FISHERY BULLETIN: VOL. 82, NO. 2 

 TABLE 3. — Annual cash flow statement for a steel vessel, 20.1-21.5 m. long, operating out of Texas ports, 1971 to 1980. 



1971 



1972 



1973 



1974 



1975 



1976 



1977 



1978 



1979 



1980' 



22.052 23.055 25.060 

 71,429 77.507 84,901 

 20.205 18,145 19,722 



40.095 

 90.065 

 18.510 



47,613 

 90.942 

 19.300 



70.896 



7.509 

 6,412 



84.817 



76,783 83.692 



8.042 

 5,879 



90,704 



1980 2 



29.011 29,011 



152,479 152,479 



38,930 129.767 



98.137 113,222 103.496 105,381 132,799 147.463 170,568 191.602 220.420 311,257 



47.613 

 90.942 

 49.481 



Revenues 



Beginning cash balance 2.339 13,319 22,518 5,883 5.192 14.835 26,964 



Receipt from shrimp 78,100 95.798 99,903 80,978 99,498 132,799 142,272 155,733 164,638 



Capital receipts 000000000 



Total cash inflow 78,100 

 Operating expenses 



Fuel ' 6.515 6,515 9,523 20,549 21,551 



Other variable expenses 43,766 50,216 52,824 49,826 58,669 



Fixed cash expenses 11.559 14,165 14.436 13,317 14,169 



Total 61.840 

 Long- and short-term debt 



Long-term debt (principle) 7.01 1 



Long-term debt (interest) 6,910 



Total cash outflow 75.761 



Cash situation 



Net cash balance 2,339 10.980 9.199 -16,635 -8.812 8,121 9,643 12.129 2,047 



Cash available 2,339 13.320 22,518 5,883 -2,929 5,192 14,835 26.964 29.011 



Ending cash balance 2,339 13.320 22,518 5,883 5,192 14,835 26,964 29.011 



Net present value 0. 1 1 74 



8,613 

 5,308 



97,613 108.310 127.607 132,628 143,604 162,591 171,776 201,957 



19.633 80.288 



48.644 109.300 



48,644 109.300 



22,572 42,560 



'Vessel sold for salvage value 

 2 Vessel sold for original price 



18CM 



K 140- 



G 



S 



r 



N 120 

 D 



D 



• 



L 103 

 L 

 fi 

 R 

 5 



80 

 I 

 N 



T 



H 60 







U 



S 



R 



N 40- 



D 



S 



I97B 1979 1980 

 TERRS 



LEGEND: OPTIONS 



LANDINGS 



-VALUE 



FIGURE 1. — Total Texas landings and value of landings for a 

 typical steel vessel 20.1 to 21.5 m long by year. 



There was no significant variation in total fixed 

 costs during the 10 yr for two reasons: Deprecia- 

 tion and insurance charges were set at fixed levels, 

 but while overhead charges increased gradually 

 over the years, interest payments on vessel loans 

 decreased by about the same margin. The highest 

 total fixed cost incurred was $24,608 in 1971 and 

 the lowest was $23,152 in 1978 (Table 2). 



Total variable costs, on the other hand, in- 



creased by 175.5% over the 10-yr period. The high- 

 est increase of 18.4% occurred in 1979, and it was 

 in direct response to an increase in fuel charges 

 from $25,060 in 1978 to $40,095 in 1979 (Table 3). 

 Expenditure on fuel showed a tremendous in- 

 crease in 1974 by 115.7%; both of these increases 

 were due to the sharp rise in fuel prices (Fig. 2). 



In response to an increase in variable costs and 

 relatively constant fixed costs, total operating 



6- 



5 







L 



L 



R 



R 4 



S 



3- 



l 



1970 1971 1972 1973 1974 1975 1976 19"' 1978 1979 1380 



TERRS 

 LEGEND: 3PT13NS FUEL -- SHRIMP 



FIGURE 2. — Price of fuel and shrimp for a steel vessel 20.1 to 21.5 

 m long by year operating out of Texas ports. 



368 



