Model daily revenue, operating expenses, and net cashflow across your shipping fleet.
Quick Answer: Free shipping cashflow calculator for tanker, bulk carrier, and LNG investors. Enter daily TCE rate ($), number of vessels, and operating costs (OPEX). Output: daily revenue, annual gross cashflow, and dividend capacity. Use current Baltic Exchange rates as inputs — see indicative ranges in the table below the calculator.
Free shipping cashflow calculator: estimate daily and annual revenue for tanker, bulk carrier, and container ships based on charter rates.
Shipping stocks are one of the few sectors where cashflow is almost entirely transparent and calculable from public data. Once you understand how TCE rates translate into dividends, you can evaluate stocks like TORM, Frontline, FLEX LNG or Hafnia with genuine analytical precision — not just market sentiment.
The Time-Charter Equivalent (TCE) rate is the single most important number in shipping analysis. It tells you how much net revenue a vessel generates per day after voyage costs (bunker fuel, port dues, canal fees). The formula:
For a VLCC tanker in 2024-2025, spot TCEs ranged from $25,000/day (weak market) to $75,000+/day during geopolitical disruptions (Russia sanctions rerouting). LNG carriers like those operated by FLEX LNG typically earn $80,000–$120,000/day under long-term time-charter contracts — with near-zero revenue volatility.
Here is how daily vessel earnings translate into shareholder dividends — the complete chain every shipping investor needs to understand:
The payout ratio tells you what fraction of distributable cashflow the company actually pays out. Shipping companies with spot exposure (TORM, Frontline) pay variable dividends tied directly to TCE cycles. Contract-heavy operators (FLEX LNG, Höegh) pay stable, predictable dividends regardless of spot market moves.
TORM reported Q1 2025 TCE of approximately $31,000/day across its MR and LR tanker fleet. With ~85 vessels and ~$8,500/day average OPEX, the cashflow math looks like this:
| Metric | Value |
|---|---|
| Fleet TCE Rate (Q1 2025) | $31,000/day |
| OPEX per vessel/day | ~$8,500 |
| Net Revenue Days (fleet, Q1) | ~7,000 |
| Distributable Cashflow (Q1) | ~$157M |
| Quarterly Dividend (100% payout) | ~$1.17/share |
Illustrative calculation based on publicly reported Q1 2025 data. Not a guarantee of future results. Always verify against official filings.
| Vessel Type | Spot TCE Range | Key Stocks |
|---|---|---|
| VLCC (Very Large Crude Carrier) | $20,000–$75,000/day | Frontline, DHT |
| MR/LR Tanker (Product) | $15,000–$40,000/day | TORM, Hafnia |
| LNG Carrier (Time-Charter) | $70,000–$130,000/day | FLEX LNG, Höegh |
| VLGC (Very Large Gas Carrier) | $40,000–$120,000/day | BW LPG, Dorian LPG |
| Capesize Bulk (Iron Ore) | $10,000–$50,000/day | Star Bulk, 2020 Bulkers |
As an active shipping investor (TORM, FLEX LNG, Frontline, Dorian LPG, CMB.Tech are among my current positions), I use this type of cashflow modeling as a first filter — not a final answer. Here is what the raw math misses:
This is not financial advice. I own positions in multiple shipping stocks mentioned. Always do your own research and consider your individual risk tolerance before investing. Shipping markets are cyclical — dividends can and do disappear in down markets.
| Segment | Weak Market | Mid-Cycle | Strong Market |
|---|---|---|---|
| MR Tanker | $12k–16k/day | $20k–28k/day | $40k+/day |
| LR2 / Aframax | $14k–20k/day | $25k–35k/day | $50k+/day |
| VLCC | $20k–30k/day | $35k–50k/day | $80k+/day |
| LNG Carrier | $40k–60k/day | $65k–90k/day | $120k+/day |
Source: Clarkson Research, EIA, Baltic Exchange — indicative ranges, not current spot. Use as calibration for your calculator inputs.
The shipping market in 2026 is shaped by two macro forces that directly affect the rate inputs you should use in this calculator:
1. OPEC+ Production Decisions: OPEC+ controls ~40% of global crude supply. When OPEC+ increases output (as it did in early 2026 with the +188k bpd decision), tanker demand rises — more crude barrels need ships. This is the primary driver for VLCC and Suezmax charter rates. Conversely, OPEC+ cuts (2022-2024 era) pressured crude tanker rates while benefiting clean product tankers (TORM, Hafnia) that carry refined products.
2. LNG Demand Surge: European LNG imports remain structurally elevated post-Ukraine-crisis. US LNG export capacity additions (Sabine Pass, Corpus Christi, Plaquemines) drive demand for LNG tankers (FLEX LNG, Golar LNG). LNG carrier TCE rates are driven by long-term contracts rather than spot swings — making LNG shipping stocks fundamentally different from crude tankers in a cashflow model.
Marco's Framework Note
I use this calculator to stress-test any shipping stock before adding it to my watchlist. The key insight: a company trading at 6x P/E might look cheap — until you model a 40% rate drop scenario and realize the "cheap" stock becomes expensive at stressed cashflow. Ships are leveraged assets. Model the downside first.
Marco Bozem
Investor & Analyst | Hard Assets, Dividends, Shipping | MB Capital Strategies | YouTube @MBCapitalStrategies | Podcast “Der Finanzfeuer Talk”
Marco has been analyzing dividend and hard-asset stocks since 2022, with a focus on shipping, mining and energy. All tools and analyses are for informational purposes only. Not financial advice. About Marco →