Title: Profitability assessment: A case study of a marine recirculating aquaculture system (MRAS) in Trinidad

The research paper presents a profitability assessment model developed to evaluate the feasibility of shrimp farming using a marine recirculating aquaculture system (MRAS). A case in Trinidad is used for the evaluation in the production of the Pacific White shrimp (Litopenaeus vannamei). The main assumptions for the evaluation were derived from a marketing survey, primary data from production and personal experience. The data collected was inputted into a production model with a production capacity of 3 tonnes. To evaluate the profitability of the model, indicators of investment returns were computed such as net present value (NPV), internal rate of return (IRR), payback period, and debt service coverage ratio. A sensitivity analysis on sales price, yield, cost of equipment, variable and fixed costs were conducted. The results of the analysis indicate that shrimp farming is financially feasible based on a sales price of TTD $77/kg and a yield ofthreetonnes/year. The results obtained indicate a positive NPV, an acceptable IRR and a payback period of six years. A debt service coverage ratio of more than 1.5 was obtained thus indicating that the cash flow is adequate. Sensitivity analysis on sales price, yield and costs indicate that the model is highly sensitive to yield and sales price but less sensitive to fixed and variable costs.