TankerCompass / Net Asset Valuation Matrix & Sensitivity
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Net Asset Valuation Matrix & Sensitivity

Fleet NAV calculation · Sensitivity analysis · by TankerCompass

Fleet — vessel values
Vessel type # vessels Value/vessel ($M) Fleet value

Vessel values: VesselsValue, Clarksons, or broker estimates.

Capital structure

Net debt = Total debt minus cash. Shares = fully diluted share count.

P/NAV RATIO
—
0.4x 1.0x 1.15x avg 1.5x 2.0x
Fleet NAV
NAV per share
Historical P/NAV reference points

Crude tanker industry P/NAV (Fearnley 10yr, Mar'15–Mar'25): Avg ~1.05x · Trough 0.55x (Feb'18, late'21) · Peak 1.85x (Aug'15). Zones: Bear <0.80x, Fair 0.95–1.25x, Bull 1.3–1.8x. Above 1.5x: take profit. Above 2.0x: hard sell. Source: Fearnley 14.04.25 via Astrup Fearnley Equity Quarterly Q1 2025.

Fleet breakdown
Company capital structure
CURRENT NAV
$2.00
GEARING
60%
LTV RATIO
60%
Leverage amplification scenarios
Change in equity value vs change in asset values (based on current capital structure)
Higher gearing = steeper curve (more leverage amplification)
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Auto-synced from NAV Matrix
Fleet, debt, and shares update live from NAV Matrix (manual edits pause auto-sync per field).
Vessel value sensitivity
Simulate market-wide vessel value changes
New fleet value
$500M
—
New NAV per share
$2.00
Leverage amplification effect
How changes in asset value translate to equity value
Asset value change
0%
No change
Equity value change
0%
No change
Per-segment price → NAV sensitivity
Each table holds other segments at their current value and flexes one segment's price. Colors: yellow = downside, green = near current, orange = moderate upside, pink = strong upside. Arrow row = current fleet average.
Combined weighted sensitivity
Base change % applies to all segments, scaled by each segment's weight. Use weight 1.5 if a segment typically leads (moves more than market), 0.5 if it lags. Default = fleet-value share (larger segments carry more weight).
How leverage amplifies returns: When you have debt, changes in asset values have a magnified impact on equity. Example: With 60% gearing, a 10% increase in vessel values becomes a 25% increase in NAV per share. This works both ways — leverage amplifies losses too. Higher LTV ratios = higher sensitivity.
Reference — vessel prices (Apr 2026)
Resale prompt ≠ NB-order. Prompt-delivery vessels trade at a premium to NB-with-waiting-time in strong freight markets (buyers pay up for immediate earnings) — and can trade below NB in weak markets.
Segment Reference ($M)

Source: Vessels Value + Athenian Shipbrokers. Implied vessel value = segment ref price (selected basis) × P/NAV.

Fleet → implied vessel value per ship
Vessel type Count Ref ($M) Implied ($M) Premium

Implied = Ref × P/NAV. Premium = (P/NAV − 1.0) × 100. Reference basis set via dropdown above.

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Auto-synced from NAV Matrix
Fleet, debt, shares, and share price update live from NAV Matrix inputs.
P/NAV RATIO (from NAV Matrix)
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Premium/discount vs NB replacement: —
Weighted reference
—
per vessel
Weighted implied
—
per vessel
Per-segment implied vs NB

Green bar = NB reference. Amber bar = market-implied (NB × P/NAV).

Historical P/NAV reference
• 0.55 – 0.70x: Deep-trough entries (EURN 2011, 2018)
• 0.90 – 1.20x: Recovery peaks (EURN 2015 ≈ 1.0)
• 1.40 – 1.70x: Late-cycle (EURN 2023 pre-3-pillar-deal ≈ 1.6)
• > 1.70x: Bubble territory (2007–2008 peaks)