Financial and Economic Justification of Investment Expenditures in the Port Sector

The article presents a scientific and methodological approach to the financial and economic justification of investment expenditures in the port sector. The use of the Modified Internal Rate of Return (MIRR) is proposed as a key criterion for evaluating the profitability of investment projects, which allows for more realistic reinvestment assumptions and eliminates typical limitations of the traditional IRR indicator. The study takes into account the specific features of port activities, including their institutional complexity, strategic importance, dependence on the structure of port charges, and impact on regional development. An algorithm for multicriteria ranking of projects is outlined based on indicators of efficiency, risk, project duration, and the investment attractiveness of the enterprise. The proposed approach can serve as a decision support tool for the development of port investment programs under conditions of limited financial resources.