BOLETIM DO INSTITUTO DE PESCA
ISSN 1678-2305 online version
Scientific Article
ECONOMIC FEASIBILITY FOR THE PRODUCTION OF LIVE BAITS OF
LAMBARI (Deuterodon iguape) IN RECIRCULATION SYSTEM*
ABSTRACT
Sport fishing is a growing segment in the fishing sector in Brazil. It is, however, an activity that
Marcelo Barbosa Henriques1
depends upon young shrimp and fish offer to supply live bait demand, its extraction might result on
overfishing and compromise natural stock. The intensive cultivation in water recirculation system
Júlia Shulz Carneiro1
is a worldwide trend for aquaculture, which, in addition to increasing productivity, minimizes the
Lúcio Fagundes1
impact of effluent emission on the environment, reinforcing sustainability. This study analyzed the
economic viability of establishing farms for the cultivation of lambari (Deutorodon iguape) in water
Leonardo Castilho-Barros1
recirculation system to meet the market demand of sport fishing for live baits. Twelve fiberglass
Edison Barbieri2
tanks with a volume of 1500 L and a unit area of 1.32 m2 (production units - PU) were installed
in a total area of 130m2. There were also six fiberglass tanks of 2,000 L capacity each, filled with
water and 600 kg of clamshells acting as biological filter. Three production cycles were performed,
each lasting 60 days. In each cycle 10,800 D. iguape fingerlings were added, acquired from local
fish farming, at a 600 fish m-3 density, totalizing 900 fish per PU, with medium size and weight
1Instituto de Pesca, Centro Avançado de Pesquisa do
of 10 ± 1.2 mm e 1.1 ± 0.29 g. We used the following indicators: modified internal rate of return
Pescado Marinho, Unidade Laboratorial de Referência
(MIRR), net present value (NPV), annualized net present value (ANPV) and payback period (PP).
em Maricultura, Av. Bartolomeu de Gusmão, 192,
The best scenario, with 90% survival rate and unitary selling prices of US$ 0.30, showed MIRR
Ponta da Praia, CEP 11030-500, Santos, SP, Brasil.
33.19%, NPV (10%) US$ 42,174.03, ANPV (10%) US$ 6,863.63 and PP 0.9 years, demonstrating be
E-mail: henriquesmb@pesca.sp.gov.br (corresponding
author).
interesting the production of live baits in the conditions proposed in this study.
Key words: Characidae; neotropical ichthyofauna; production cost; sport fishing; annualized net
2Instituto de Pesca-APTA-Secretaria da Agricultura
present value.
e Abastecimento, Governo do Estado de São Paulo,
Av. Professor Wladimir Besnard, s/n, CP 43, CEP
11990-000, Cananéia, SP, Brasil.
VIABILIDADE ECONÔMICA DA PRODUÇÃO DE ISCAS VIVAS DE LAMBARI
(Deuterodon iguape) EM SISTEMA DE RECIRCULAÇÃO
RESUMO
*Financial support by FAPESP: project number
A pesca esportiva é um segmento crescente no setor pesqueiro no Brasil. É, no entanto, uma
2018/19747-2
atividade que depende do fornecimento de camarões jovens e peixes para suprir a demanda
Received: March 03, 2019
de iscas vivas, sua extração pode resultar em sobrepesca e comprometer os estoques naturais.
Approved: July 30, 2019
O cultivo intensivo no sistema de recirculação de água é uma tendência mundial para a aquicultura,
que, além de aumentar a produtividade, minimiza o impacto da emissão de efluentes no ambiente,
reforçando a sustentabilidade. Este estudo analisou a viabilidade econômica do estabelecimento
de áreas de produção para o cultivo de lambari (Deutorodon iguape) em sistema de recirculação de
água para atender a demanda por iscas vivas para pesca esportiva. Doze tanques de fibra de vidro
com um volume de 1.500 L e uma área unitária de 1,32 m2 (unidades de produção - PU) foram
instalados em uma área total de 130m2. Também foram instalados seis tanques de fibra de vidro
com capacidade para 2.000 L cada, com 600 kg de conchas como filtros biológicos. Três ciclos de
produção foram realizados, cada um com duração de 60 dias. Em cada ciclo foram adicionados
10.800 alevinos de D. iguape, adquiridos em piscicultura local, com densidade de 600 peixes m-3,
totalizando 900 peixes por PU, com comprimento e peso médio de 10 ± 1,2 mm e 1,1 ± 0,29 g.
Utilizamos os seguintes indicadores: taxa interna de retorno modificada (TIRM), valor presente
líquido (VPL), valor presente líquido anualizado (VPLA) e período de retorno (PR). O melhor
cenário, com 90% de sobrevivência e preços unitários de venda de US $ 0,30, apresentou TIRM
33,19%, VPL (10%) US$ 42.174,03, VPLA (10%) US$ 6.863,63 e PP 0,9 anos, demonstrando ser
interessante a produção iscas vivas nas condições propostas neste estudo.
Palavras-chave: Characidae; ictiofauna neotropical; custo de produção; pesca esportiva; valor
presente líquido anualizado.
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
According to Ostrensky et al. (2008), Brazilian marine fish
INTRODUCTION
farming will only become established if public policies, along with
Sport fishing contributes to impacts related to fishing activities
private initiative, overcome low production of different promising
in aquatic ecosystems in many countries all over the world
juvenile species, thus reaching commercial scale.
(Arlinghaus et al., 2016). It has been a grown segment in Brazil
Belonging to the Characidae family, lambari is found in tropical
due to the continuous of local and foreigners fishermen rate
and subtropical hydrographic basins. Characidae family is the
increase (Freire et al., 2016).
biggest in the Characiformes order, totalizing 65% species in this
In sport fishing, not only artificial baits are used but also live
order, distributed in 12 subfamilies, 167 genera and 980 species,
baits (small shrimps and some other kind of organisms), ideal
totalizing 21% of all known neotropical ichthyofauna (Fonseca et al.,
for bass fishing (Centropomus sp.), the most wanted fish by
2017). Among them, Deuterodon iguape lambari is an endemic,
recreational fishermen in the southeast region in Brazil and live
euryhaline species in tropical and subtropical forests small rivers
pray predator species (Barrella et al., 2016; Henriques et al.,
and streams, and it presents broad market possibilities, once
2018). Nautical tourism focused on sport fishing creates a vast
recent studies have identified not only consumption by humans
live bait demand, with marinas serving as intermediates in this
but also its use as live bait for sport fishing (Silva et al., 2011).
trade (Castilho-Barros et al., 2014a).
Water recirculation system production has been a research and
The white shrimp Penaeus schimitti, captured still young in
development focus for decades (Losordo and Westerman, 1994;
estuarine area, is among the main commercialized live baits
Soto-Zarazúa et al., 2011; Ofori-Mensah et al., 2018). The lambari
species in the Brazilian Southeastearn shore in Brazil (Chaves and
culture in closed recirculating water system increases the stocked
Robert, 2003). By having no adequate technology to guarantee
organism survival and pursues the trend of global aquaculture,
which aims towards effluent decrease impacts in the environment,
captivity survival, artisanal fishermen tend to capture more
attending one of the sustainability premises.
frequently and more quantity of young P. schimitti individuals in
estuarine area, not only contributing to a natural stock decrease,
Due to marine species scarcity combined with the possibility
which compromises the species recruitment (Santos et al., 2008),
of using them as live baits, and by the fact that lambari is used
but also to the adult individuals fishing decrease in open waters
empirically by estuarine fishermen, the aim of this study was
directed to the food market.
analyze the economic viability of a production unit of lambari
(Deuterodon iguape) in closed water recirculation system so
The shrimp shortage reported by artisanal fishermen in Brazil
artisanal fishermen or small entrepreneurs (marine owners) will be
southeast shore presents diverse causes: nursery area devastation,
able to attend to live baits market for sport fishing, in replacement
amount of garbage in estuarine area, adult individual overexploitation
to traditionally used white shrimp.
by industrial fishing and an expressive young shrimp fishermen
number during the output time. Some interviewed artisanal
fishermen, who work in estuarine area during the months between
MATERIAL AND METHODS
January and March, when white shrimp abundance is at its highest
(Helou et al., 2012), claimed it is possible to count over 200 boats
A pilot modular structure for lambari production as live baits
daily dedicated to this activity in an estuarine area (Motta et al.,
was created at Laboratory of Mariculture of the Fishery Institute
2016). In the further months of the year, due to the species life
(LabMar- IP), aiming at the possibility of it being replicated by
cycle, the young individuals capture becomes very difficult.
people interested in this activity, making them income generators
In an attempt to minimize the issue of live bait demand, which is
for fishing communities involved in live baits commercialization
a contributing factor to stock decrease of P. schimitti, a search for
for sport fishermen.
alternative species with the same potential attractiveness to bass
This research is according to the ethical principles to animal
fish Centropomus sp. ensued. Finding an alternative species to
experimentation adopted by the Brazilian School of Animal
white shrimp, such as some euryhaline fish, for estuarine areas use,
Experimentation (COBEA) and received authorization (nº 06/2016)
is a desire from recreational fishermen, so they would not depend
from the Ethic Committee in Animal Experimentation of the
only on one single species with seasonal offer. Henriques et al.
Fishery Institute, São Paulo, Brazil.
(2018), thinking on this demand, compared the efficiency of
using lambari, Deuterodon iguape Eigenmann 1907, as live bait
Production data
with the shrimp, Penaeus schmitti Burkenroad, while fishing
for common snook (Centropomus sp.). The results showed that
This study was developed in LabMar- IP, located in the
there was no significant difference between the live baits used
municipality of Santos, São Paulo State (23°59’23”S; 46°18’23”W).
(P. schmitti vs D. iguape).
The total area covers 130 m2 and contains twelve fiberglass tanks
Marine fish farming in Brazil is still incipient, with marine
or production units (PU), with 1500 L of total capacity and unitary
organism culture represented by the white shrimp Litopenaeus
area of 1.32 m2. There are also six fiberglass tanks of 2,000 L
vannamei, mainly in the Northeastern region in Brazil, and by
capacity each, filled with water and 600 kg of clamshells acting
as biological filter (Figure 1).
some other bivalve mollusks, specially the Crassostrea gigas
oyster and Perna perna mussel in Brazil’s Southearn region
Recirculation system was added in daily periods of 10h for
(Brabo et al., 2016).
energy economy and biological filters better efficiency. The water
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
Figure 1. Layout of water recirculation system for the production of lambari Deuterodon iguape. Arrows indicate the water flow
direction. Legend: (1) Cacthment Pump; (2) decantation tanks and passage tanks; (3) Pump House - containing a motor-pump 1 HP
and a heat exchanger for each subsystem, a radial compressor (blower) 5 HP for the entire system; (4) Production Units (PU); and
(5) biological filters.
recirculation in the system was regulated at 5 liters per minute,
of attractiveness (MRA) and that the financial disbursements are
with daily renovation rate of 2.5 times the system volume.
reinvested by the interest rate charged in the financing market
Culture water quality was kept by fish food and detritus removal,
(Brom and Balian, 2007).
siphoning and water volume adjustment compensating evaporation
The decision on an investment project is made when the indicators
by input. Physical and chemical water parameters were weekly
of economic profitability, such as the modified internal rate of
tested by multiparameter measure YSI - PLUS.
return (MIRR), are higher than a minimum rate of attractiveness
Three production cycles were performed, each lasting 60 days.
(MRA). For a more positive decision, it is suggested these rates
In each cycle 10.800 D. iguape fingerlings were added, acquired
should be higher than those normally applied to the financial market.
from local fish farming, at a 600m3 density, totalizing 900 fish per
In order to do so, in the present study, the 10% attractiveness
PU, with medium size and weight of 10.0 ± 1.2 mm e 1.1 ± 0.29 g.
rate was applied, higher than the interest that could be received
on short-term investments and the rates available on bank loans
Commercial tropical fish food, with 28% of brute protein, was
subsidized by the Brazilian government for this type of activity.
provided twice a day, with adjusted quantity based on weekly
Another indicator of profitability used in this study is the net
biometrics.
present value (NPV), which is estimated from cash flow with
discounted taxes which represent capital costs of importance
Economic analysis
to the long-term investor (Shang, 1990; Martin et al., 1994).
To economic feasibility, the costs, income and profits obtained
An NPV above zero indicates the minimum recovery of capital
from lambari production and marketing as live baits was considered,
risk. We also use the annualized net present value (ANPV) as an
using to this the partial budget analysis to compare costs and
analysis complement. The ANPV deals with the periodization
income variations in each studied scenario (Shang, 1990).
of the average values of the cash flows of the proposed project,
We use the methodology described by Matsunaga et al. (1976)
be this evaluated horizon of time presented per year, months,
and Martin et al. (1994) to calculate the costs of productions:
etc. (Brom and Balian, 2007), being appropriate to compare
Effective operating costs (EOC), total operating costs (TOC)
investments with different horizons of time. For this calculation,
and total production costs (TCP). To formulate the cash flows
we use the same rate of attractiveness (10%).
we use the TOC and two selling prices of D. iguape, US$ 0.21
We used two concepts to determine the Payback Period (PP):
and US$ 0.30 per unit in two scenarios of survival, 90% and
(i) the Gross Income (GI), which is the revenue from the activity
80%. The prices applicated are currently practiced by artisanal
multiplied by the selling of a product unit practiced by the
fishermen and/or live baits suppliers.
entrepreneur; and (ii) the Cash Flow (CF), which is the calculus
The viability of investment was evaluated based on modified
between GI and outflow of the activity on TPC. We also considered
internal rate of return (MIRR), that consists of the economic
a cost indicator in terms of units produced, called Breakeven Point
analysis of the proposal considering that the cash generated by
(BP), to which determines the minimum production necessary to
the project being analyzed are reinvested by the minimum rate
cover the costs, according the selling price of the units of lambari.
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
Other indicators for viability assessment adopted in this study
Analyzing biomass evolution in each PU, with the amount
(Martin et al., 1998):
of ration weekly adjusted in 4% according to the biometrics, a
feeding conversion of 1.4 was obtained, which allowed a weekly
• Net Profit (NP): result of the calculus between GI and TOC. This
weight gain of 0.62g to 600 fish m-3 density. With the zootechnical
indicator measures the profitability in the short term, showing financial
experiment results, it was possible to produce six cycles or harvest
and operating conditions of the activity;
per year aiming the live baits market.
Gross Margin (GM): margin in relation to TOC, i.e., the result obtained
after the producer covers the operating costs, considering a given
Economic analysis
selling price of a unit of live bait and the system productivity; and
• Profitability Index (PI): relationship between OP and GI, showed in
The investment needed for a commercial entrepreneurship
percentage. It is an important indicator that shows the available revenue
implantation to supply live baits market is detailed in Table 1.
rate of the activity after payment of all operating costs.
To evaluate the economic viability of this project, it was considered
a timeline of 10 (ten) years, having the invested value applied
At the end of the study, we performed some sensitivity analysis
entirely in the year zero.
where we simulated the scenarios of the production of lambari
In this investment, only the adequacy of recirculation system
D. iguape for the live bait market. With the same two proposed
costs was considered, and it still corresponded to 24.9% of the
scenarios (A and B), we assess the impact on the MIRR, NPV
invested value, if any person who is interested in joining this
(rates 10% and 20%) and PP indices based on three selling prices
activity has already acquired the installation, which is the case of
and the possibility of harvest loss (5 cycles year-1), which could
marines in the region that attend to sport fishermen. Total production
occasionally occur due to any unforeseen environmental conditions
costs (TPC) of D. iguape live baits of US$ 10,253.26 (Table 2)
unfavorable for fish harvesting, diseases, problems in the filtering
corresponded to 140% of the invested value, demonstrating high
or of the electrical systems among others.
activity cost. Total operating costs (TOC) was US$ 9,620.46
(Table 2) and cash flow (CF) calculus was applied to estimate
MIRR, NPV and ANPV (Martin et al., 1994; Brom and Balian,
RESULTS
2007; Tokunaga et al., 2015; Chen et al., 2017).
The values used in the lease item of the warehouse refer to the
Productions analysis
amount that an investor who already owns a nautical structure
During the entire experiment, the average temperature was
would cease to collect with the rental of aluminum boats, excluding
24.7 ± 1.3 °C. The water parameters pH, ammonium, nitrite and
taxes on labor, technical and mechanical assistance, costs with
nitrate did not significantly differ among the production units
water and electricity among others.
(PU) (p<0.05) and continued within the range considered as
The depreciation of the building construction and equipment were
acceptable for tropical fish species by the literature (Jatobá and
of US$ 30.30 and US$ 112.63, respectively, for each production
Silva, 2015; Ribeiro et al., 2017).
cycle (Table 2). These values do not represent actual monetary
Table 1. Investments needed for lambari Deuterodon iguape culture in recirculation system, aiming live bait market for sport fishing
(March 2019)1.
Life Cycle
Item
Quantity
Total value
Depreciation Interests3
Total
(replacement)2
1. Building construction
1.1 Adequacy of warehouse (100m2)
1
1,818.18
10
181.82
109.09
290.91
2. Equipment
2.1 Fiber tank 1500L
12
1,636.36
10
163.64
98.18
261.82
2.2 Fiber tank 2000L
6
1,000.00
10
100.00
60.00
160.00
2.3 Fiber tank 5000L
3
727.27
10
72.73
43.64
116.36
2.4 Air compressor
2
393.94
5(1)
78.79
23.64
102.42
2.5 Motor pump
2
303.03
5(1)
60.61
18.18
78.79
2.6 Pipes
1
363.64
10
36.36
21.82
58.18
2.7 Electrical Material
1
242.42
10
24.24
14.55
38.79
2.8 Filtering system
1
545.45
5(1)
109.09
32.73
141.82
2.9 Water analysis Kit
1
60.61
2(5)
30.30
3.64
33.94
3. Documentation e Project elaboration
3%
212.73
-
25.53
25.53
GENERAL TOTAL
7,303.64
-
857.58
450.98
1,308.56
1Values in US dollars; 2Life cycle and replacement () in years; 3Interest rate of 6% per year on the venture capital. Source: Research data.
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
Table 2. Operational cost of 60 days and annual cycle for the cultivation of lambari Deuterodon iguape in a recirculation system,
aiming at the market of live baits for recreational fishing (March 2019)1.
Social
Financial
Item
EOC5
TOC6
Fixed costs4
TPC7
burden2
burden3
1. Permanent labor force
584.85
233.94
8.19
826.98
826.98
2. Warehouse location
151.52
1.52
153.03
153.03
3. Fingerlings
229.09
2.29
231.38
231.38
4. Ration
109.96
1.10
111.06
111.06
5. Cleaning material and medicines
45.45
0.45
45.91
45.91
6. Water, electric power and telephone
121.21
1.21
122.42
122.42
7. Depreciation of civil construction
30.30
30.30
8. Equipment depreciation
112.63
112.63
9. Annual interests on venture capital
75.16
75.16
Total/Cycle
1,242.08
233.94
14.76
1,603.41
105.47
1,708.88
Total/year
7,452.51
1,403.64
88.56
9,620.46
632.80
10,253.26
1Values in US dollars; 2Social burden = 40% of outflow; 3Financial burden = 24% per year on EOC summed to social burden; 4Depreciation estimated according to life
cycle; 5Effective operating costs; 6Total operating costs; 7Total production costs. Source: Research data.
expense for the producer, however, they must be taken into account
Table 3. Effective operating costs (EOC), Total operating costs
so the activity remain operational and do not underestimate the
(TOC), Total production costs (TPC) of Deuterodon iguape in
enterprise values at over time.
recirculation system, aiming the market of live baits for sport
fishing (March 2019).
In table 3, cost indicators related to production are presented:
Effective operating costs (EOC), Total operating costs (TOC),
US$ unit-1
Scenario A
Scenario B
Total production costs (TPC). It is noteworthy that all costs are
EOC
0.13
0.14
lower than minimal sale price, US$ 0.21, in both surviving rates
TOC
0.16
0.19
proposed scenarios.
TPC
0.18
0.20
Economic indicators applied to estimate the production of
Source: Research data.
live baits recirculation system confirmed that for either survival
condition scenarios, MIRR has shown greater values than the
minimum attractiveness designated for the 10% study.
The MIRR values varied from 11.62% in the worst scenario
(with survival rate of 80% and commercial value of US$ 0.21)
to 33.19%, in the best scenario, with a survival ratio of 90% e
commercial value of US$ 0.30. The only negative NPV was
US$ -1,535.22 for selling price of US$ 0.21, with a rate of 20%
on scenario B. The best NPV obtained was US$ 42,174.03 with a
selling price of US$ 0.30, on scenario A with 10% rate (Table 4).
As a method of comparison with the traditional NPV results
obtained, the ANPV (10%) presented a variation of US$ 187.27
and US$ 6,863.63, in condition B, with lower sales value, and
condition A, with the highest selling price, respectively.
Payback period (PP) is rapidly reached, between 0.9 and 2.8 years,
with the exception of scenario B, with a selling price of US$ 0.21,
Figure 2. Sensitivity analysis, showing MIRR variation, for
which only occurs in 5.7 years. This result is considered risky, due
Deuterodon iguape production, in water recirculation system,
to PP time delay (Table 4). The production to attain the Breakeven
considering variations on live baits selling price unit (US$ 0.21;
Point (BP) varied between 45,353 and 31,747 fish per year for
0.26; 0.30) and on the number of production cycles.
the selling prices of US$ 0.21 and US$ 0.30, respectively.
The possibility of harvesting loss in each year of the activity
was simulated, in which the expense was the same; however, the
selling price of US$ 0.21, to both survival rate (90 and 80%),
income was lower due to unforeseen factors that might cause
whereas PP is not recovered, demonstrating business risk.
temporary interruption in the production (Table 5, Figures 2 and 3).
In Figures 2 and 3 it is also possible compare MIRR and NPV
Thus, MIRR and NPV (10%) presented negatives values for
indicators in 5 and 6 annual conditions.
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
Table 4. Analysis of costs and economic indicators for the production of live baits of Deuterodon iguape in water recirculation
system, aiming the market of live baits for sport fishing (March 2019).
Scenario A
Scenario B
Retail value (US$ unit)
0.21
0.30
0.21
0.30
Gross income (US$)
12,370.91
17,672.73
10,996.36
15,709.09
Net profit (NP)
2,750.44
8,052.26
1,375.90
6,088.63
Gross margin (%)
28.59
83.70
14.30
63.29
Profitability index (PI) (%)
22.23
45.56
12.51
38.76
Modified internal rate of return (MIRR) (%)
19.63
33.19
11.62
29.52
Net present value 10 % (NPV in US$)
9,596.66
42,174.03
1,150.67
30,108.34
Annualized net present value 10 % (ANPV in US$)
1,561.81
6,863.63
187.27
4,899.99
Net present value 20 % (NPV in US$)
4,227.53
26,455.25
-1,535.22
18,222.76
Payback period (PP) (years)
2.8
0.9
5.7
1.2
Breakeven Point (BP)
45,353.62
31,747.53
45,353.62
31,747.53
Source: Research data.
Table 5. Costs and profitability on investment in the production of live baits of Deuterodon iguape in water recirculation system,
in a scenario of harvest failure (March 2019).
Index
Scenario A
Scenario B
Cash flow - selling price (US$ per unit)
0.21
0.26
0.30
0.21
0.26
0.30
MIRR (%)
N/C
20.25
27.26
N/C
12.64
22.44
NPV 10 % (US$)
-3,072.32
10,501.59
24,075.49
-10,110.64
1,955.05
14,020.75
NPV 20 % (US$)
-4,416.59
4,844.97
14,106.52
-9,218.87
-986.38
7,246.11
PP (years)
-
2.7
1.6
-
4.9
2.1
Modified internal rate of return (MIRR); Net present value (NPV); Payback period (PP). Source: research data.
Due to its commercial cost, the use of nautical workmanship
was considered, working half period, earning the Brazilian
minimum wage in the fisheries (March 2019), which corresponds
to US$ 584.85 per cycle. These employees’ attributions are:
feeding, fish harvesting, eventual equipment maintenance and
local cleaning. The labor cost, added to social (40%) and financial
burdens, which result over TOC, correspond to 48.39% of TPC,
being the highest burden factor over the entrepreneurship cost.
Comparatively, this expense is lower than the one described by
Kodama et al. (2011) who estimated 40% of operational cost,
the employment of two people for ornamental aquaculture in
recirculation system.
The small-scale production attractiveness may increase in a
condition which family members are considered in the business
Figure 3. Sensitivity analysis, showing NPV (10%) variation,
as labor workers once the investment and production costs may be
for Deuterodon iguape production in water recirculation system,
lower. However, it is necessary to always consider the labor costs
considering variations on live baits selling price unit (US$ 0.21;
so the production is not underestimated (Sanches et al., 2014).
0.26; 0.30) and on the number of production cycles.
Feeding was the second highest-priced item in the activity,
contributing to 13.54%, according to Losordo and Westerman
(1994), reducing feeding costs by improving feed conversion
DISCUSSION
index provides a considerable reduction of production costs in
Watson and Hill (2006) affirmed that the high operational
water recirculation system of fisheries. The feeding conversion
cost makes the system with water recirculation more adequate
of 1.4 to D. iguape production was similar to Gonçalves et al.
to high market value species, which is the case of lambari when
(2015), in excavated ponds, in polyculture of this species with
it is designated to live baits market.
tilapia Oreochromis niloticus.
Henriques et al. Bol. Inst. Pesca 2019, 45(4): e516. DOI: 10.20950/1678-2305.2019.45.4.516
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ECONOMIC FEASIBILITY FOR THE PRODUCTION…
When compared to shrimp that was also developed in water
demonstrating be interesting the production of live baits in the
recirculation system to live baits market, the lambari has great
conditions proposed in this study.
advantage due to its final production cost. Castilho-Barros et al.
Even so, with the objective, conditions and scenarios proposed,
(2014b) obtained a production cost between US$ 0.44 and 0.50
fish culture in water recirculation system still presents moderate
per unit of L. schmitti, higher values than US$ 0.18 and 0.20,
risk regarding economic viability. Research efforts must be applied
obtained for D. iguape in this present study. Gonçalves et al. (2015)
to the development of technologies that provide density raise;
estimated a unitary cost even lower for the species (US$ 0.06), but
better feeding conversion or market situations that promote the
in excavated ponds and in polyculture with tilapia O. niloticus.
selling price raise, thus, the activity will become more attractive
The profitability index (PI), resulted in 12.51% in scenario B
and economically safe.
(selling price unit of US$ 0.21) and 45.56% in scenario A (selling
price unit of US$ 0.30), demonstrating lambari culture in water
recirculation system is profitable to attend sport fishing demand
ACKNOWLEDGEMENTS
with the selling price previously cited (Table 4). This index
indicates in percents the amount shared of the gross revenue that
This research has been financed by Fundação de Amparo à
constitutes profit. Sabbag et al. (2011) obtained 18.65% in the
Pesquisa do Estado de São Paulo (FAPESP) under the research
production profitability of lambari Astyanax altiparanae in semi
project number 2018/19747-2.
intensive system also aimed at live baits market in continental
fishing. Castilho-Barros et al. (2014b) obtained a PI of 21.47%
with a selling price per unit of US$ 0.50, for live baits market,
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