1

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

Sale Date
Jan-07
Jan-07
Jan-07
Jan-07
Jan-07
Feb-07
Feb-07
Mar-07
Mar-07
Mar-07
Mar-07
Mar-07
Mar-07
Apr-07
Apr-07
Apr-07
Apr-07
Apr-07
Apr-07
May-07
May-07
May-07
Jun-07
Jun-07
Jul-07
Jul-07
Aug-07
Sep-07
Oct-07
Oct-07
Oct-07
Oct-07
Nov-07
Nov-07
Nov-07
Nov-07
Nov-07
Dec-07
Dec-07
Jan-08
Jan-08
Feb-08
Mar-08

Vessel Name
Lowlands Beilun
CHS Moon
Spring Brave
Martha Verity
TMT TBN
Pantelis SP
Amazon
Cape Kassos
Johnny K
Zorbas
Americana
Martha Verity
Ullswater
Formosabulk Brave
Formosabulk Clement
Nautical Dream
Formosabulk Allstart
Arimathian
Boss
Zorbas II
Fertilia
Ingenious
Anangel Dawn
Orient Fortune
Great Moon
Gran Trader
Cape Brazil
Thalassini Kyra
Tiger Lily
Dong-A-Helios
Marine Hunter
Peace Glory
Sumihou
Gran Trader
Netadola
Nordstar
Captain Vangelis L
Voutakos
Sachuest
Sinfonia
Jin Tai
Dias
Desimi

Sale Price ($US

millions)
$73.0
$45.0
$62.0
$60.0
$61.3
$83.0
$45.0
$100.0
$65.0
$70.0
$33.0
$63.0
$43.0
$95.0
$95.0
$63.5
$67.0
$62.0
$31.0
$86.0
$50.5
$64.2
$67.0
$28.0
$30.0
$105.0
$22.0
$133.0
$90.0
$47.0
$45.0
$57.0
$106.0
$152.0
$97.0
$38.0
$87.5
$78.0
$35.0
$83.7
$155.0
$58.0
$83.0

Dead-Weight Tons
'(000)
170.2
150.2
151.1
158.0
174.7
169.9
149.5
170.0
165.3
165.1
149.0
158.0
123.5
170.1
170.1
151.4
150.4
149.8
139.8
174.5
172.6
170.0
149.3
161.4
146.0
172.5
140.8
164.2
149.2
146.9
164.5
166.1
171.1
172.6
149.5
150.7
148.2
188.3
98.4
184.4
173.9
135.0
207.1

44
45
46
47
48

Mar-08
Mar-08
Apr-08
May-08
May-08

Samos
Cape Sun
Nightflight
Cape Falcon
Castle Peak

$25.0
$135.0
$158.0
$87.2
$82.0

137.0
171.7
170.0
161.5
145.4

Trailing 1-Year Average

Monthly Baltic Dry
Capesize Index
4,647
4,647
4,647
4,647
4,647
4,878
4,878
5,245
5,245
5,245
5,245
5,245
5,245
5,752
5,752
5,752
5,752
5,752
5,752
6,201
6,201
6,201
6,618
6,618
6,980
6,980
7,441
8,181
8,886
8,886
8,886
8,886
9,663
9,663
9,663
9,663
9,663
10,299
10,299
10,526
10,526
10,844
11,193

Age at Sale
(Years) Year Built
8
1999
16
1991
12
1995
12
1995
14
1993
8
1999
17
1990
3
2004
13
1994
11
1996
20
1987
12
1995
17
1990
6
2001
6
2001
13
1994
12
1995
13
1994
22
1985
11
1996
10
1997
11
1996
13
1994
23
1984
23
1984
6
2001
26
1981
5
2002
12
1995
21
1986
23
1984
23
1984
11
1996
6
2001
14
1993
24
1983
15
1992
20
1987
21
1986
17
1991
4
2004
20
1988
19
1989

AgeSquare
64
256
144
144
196
64
289
9
169
121
400
144
289
36
36
169
144
169
484
121
100
121
169
529
529
36
676
25
144
441
529
529
121
36
196
576
225
400
441
289
16
400
361

Dead-Weight-Square
28968.0
22560.0
22831.2
24964.0
30520.1
28866.0
22350.3
28900.0
27324.1
27258.0
22201.0
24964.0
15252.3
28934.0
28934.0
22922.0
22620.2
22440.0
19544.0
30450.3
29790.8
28900.0
22290.5
26050.0
21316.0
29756.3
19824.6
26961.6
22260.6
21579.6
27060.3
27589.2
29275.2
29790.8
22350.3
22710.5
21963.2
35456.9
9682.6
34003.4
30241.2
18225.0
42890.4

11,193
11,193
11,614
12,479
12,479

26
9
4
15
18

1982
1999
2004
1993
1990

676
81
16
225
324

18769.0
29480.9
28900.0
26082.3
21141.2

Group 7

Q-1.

How much is the Bet Performer worth based on comparable transactions? Which ship is the best reference transa
Bet Performer's worth will be around $135 million in May 2008.
Based on the criteria of Age, DWT, Capesize Index, and recency of transaction, the closest comparable ships are -

Sale Date
Nov-07
Mar-08

Vessel
Name
Sumihou
Cape Sun

Sale Price ($US

millions)
$106.0
$135.0

Dead-Weight Tons '(000)

171.1
171.7

Given the upward movement in the Capesize Index, Bet Performer's value would be somewhat less than that of C

Q-2.

Using regression analysis, answer the following questions:

a.)

What is the expected relationship between ship price and each factor listed in Exhibit 4 (size, age, and charter rate
What is the economic logic for why each factor might affect ship value (cash flows or risk)?
The Correlation Analysis provides the extent of relationship between the variables Sale Price
($US
millions)
Sale Price ($US millions)

Trailing 1-Year Average

Monthly Baltic Dry
Capesize Index

Dead-Weight
Tons '(000)

Dead-Weight Tons '(000)

Trailing 1-Year Average
Monthly Baltic Dry
Capesize Index

0.514805

0.352336

0.042751406

Age at Sale (Years)

-0.78749

-0.431263979

0.21736667

Age has got the highest correlation with Sale Price. However, the correlation is negative owing to the decreasing f
DWT has the next highest value of correlation and it is positively correlated, as the future cash flow increases with
Capesize Index is positively correlated with the Sale Price. Increasing Capesize Index means better state of econom

b.)

Which single factor is the best predictor of ship price?

Given the highest correlation of Age with the Ship Price, Age contributes maximum to the movement in ship price
c.)

Can you think of other factor that might affect ship prices?

d.)

How well do all three factors jointly explain ship prices?

The variables individually do not correctly predict the sale price since the R-square and Adjusted R-square values o
The regression analysis with all the three variables combined together, gives 92% R-square and 91.5% Adjusted RThus, the linear combination of all three variables provides the best prediction for Sales Price.
e.)

Using all three factors, what is the predicted price for the Bet Performer?
Predicted price in May 2008 =

f.)

$125 Million

(Refer to the Worksheet - All_Vars_VS_Price)

What would the price be if the Bet Performer were 5 years younger, if the ship were 20K DWT smaller or if charte
In each case, assume all other factors remain the same.

Situation
5 year younger
20K DWT smaller
Index 30% lower

Q-3.

Price (Million)
148
121
99

(Refer to the Worksheet - All_Vars_VS_Price)

c) If you were Basil Karatzas, what would you recommend to your client regarding an offer price for the Bet Perfor

Compass Maritime - Ship Valuation

? Which ship is the best reference transaction (the closest comparable)?

ction, the closest comparable ships are Trailing 1-Year

Average Monthly
Baltic Dry Capesize
Index
Age at Sale (Years)
9,663
11
11,193
9

e would be somewhat less than that of CapeSun in May 2008

ed in Exhibit 4 (size, age, and charter rates)?

ash flows or risk)?

Age at Sale (Years)

ion is negative owing to the decreasing future cash flow in addition to increased risk with increasing age.
ed, as the future cash flow increases with increasing Tonnage.
esize Index means better state of economy, higher demand, and shortage of ships. Hence, the Sale prices increase with the Index.

maximum to the movement in ship prices.

R-square and Adjusted R-square values obtained from Regression analysis are very low.
ves 92% R-square and 91.5% Adjusted R-square values which show a close fit of the predicted values with the given values.
ction for Sales Price.

orksheet - All_Vars_VS_Price)

e ship were 20K DWT smaller or if charter rates (trailing capsize index) in May 2008 were 30% lower?

orksheet - All_Vars_VS_Price)

egarding an offer price for the Bet Performer? What concerns, if any, would you have? What recommendations would you make?

ncrease with the Index.

the given values.

ations would you make?

Sale Price ($US millions)

Sale Price ($US millions)
Dead-Weight Tons '(000)
Trailing 1-Year Average
Monthly Baltic Dry
Capesize Index
Age at Sale (Years)

Dead-Weight Tons '(000)

1
0.514805345

0.352336393
-0.787490754

0.042751406
-0.431263979

Trailing 1-Year Average

Monthly Baltic Dry
Capesize Index

1
0.21736667

Age at Sale (Years)

For Bet Performer,

Predicted Price in May 2008 -

With original data

Age =
DWT=
Index (in May 2008)=
Predicted Price (Million)=

20K DWT smaller

Age =
DWT=
Index (in May 2008)=
Predicted Price (Million)=

Predicted Price in May 2006 Age =

DWT
Index(2 yrs before) =
Predicted Price (Million)=

In 2006 Bet Performer was sold in $70 million, which is quite c

Regression Analysis Output
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.959391052
0.920431191
0.915006045
9.881762287
48

ANOVA
df

SS

Regression
Residual
Total

3
44
47

49701.55219
4296.565939
53998.11813

44.22150997
0.242171385

Standard Error
16.3836613
0.091618122

0.007207056
-4.543796819

0.000598091
0.261475925

Coefficients
Intercept
Dead-Weight Tons '(000)
Trailing 1-Year Average
Monthly Baltic Dry
Capesize Index
Age at Sale (Years)

RESIDUAL OUTPUT

Observation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

Predicted Sale Price ($US millions)

82.5804952
41.38669295
59.77983448
61.45081703
56.40748552
84.17507609
38.34060847
109.5608645
62.98469084
72.0238502
27.23071954
65.76063655
34.68673967
99.6094704
99.6094704
63.27428777
67.57591321
62.88681356
19.57092834
81.18960622
85.27327741
80.09983499
69.00103252
26.49333809
25.37465482
109.0367424
13.80702659
120.2279928
89.87102003
48.41985447
43.59447721
43.98195143
105.316451
128.3986921
86.45415859
41.30679607
81.59553897
73.17071448
46.85571015
87.49183649
144.0183956
64.19502932
88.71164262
39.9288508

Residuals
-9.580495205
3.613307046
2.220165524
-1.450817033
4.892514475
-1.175076089
6.659391534
-9.56086454
2.015309158
-2.023850203
5.769280465
-2.760636551
8.313260326
-4.609470403
-4.609470403
0.225712228
-0.575913206
-0.886813556
11.42907166
4.810393782
-34.77327741
-15.89983499
-2.001032523
1.506661906
4.625345181
-4.036742441
8.192973412
12.77200716
0.128979971
-1.419854475
1.405522787
13.01804857
0.683549033
23.60130786
10.54584141
-3.306796068
5.904461025
4.82928552
-11.85571015
-3.791836494
10.9816044
-6.195029322
-5.711642621
-14.9288508

45
46
47
48

125.5767438
150.9146036
105.1144912
87.58414142

9.42325622
7.085396411
-17.91449117
-5.584141418

11
172
12,479
125.832478

5 years younger
Age =
DWT=
Index (in May 2008)=
Predicted Price (Million)=

6
172
12,479
148.5514621

11
152
12,479
120.9890503

Index 30% lower

Age =
DWT=
Index (in May 2008)=
Predicted Price (Million)=

11
172
8,736
98.85070155

9
172
4000 (taking approximate Index value)
73.80904103

et Performer was sold in $70 million, which is quite close to the predicted price

MS
16567.18406
97.64922589

F
169.6601679

Significance F
3.38931E-24

t Stat
2.699122569
2.643269471

P-value
0.009825748
0.011333276

Lower 95%
11.2024107
0.057527195

12.05009872
-17.37749591

Upper 95%
Lower 95.0%
77.24060925
11.2024107
0.426815575 0.057527195

1.56983E-15
0.006001683 0.008412429 0.006001683
2.52829E-21
-5.070766912 -4.016826725 -5.070766912
All P-values are less than 10%, implying that none of the variables is redundent

Dead-Weight Tons
'(000)
170.2
150.2
151.1
158.0
174.7
169.9
149.5
170.0
165.3
165.1
149.0
158.0
123.5
170.1
170.1
151.4
150.4
149.8
139.8
174.5
172.6
170.0
149.3
161.4
146.0
172.5
140.8
164.2
149.2
146.9
164.5
166.1
171.1
172.6
149.5
150.7
148.2
188.3
98.4
184.4
173.9
135.0
207.1
137.0

Trailing 1-Year Average

Monthly Baltic Dry
Capesize Index
4,647
4,647
4,647
4,647
4,647
4,878
4,878
5,245
5,245
5,245
5,245
5,245
5,245
5,752
5,752
5,752
5,752
5,752
5,752
6,201
6,201
6,201
6,618
6,618
6,980
6,980
7,441
8,181
8,886
8,886
8,886
8,886
9,663
9,663
9,663
9,663
9,663
10,299
10,299
10,526
10,526
10,844
11,193
11,193

Age at Sale Sale Price ($US

(Years)
millions)
8
$73.0
16
$45.0
12
$62.0
12
$60.0
14
$61.3
8
$83.0
17
$45.0
3
$100.0
13
$65.0
11
$70.0
20
$33.0
12
$63.0
17
$43.0
6
$95.0
6
$95.0
13
$63.5
12
$67.0
13
$62.0
22
$31.0
11
$86.0
10
$50.5
11
$64.2
13
$67.0
23
$28.0
23
$30.0
6
$105.0
26
$22.0
5
$133.0
12
$90.0
21
$47.0
23
$45.0
23
$57.0
11
$106.0
6
$152.0
14
$97.0
24
$38.0
15
$87.5
20
$78.0
21
$35.0
17
$83.7
4
$155.0
20
$58.0
19
$83.0
26
$25.0

171.7
170.0
161.5
145.4

11,193
11,614
12,479
12,479

9
4
15
18

$135.0
$158.0
$87.2
$82.0

Upper 95.0%
77.24060925
0.426815575

0.008412429
-4.016826725

Predicted Sale
Price ($US
millions)
82.5804952
41.38669295
59.77983448
61.45081703
56.40748552
84.17507609
38.34060847
109.5608645
62.98469084
72.0238502
27.23071954
65.76063655
34.68673967
99.6094704
99.6094704
63.27428777
67.57591321
62.88681356
19.57092834
81.18960622
85.27327741
80.09983499
69.00103252
26.49333809
25.37465482
109.0367424
13.80702659
120.2279928
89.87102003
48.41985447
43.59447721
43.98195143
105.316451
128.3986921
86.45415859
41.30679607
81.59553897
73.17071448
46.85571015
87.49183649
144.0183956
64.19502932
88.71164262
39.9288508

APE
MAPE
13.12397 11.88342
8.029571
3.580912
2.418028
7.981263
1.415754
14.79865
9.560865
3.100476
2.891215
17.48267
4.381963
19.33316
4.852074
4.852074
0.355452
0.859572
1.430344
36.86797
5.593481
68.85798
24.7661
2.986616
5.380935
15.41782
3.844517
37.24079
9.603013
0.143311
3.020967
3.123384
22.83868
0.644858
15.52718
10.872
8.702095
6.747955
6.191392
33.87346
4.530271
7.084906
10.68109
6.881497
59.7154

125.5767438 6.98019
150.9146036 4.484428
105.1144912 20.54414
87.58414142 6.809929

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.529232716
0.280087267
0.263345111
27.81772877
45

ANOVA
df
Regression
Residual
Total

1
43
44

SS
MS
12945.69299 12945.69299
33274.51945 773.8260338
46220.21244

Coefficients
Standard Error
t Stat
-80.50770884
37.16373141 -2.16629778
0.950440002
0.232371961 4.090166463

Intercept
Dead-Weight Tons '(000)

RESIDUAL OUTPUT
Observation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Predicted Sale Price ($US millions)

81.25717958
62.24837953
63.10377554
69.66181155
85.53415959
80.97204758
61.58307153
81.06709158
76.60002357
76.40993557
61.10785153
69.66181155
36.87163147
81.16213558
81.16213558
63.38890754
62.43846753
61.86820353
52.36380351
85.34407159
83.53823559
81.06709158

Residuals
-8.257179583
-17.24837953
-1.103775536
-9.661811553
-24.23415959
2.027952417
-16.58307153
18.93290842
-11.60002357
-6.409935571
-28.10785153
-6.661811553
6.128368532
13.83786442
13.83786442
0.111092463
4.561532466
0.131796467
-21.36380351
0.655928406
-33.03823559
-16.86709158

23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

61.39298353
72.89330756
58.25653152
83.44319159
53.31424351
75.55453957
61.29793953
59.11192753
75.83967157
77.36037557
82.11257559
83.53823559
61.58307153
62.72359954
60.34749953
98.46014363
13.01558741
94.75342762
84.77380759
47.8016915
116.3284157
49.7025715
82.68283959

5.607016468
-44.89330756
-28.25653152
21.55680841
-31.31424351
57.44546043
28.70206047
-12.11192753
-30.83967157
-20.36037557
23.88742441
68.46176441
35.41692847
-24.72359954
27.15250047
-20.46014363
21.98441259
-11.05342762
70.22619241
10.1983085
-33.32841567
-24.7025715
52.31716041

F
Significance F
16.7294617
0.00018555

P-value
0.035876686
0.00018555

Lower 95%
Upper 95%
Lower 95.0% Upper 95.0%
-155.4555151 -5.559902565 -155.4555151 -5.559902565
0.481817287 1.419062718 0.481817287 1.419062718

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.284012549
0.080663128
0.059283201
31.43540647
45

ANOVA
df
Regression
Residual
Total

1
43
44
Coefficients

Intercept
Trailing 1-Year
Average Monthly
Baltic Dry
Capesize Index

SS
MS
F
3728.266914 3728.266914 3.772843896
42491.94553 988.1847798
46220.21244

Standard Error
t Stat
P-value
40.79409743
16.01945255 2.546535052 0.014542613

0.004053448

0.002086845 1.942380986

RESIDUAL OUTPUT
Observation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Predicted Sale Price ($US millions)

59.63080714
59.63080714
59.63080714
59.63080714
59.63080714
60.56850473
60.56850473
62.05476892
62.05476892
62.05476892
62.05476892
62.05476892
62.05476892
64.11088032
64.11088032
64.11088032
64.11088032
64.11088032
64.11088032

Residuals
13.36919286
-14.63080714
2.369192861
0.369192861
1.669192861
22.43149527
-15.56850473
37.94523108
2.945231077
7.945231077
-29.05476892
0.945231077
-19.05476892
30.88911968
30.88911968
-0.610880319
2.889119681
-2.110880319
-33.11088032

0.0586588

20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

65.92952723
65.92952723
65.92952723
67.61778824
67.61778824
69.08614971
69.08614971
70.95512693
73.95535387
76.81371015
76.81371015
76.81371015
76.81371015
79.96222573
79.96222573
79.96222573
79.96222573
79.96222573
82.53988074
82.53988074
83.45900003
83.45900003
84.7513743
86.16433865
86.16433865
86.16433865

20.07047277
-15.42952723
-1.729527232
-0.61778824
-39.61778824
-39.08614971
35.91385029
-48.95512693
59.04464613
13.18628985
-29.81371015
-31.81371015
-19.81371015
26.03777427
72.03777427
17.03777427
-41.96222573
7.537774274
-4.53988074
-47.53988074
0.240999972
71.54099997
-26.7513743
-3.164338647
-61.16433865
48.83566135

Significance F
0.0586588

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
8.487792848 73.10040201 8.487792848 73.10040201

-0.000155076 0.008261972 -0.000155076

0.008261972

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.754289732
0.568953
0.558928651
21.81678452
45

ANOVA
df
Regression
Residual
Total

1
43
44

SS
27014.79672
20466.79972
47481.59644

Coefficients

MS
F
27014.79672 56.75710295
475.9720866

Standard Error
t Stat
133.571794
8.313553726 16.06675056
-4.259163757
0.565345876 -7.533731012

Intercept
Age at Sale (Years)

P-value
8.72126E-20
2.18969E-09

RESIDUAL OUTPUT

Observation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Predicted Sale Price ($US millions)

120.7943027
116.5351389
116.5351389
112.2759752
108.0168114
108.0168114
108.0168114
108.0168114
99.4984839
99.4984839
95.23932014
90.98015639
86.72099263
86.72099263
86.72099263
86.72099263
82.46182887
82.46182887
82.46182887
82.46182887

Residuals
-20.79430268
38.46486107
41.46486107
20.72402483
-13.01681141
-13.01681141
-3.016811413
43.98318859
-26.4984839
-16.4984839
39.76067986
-40.48015639
-16.72099263
-0.720992628
-22.52099263
19.27900737
-20.46182887
-22.46182887
-19.46182887
-15.46182887

Sale Price
($US millions)
$100.0
$155.0
$158.0
$133.0
$95.0
$95.0
$105.0
$152.0
$73.0
$83.0
$135.0
$50.5
$70.0
$86.0
$64.2
$106.0
$62.0
$60.0
$63.0
$67.0

21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

82.46182887
78.20266511
78.20266511
78.20266511
78.20266511
73.94350136
73.94350136
69.6843376
69.6843376
65.42517384
61.16601009
61.16601009
61.16601009
56.90684633
52.64768257
48.38851882
48.38851882
48.38851882
44.12935506
44.12935506
39.8701913
35.61102755
35.61102755
35.61102755
35.61102755

7.538171128
-13.20266511
-14.70266511
-16.20266511
-11.20266511
-12.64350136
23.05649864
17.8156624
17.5156624
-20.42517384
-16.16601009
-18.16601009
22.53398991
25.09315367
30.35231743
-15.38851882
29.61148118
9.611481183
2.87064494
-9.12935506
-8.870191303
-7.611027546
-5.611027546
9.388972454
21.38897245

$90.0
$65.0
$63.5
$62.0
$67.0
$61.3
$97.0
$87.5
$87.2
$45.0
$45.0
$43.0
$83.7
$82.0
$83.0
$33.0
$78.0
$58.0
$47.0
$35.0
$31.0
$28.0
$30.0
$45.0
$57.0
$38.0
$22.0
$25.0

Significance F
2.18969E-09

Lower 95%
116.8059152
-5.39929236

Age at Sale
(Years)
3
4
4
5
6
6
6
6
8
8
9
10
11
11
11
11
12
12
12
12

Upper 95%
Lower 95.0% Upper 95.0%
150.3376727 116.8059152 150.3376727
-3.119035154 -5.39929236 -3.119035154

Predicted Sale Price

($US millions)
120.7943027
116.5351389
116.5351389
112.2759752
108.0168114
108.0168114
108.0168114
108.0168114
99.4984839
99.4984839
95.23932014
90.98015639
86.72099263
86.72099263
86.72099263
86.72099263
82.46182887
82.46182887
82.46182887
82.46182887

APE
20.79430268
24.8160394
26.24358296
15.58197356
13.70190675
13.70190675
2.873153726
28.93630828
36.29929301
19.87769144
29.45235545
80.15872552
23.88713233
0.838363521
35.07942777
18.1877428
33.00294979
37.43638145
30.89179186
23.07735652

MAPE
26.18390649

12
13
13
13
13
14
14
15
15
16
17
17
17
18
19
20
20
20
21
21
22
23
23
23
23
24
26
26

82.46182887
78.20266511
78.20266511
78.20266511
78.20266511
73.94350136
73.94350136
69.6843376
69.6843376
65.42517384
61.16601009
61.16601009
61.16601009
56.90684633
52.64768257
48.38851882
48.38851882
48.38851882
44.12935506
44.12935506
39.8701913
35.61102755
35.61102755
35.61102755
35.61102755
31.35186379
22.83353628
22.83353628

8.375745698
20.31179248
23.15380333
26.13333083
16.72039569
20.62561396
23.76958623
20.36075703
20.08676881
45.38927521
35.92446686
42.24653509
26.92232964
30.60140691
36.56905714
46.6318752
37.96343741
16.57151928
6.107755191
26.0838716
28.61352033
27.18224124
18.70342515
20.86438323
37.52451308
17.49509529
3.788801255
8.665854896