkish        23%        13%        10%        19%       9%      26%
Gulf hake      26%        17%         8%        17%               32%
WM croaker     32%        15%                   24%      11%      18%

US$             WM croaker   Gulf hake   Monkish
[yr.sup.-1]
(2009)

Skipper           22,126       25,287    21,684
Engineer          10,115       16,437    12,644
Boatswain                       8,218     9,040
Cook/             16,437       16,437    18,080
  Freezer
Freeze             7,902                  8,851
  helper
Deck hand         12,644       31,609    25,287

Note: Table made from bar graph.

Figure 6. Vessel costs (US$ [yr.sup.-1]) and cost structure
for three gillnet fisheries of Santa Catarina, Brazil, 2009.

             Insurance      Vessel     Fishing gear
                         maintenance   maintenance

Monkish          6%          44%            50%
Gulf hake                    14%            86%
WM croaker       2%          46%            52%

US$             WM croaker   Gulf hake   Monkish
[yr.sup.-1]
(2009)

Insurance          1,402                  8,966
Vessel            39,102       9,484     61,207
  maintenance
Fishing gear      44,356      57,471     69,540
  maintenance

Note: Table made from bar graph.

Figure 7. Other costs (US$ [yr.sup.-1]) and cost structure
for three gillnet fisheries of Santa Catarina, Brazil, 2009.

             Licenses   Organization fees   Depreciation

Monkish         1%              1%               98%
Gulf hake       1%              1%               98%
WM croaker      1%              7%               92%

US$             WM croaker   Gulf hake   Monkish
[yr.sup.-1]
(2009)

Licenses           323          287        345
Organization      1,833         345        345
  fees
Depreciation     24,109       29,600     30,160

Note: Table made from bar graph.

Figure 8. Indicators of economic and financial performance
for the representative vessel in three gillnet
fisheries of Santa Catarina, Brazil, 2009.

                 WM croaker   Gulf hake   Monkish

NPV (US$ 2009)     82,785      176,641    501,568
IRR                0.1211      0.1409     0.1951
Profit index         1.2         1.3        1.7

Note: Table made from bar graph.

Figure 9. Indicators of economic and financial performance
for the average vessel in whitemouth croaker
fishery under three management scenario.

                 Current   Optimist   Conservative

NPV (US$ 2009)   82,785    264,368      132,236
IRR              0.1211    0.1493       0.1238
Profit index       1.2       1.6          1.3

Note: Table made from bar graph.
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Title Annotation:Research Article
Author:Pio, Vanessa Mafra; Gonzalez-Poblete, Exequiel; Pezzuto, Paulo Ricardo; Wahrlich, Roberto
Publication:Latin American Journal of Aquatic Research
Date:Nov 1, 2016
Words:16023
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