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Table 3: Summary of pro forma cash flow analysis. Category Year 1 Year 2 Year 3 Years 4-10 Income $43,712 $199,833 $349,707 $449,623 Operating Expenses $77,057 $173,489 $270,780 $300,377 Income - Operating Expenses ($33,345) $26,343 $78,927 $149,246 Capital Expenditures $224,526 $160,026 $148,943 $30,353 Income - Expenses (Before Taxes) ($257,871) ($133,683) ($70,016) $118,893 Taxes $0 $0 $3,906 $27,237 Income - Expenses (After Taxes) ($257,871) ($133,683) ($73,922) $91,656 Investor Paid-In Capital $287,871 $133,683 $73,922 $0 Production and income stabilized in Years 4-10,with net revenues (before taxes) averaging $118, 893/year. After tax net revenues averaged $91,656. The net present value (NPV) of the investment was calculated based on before tax net revenues. A discount rate of 26% (6% opportunity cost for capital + 20% risk premium) was used to calculate the NPV. If the NPV of a stream of revenues from an investment were greater than zero, then the investor would be favorably disposed towards the investment. If the NPV was less than zero, the investor would reject the investment. In addition, the internal rate of return (IRR) was also calculated. The IRR is the discount rate for which the NPV would equal zero. Under the set of assumptions used in the baseline scenario, the NPV for the project equaled -$134,341, and the IRR equaled 12%. In order for this investment to earn an IRR of 26% (the minimum acceptable rate of return) the producer would have to be able to sell the shrimp for $6.04/lb. Based on the results of this analysis, this would not be a desirable investment unless the shrimp could be sold for greater than this price. Sensitivity Analysis While it is clear that we have not yet demonstrated the economic feasibility of producing shrimp in freshwater recirculating systems, there certainly appears to be room for improvement with respect to several important variables affecting the cost of production in the system. Two key production variables that could be improved upon are the survival rate and the growth rate of shrimp in the system. Four of the five crops used to calculate expected survival rates were carried out in systems with very shallow nursery tanks (depth = 20 cm). One production trial was carried out in a system with a deeper nursery tank (depth = 34 cm) with better water circulation. The survival in this trial was 81%. In some recent trials carried out at HBOI in which artificial substrates were placed in the nursery and intermediate sections of the culture tank, survivals have averaged better than 70%. Growth rates in the 1999 production trials at HBOI averaged only 0.7 g/week when temperatures were maintained above 28ºC. However in ponds, growth rates of 1.0 g/week are generally expected at this temperature. The slow growth rates observed in the 1999 HBOI trials might be related to the fact that the greenhouses were shaded with 95% shade cloth to minimize algal growth. Moss et al. (1992) demonstrated that green pond water enhanced the growth rate of shrimp raised in aquaria. Moss (1999) 4
eported growth rates of 1.4 g/week in "greenwater" recirculating systems similar to the HBOI systems. Subsequent to this study the shade cloths covering the HBOI greenhouses were removed, and growth rates have improved. A sensitivity analysis was carried out to determine the effect of improved survival and/or growth rates on the IRR of the hypothetical 12-greenhouse enterprise. The results are summarized in Table 4. This analysis showed that the profitability of the enterprise was very sensitive to growth rates. If the shrimp were grown to an average weight of 18 grams in 150 days (an average growth rate of 0.84 grams/week), the IRR improved to 29% (holding survival at 60%). If the shrimp were grown to 18 grams in 150 days at a survival rate of 70%, the IRR improved dramatically to 46%. Improving survival to 70% without any improvement in growth rates improved the IRR to 25%, or slightly less than the minimum acceptable return. Table 4: Sensitivity of NPV and IRR to Survival and Growth Rates Item 60% Survival 70% 180 days to 18 grams Net Present Value @ $5.24/lb (Heads-on) ($152,310) ($7,197) Internal Rate of Return @ $5.24/lb (Heads-on) 10% 25% Price Required for NPV to Equal 0 $6.04 $5.28 150 days to 18 grams Net Present Value @ $5.24/lb (Heads-on) $27,864 $206,881 Internal Rate of Return @ $5.24/lb (Heads-on) 29% $46% Price Required for NPV to Equal 0 $5.13 $4.49 Conclusion The commercial viability of shrimp production in freshwater recirculating systems is critically dependent on the ability to grow shrimp to at least 18 grams in 150 days, with consistent survival rates of better than 60%. Only efficient production systems are going to be successful, to minimize the capital cost per pound of production. The three-phase production system developed at HBOI allows system productivity to be increased without significantly increasing the capital costs of the system. Nevertheless, it is unlikely that shrimp grown in recirculating systems can be grown as cheaply as pond-reared shrimp, so they will need to be sold at prices significantly higher prices. The volume of shrimp that can be sold at these premium prices is presently unknown. Acknowledgements This research was funded by the Florida Department of Agriculture and Consumer Services Bureau of Seafood and Aquaculture (FDACS Contract No. 4520). The author would like to thank Jim Collins, Kevin McAllister, Robert McDaniels, and Sami Al- Hussein for their assistance with the production trials that provided the data for this project. 5
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TABLE OF CONTENTS i Pages Symposium
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iii Pages Production of YY Male Til
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v Pages Special Session 2 - Volunte
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into the grow-out tanks. The airlif
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one above the other, reducing the
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nutritional requirements of summer
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Pump Functions The AMI Multi-Functi
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Introduction Commercial Application
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System Performance: Nine of these r
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electrical costs reduced by more th
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Nitrate, as the final product of th
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Culture conditions On August 1, 199
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surface area 740 m 2 /m 3 ). The co
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achieved a 750 mg/l decline in the
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ecomes possible without water repla
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tropical countries for tropical fis
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fastest absorption of nutrients fro
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Recirculation System Design; The KI
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The Japanese Aquaculture Market and
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Entrepreneurial and Economic Issues
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Our largest error though was in not
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Before You Invest. In my role as a
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are 590,000 kg/year. Prices, deprec
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Twenty-One Years of Commercial Reci
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have projects in the planning stage
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As the upward trend for seafood dem
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and the World Health Organization (
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Abstract not available at time of p
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increase the potential for bottlene
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Figure 1: Comparison of First, Seco
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Ecological and Resource Recovery Ap
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Acid mine drainage (AMD) is widespr
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and the polyphenol content (Northup
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References CAST. 1996. Integrated A
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Tilapia and Fish Wastewater Charact
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In comparison of gravity separation
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NY DEC Interaction. The owners of F
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O 2 Feed CO 2 Ammonia Figure 1. Gen
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The Hatchery The hatchery supports
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in crayfish populations, disappeara
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Table 2. Summary of average flows a
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depth decreases. Improvements in tr
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Perspective on the Role of Governme
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unprecedented in the growth of a ne
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with siting and the special equipme
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disease. We need to create environm
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Introduction Implications of Total
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The NOAA/DOC Aquaculture Initiative
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Future Directions for the NOAA/DOC
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’ Conduct research and help devel
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Information sources for aquaculture
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Tilapia is an important fish specie
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To determine the RSE of the examine
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Fig.1(a) Typical integrated olfacto
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Table 1. Relative stimulatory effic
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feeder control algorithms on a PC s
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Durant, M. D., Summerfelt, S. T., H
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The Effects of Ultraviolet Filtrati
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Table 1. The mean (N = 20) initial
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Introduction Evaluation of UV Disin
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Figure 1 Schematic of the experimen
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Table 1 Summary of the tested resul
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similar disinfection efficiency. Th
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(2) UV254 transmittance was an impo
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Materials and Method Schematic draw
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the amount of added increase by pro
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Oxygen Management at a Commercial R
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the outlet and inlet DO concentrati
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daylight hours averaged 0.5 kg DO/k
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At this time, the control (both tan
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yellow color, while the water in th
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Case Study: Genetic improvement of
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and human effort. This commitment m
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- Harold Kincaid works for the US F
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Figure 1. Production and selection
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Performance Comparison of Geographi
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Abstract Issues in the Commercializ
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The Salmon Example Salmon farming i
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Second, as the salmon farming indus
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Devlin, R.H., Yesaki, T.Y., Biagi,
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Introduction Removal of Protein and
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higher superficial air velocity gre
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Hydrodynamics in the ‘Cornell-Typ
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The ideal mean residence time was a
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A sample pellet-flushing test is sh
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tank’s dead time. When fish were
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Partial-Reuse Systems Ideally, the
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Figure 1. The partial-recirculating
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Table 1. Mean values (± standard e
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dioxide (1) and un-ionized ammonia
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Comparative Growth of All-Female Ve
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Effects of Temperature and Feeding
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aquaculture systems, where the envi
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Figure 2. Growth relationships of y
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greater than the desired temperatur
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Figure 3. Cumulative feed consumpti
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35 days into the experiment, and th
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C. Maximum specific feed consumptio
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of the fish used in this experiment
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Coche, A.G. Cage culture of tilapia
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Predictive Computer Modeling of Gro
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new studies begun. Daily water qual
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Development Rationale for the Use o
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Further, reduction in operating cos
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The operation of the MRBF is domina
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equired a high frequency of washing
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Several dramatically different hull
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support airlift applications. These
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Enhancing Nitrification in Propelle
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The last filter media used in this
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Table 2. Water quality analyses wer
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1193.67 g-NO2 m -3 d -1 with the ni
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Biofilters Used in Recirculating Fi
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The Cyclone Sand Biofilter: A New D
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Marine Biotech (Beverly, MA) 2 has
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120.0% 100.0% 80.0% 60.0% 40.0% 20.
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Nitrification Potential and Oxygen
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diffused aeration. The experiments
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It needs to be pointed out that the
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ammonia removal rate was low in the
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Tanaka, H. and Dunn, I. 1982. Kinet
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Ammonia removal activity was increa
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Ammonia Conc. (mg/NH 4 + -N/L) 12 1
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Antifouling Sensors and Systems for
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The Vic Thomas Striped Bass Hatcher
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Introduction In the Central Valley
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Each of the two recirculation syste
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Body injury rates (% of fish) to th
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usiness expectations and limited te
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needs of the endemic Murray-Darling
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sold (Gooley et al. 1999). The dist
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In response to the large levels of
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planning at the outset will, more t
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Table 1 Summaries of selected speci
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a) Photo courtesy of Neil Armstrong
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Information flow 1. Initial concept
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achieve continuous production, faci
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Page 278 and 279: The Effect of Fish Biomass and Deni
Page 280 and 281: Marine Denitrification of Denitrifi
Page 282 and 283: (a) (b) (c) Nitrate conc. (mg NO 3
Page 284 and 285: 6. Poxton, M. G. and S. R. Allouse.
Page 286 and 287: control unit. Two distinct advantag
Page 288 and 289: the many variables that are involve
Page 290 and 291: Filtration Recirculation systems re
Page 292 and 293: 6. AERATION DEVICE: 6” airstones
Page 294 and 295: Piper, R.G., I.B. McElwain, L.E. Or
Page 296 and 297: carried out for both the 50 m 3 and
Page 298 and 299: possible to predict mean monthly ta
Page 300 and 301: Recirculation Systems for Farming E
Page 302 and 303: of this pilot-system will be evalua
Page 304 and 305: Figure 2. The main screen of the en
Page 306 and 307: What: What is your business structu
Page 308 and 309: should more than offset the costs o
Page 310 and 311: • Any other documents indicating
Page 312 and 313: production projects. Once these par
Page 314 and 315: A single discharge pipe works to re
Page 316 and 317: 1. Oxygen recharge rates or the abi
Page 318 and 319: 2.9.1.2. Measure ammonia. 2.9.1.3.
Page 320 and 321: Discharge pipe Number used within e
Page 322 and 323: Previous efforts by the Illinois De
Page 324 and 325: media. The water enters the filter
Page 328 and 329: References Moss, S.M. (1999) “Bio
Page 330 and 331: Propagation and Culture of Endanger
Page 332 and 333: at a rate of 2 ft 3 /kg feed/d. Sod
Page 334 and 335: Modification of D-Ended Tanks for F
Page 336 and 337: MATERIALS AND METHODS All tests wer
Page 338 and 339: The single 100 ppm hydrogen peroxid
Page 340 and 341: The Potential for the Presence of B
Page 342 and 343: The main advantage for microorganis
Page 344 and 345: organism causes disease in humans,
Page 346 and 347: Bacteria No. of Facilities No. of D
Page 348 and 349: Assanta, M.A., Roy, D. and Montpeti
Page 350 and 351: Jones, K. and Bradshaw, S.B. (1996)
Page 352 and 353: Wilderer, P.A. and Characklis, W.G.
Page 354 and 355: systems (Egusa, 1981; Mellergaard a
Page 356 and 357: ecirculating system after mortality
Page 358 and 359: Fish Health Monitoring and Maintena
Page 360 and 361: disease problems. For tilapia, a sp
Page 362 and 363: The Role of Fish Density in Infecti
Page 364 and 365: This apparent interaction between t
Page 366: References Banks, J.L. (1994) Racew
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