2. Commercial vessel’s data processing and recommendations of estimation process planning

To estimate the vessel value or the investments efficiency indexes it is required to process the data which are determined by the survey results and on the basis of the analysis of the documents concerning the property rights, the construction and the basic design of a commercial vessel, modernizations made or planned, her technical condition.
           The documents of the basic project (are specified in order of preference):
           1. Project specification (executive or contractual);
           2. Acceptance report;
           3. Characteristics sheet;
           4. Brief characteristics sheet or vessel’s passport card (it is eligible to use other documents of the vessel project, from among specified above).
           The documents of the vessel reconstruction (modernization):
           1) Project of re–equipment or reconstruction;
           2) Sheet removed elements and the sheet of the installed items;
           3) Cost estimate or the contract of the re–equipment or reconstruction.
           Data concerning the time of the vessel modernization, the vessel destination after modernization, the shipyard where re–equipment was executed, with the account a national identity.
           Documents of commercial vessel technical condition:
           1. Documents of Maritime Register of Shipping of commercial vessel technical condition (or other entity of marine commercial vessels technical supervision and classification), list of documents with indication of the numbers, dates of issue and the periods of validity:
                       1.1. Classification Certificate;
                       1.2. Certificate of the seaworthy validity for operation;
                       1.3. International measuring certificate;
                       1.4. Certificate on the equipment and supply.
                       1.5. Certificates of survey of the commercial vessel according to the compartments and occupations before or after repair;
                       1.6. Other documents of Maritime Register of Shipping;
           2. Defective or repair sheets when there are no documents of the seaworthy validity for operation:
                       2.1. The documents of the hull technical condition and the demands for repair;
                       2.2. Engine room sheets;
                       2.3. Other sections and managements sheets;
           3. Vessel survey report of the independent technical surveyor.
           In most cases the vessel is open for survey which is recommended for qualitative value estimation.
           Not in all cases the survey of commercial vessel for the purpose of an estimation is possible.
           The vessel can be inaccessible for the survey if natural difficulties to execute the vessel survey are incommensurable to the expected value of the information (for example if the vessel is harvesting in the remote inaccessible area).
           In some cases it is required to estimate a non–existent vessel, for example a sunk vessel, in her condition before an insurance case.
           The contents of the commercial vessel survey report by the appraiser and the interview with the ship-owner representative or the crew are:
           1. First name, last, middle name, and the position of the expert who has executed the survey of the commercial vessel;
           2. Date, the place of where the survey took place.
           3. Vessel name, the year, the shipbuilding yard, the project #.
           4. The year, the yard and the purpose of the modernization, the year and the yard of the last repair;
           5. The prevailing district and purpose of the commercial vessel operation;
           6. Opinion of the expert about technical condition of compartments and occupations:
           – Vessel’s hull;
           – Vessel’s power–plant;
           – Mechanisms and engine room systems;
           – Generators, electric drives and electric equipment;
           – Communication and the navigation facilities, including the equipment of Global Maritime Distress Safety System (GMDSS);
           – Deck devices of the general purpose;
           – Devices and special purpose systems, for example cargo or fishery devices;
           – The special process equipment and systems, for example fish–processing equipment, refrigerator, systems for live fish saving or others.
           Works sequence of commercial vessel value or efficiency estimation includes following recommended stages:
           – Analysis of the vessel documentation and vessel survey;
           – Interview with a crew and workers;
           – Analysis of the commercial vessel technical condition;
           – Market research of the analogues class vessels;
           – Calculation of the vessel value.

Test questions

1. Documents of the basic project used for commercial vessel estimation.
            2. Documents on modernization.
            3. Maritime Register of Shipping documents of commercial vessel technical condition.
            4. Documents need of repair of the commercial vessel.
            5. Contents of the written report of the vessel survey.
            6. Sequence of stages work of the vessel value estimation.