Abstract

This study aimed to analyze the feasibility of T. orientalis offshore aquaculture production performance in Yokjido located in Tongyeong, Korea. Based on the collected biological, costs and market price data, the results indicated that under the same conditions of analyzing economic feasibility. At the social discount rate of 4.5% applied to public corporations and quasi-governmental organizations, 2,000 caught and imported T. orientalis were sold at a survival rate of 60%, respectively, at an individual weight of 30 kg to KRW 40,000/kg, thereby the financial feasibility of T. orientalis offshore cage culture was analyzed. The net present value (NPV) of caught bluefin tuna was 1,858,952 thousand won, and the corresponding internal rate of return (IRR) was 17.6%. In the case of imported, the net present value (NPV) was -1,157,227 thousand won, and the corresponding internal rate of return (IRR) was -4.2%. As a result of estimating the net present value (NPV) and internal rate of return (IRR) using the cash flows (including depreciation) generated for 10 years in units of the business period (1year). For the caught juvenile, NPV showed a positive value and IRR exceeded the social discount rate of 4.5%. On the other hand, in the case of imported, NPV had a negative value and IRR was less than 4.5% of the social discount rate. Therefore, it was found that there is a business possibility to cultivate T. orientalis with juvenile caught at the offshore farm in Yokjido has business potential.

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