Valuations to whom and for what?
- underwriters for market valuation appraisal
- banks and institutions for finance appraisal
- legal for family law and dispute resolution
- customs and taxation for imported vessels
- third parties with a vested interest
Types of marine valuations?
Fair Market Value implies a normal market, without any major disruption caused by events such as the Global Financial Crisis.
Current Market Value reflects the current market, adjusted for any temporary market fluctuations. In a stable economy, fair market and current market values should be the same.
Forced sale value for banks and financial institutions in the event of loan default. The industry norm is 60%, depending on the design, build and condition, auction or open market sale.
Our marine valuations are appraised from vessels to the same or similar design, age, condition and location. Those recently sold or listed for sale with adjustment for relative condition, brokerage commission and the current market.
The scope of our valuation report
- particulars, age, design and construction
- structural and overall cosmetic condition
- machinery and major systems identified
- navcom and equipment of significant value
- summary condition and market valuation