We introduce a new multi-stage stochastic programming model for maximizing the Average Rate of Internal Return (AIRR) for capacity renewal in shipping. We compare the results of the new model against that of a more classic model maximizing profits (Net Present Values) in order to offer managerial insights by highlighting the economical and structural differences in the solutions obtained. In addition, we show how the resulting nonlinear AIRR model can be reformulated in an equivalent linear model in order to ease computation.