
Evaluation of commercial vessels, marine company’s assets and ocean resources
Test questions:
Introduction
1. Purpose of marine industrial activity.
2. Methodological interrelation of marine engineering and ocean technology evaluation and efficiency of investments estimation in the process of development of the ocean resources.
3. Object of an evaluation and its complex structure.
4. Correlation of «the vessel» and «the marine engineering» concepts.
5. Marine company and the property complex of its real assets.
6. Marine environment and the ocean resources.
7. Investor functions in the marine environment.
8. Most general features of vessels and other real assets of the marine companies’ complexes.
9. Concepts of the systematic approach in the applied economic evaluation.
10. Factors of the evaluation and the economic efficiency estimation reliability.
11. Prospective digital algorithmic form of an applied economic estimation.
1. Shipbuilding, shipping, technical operation and maintenance (terms and general concepts)
1.1. Classification of commercial vessels
1.2. Commercial vessel’s devices, systems, engines and power–plants
1.3. Architecture and technology of commercial vessel construction
1.4. Commercial vessel repair, maintenance and technical survey
12. Commercial vessel (definition).
13. Classes and types of the commercial vessels by the purpose and by the other signs.
14. Classes of the cargo vessels.
15. Classes of the fishing vessels.
16. Operational characteristics of commercial vessel.
17. Seaworthy properties of commercial vessel.
18. Vessel’s devices.
19. Vessel’s systems.
20. Vessel’s power–plants.
21. Vessel’s structure.
22. Shipbuilding and ship–repair enterprises.
23. Plants and the shipyards.
24. Vessel repair, emergency repair.
25. Vessel maintenance service.
26. Vessel reconstruction.
27. Functions of Russian Maritime Register of Shipping.
28. The Russian Maritime Register of Shipping objectives.
29. Maritime inspection societies of other states.
30. General approach of the supervising organizations which control the technical condition of commercial vessel.
31. Symbols of marine commercial vessels classes according to the Register.
2. Commercial vessel’s data processing and recommendations of estimation process planning
32. Documents of the basic project used for commercial vessel estimation.
33. Documents on modernization.
34. Maritime Register of Shipping documents of commercial vessel technical condition.
35. Documents need of repair of the commercial vessel.
36. Contents of the written report of the vessel survey.
37. Sequence of stages work of the vessel value estimation.
3. Features of standard approaches application for vessel evaluation
38. Reasons of a polysemy of vessel value estimations from the points of view of various approaches.
39. Generalization of commercial vessel evaluation results by independent approaches («weighing» of values).
40. Sphere of the cost approach application for vessel evaluation.
41. Advantages and disadvantages of the income approach.
42. Analysis of the comparable sales approach applicability.
43. Spheres of preference of standard approaches for vessel evaluation.
4. Concepts of the comparable sales approach in commercial vessel evaluation
4.1. Comparability characteristics and units
44. Units of comparison of a commercial vessel (her similarity with analogues).
45. Similarity at the level of specific indexes for vessel evaluation based on comparable sales approach.
46. Reliability of data (objectivity and accuracy) for the evaluation based on comparable sales approach.
47. Advantages of use of regression dependences for determination of the most probable values.
48. Features of application of comparable sales approach for marine commercial vessel evaluation.
49. Sequence of adjustments application for vessel evaluation based on comparable sales approach at a level of similarity by specific indexes.
4.2. Concepts and the contradictions of vessels units of comparison choice for value estimation
50. Criteria of the choice of units of comparison for vessel evaluation.
51. Contradiction of the possible repeated account when making consecutive introduction of adjustments on dependent units of comparison.
52. Recommendations of the independent account of adjustments applied to the units of comparison for vessel value estimation.
53. Features of application of search machines of the Internet for estimation based on comparable sales approach.
4.3. The examples of comparison units for commercial vessels of various classes
54. Expediency of use of deadweight is used as unit of comparison for vessel value estimation.
55. The variants combinations of units of comparison for commercial vessels classes.
56. Structure of dependence for statistical approximation of the marketing researches data.
4.4. Use of statistical regressions for the vessel value estimation based on comparable sales approach, the mathematical formalization of two–parametrical regression
57. Formal analogy of economic concept of value to physical concept «potential».
58. Potential equation of value.
59. Sign of the present value potential for an asset which value is going down with the increase of years; the asset life time.
60. Depreciation of the isolated real asset over the time, the isolated assets growing in value with the increase of years (examples).
61. Solution of the potential equation for the isolated asset going down in value through the time (formulas derivation).
62. Property complex of real assets value capitalization in the time.
63. Solution of the potential equation of the property complex growing value with the positive potential of value (the discount formula of present value capitalization of own property).
64. Form of a value dependence on the vessel age recommended for approximation of statistical observations when formalizing of the regressions.
65. Recommended parametrical form of dependence of new vessel value on her characteristics.
66. Recommended form of statistical regression dependence of the vessel value on the characteristics and the age, based on use of discounting by the Euler’ number exponential function (the formula derivation).
67. Determination of the economic life time index and the retrospective discounting rate released from the external risks by the analysis of statistical regression dependence of value on vessel years.
4.5. Marketing research for the commercial vessels value estimation
68. Most widespread cargo vessels classes at offered to sale.
69. Cargo vessels class, offered for sale of the greatest tonnage.
70. Determination of the discounting rate free from external risks by the market extraction on the basis of the statistical approach analysis for commercial vessels classes.
71. Determination of commercial vessel life time on the basis of the regression dependence analysis.
72. Theoretical (economic) and structural durability of a commercial vessel.
73. Correlations of vessel years, life time and an error of estimation.
5. Methodological features of commercial vessel estimation based on cost approach
5.1. Economic models of commercial vessel reproduction cost
5.2. Integrated structural components as a part of the commercial vessel reproduction cost
74. Concepts of reproduction cost and replacement cost.
75. Definition of reproduction cost in revaluation of the real assets, periodicity of revaluation and presentation in the reporting.
76. Methods of commercial vessel reproduction cost determination.
77. Kinds of expenses as a part of commercial vessel reproduction cost.
78. Industrial binding of economic models of commercial vessel reproduction cost.
79. Assignment of commercial vessel reproduction cost models.
80. Structural tasks of commercial vessel reproduction cost models use.
81. Advantages of reproduction cost models which are created of groups of structural breakup.
82. Tasks solved using the reproduction cost.
83. Concept of systematization of expenses for vessel construction in groups depending on uniformly influencing the cost of commercial vessel technical characteristics or their combinations.
84. Example of the integrated infrastructural parts as elements of commercial vessel reproduction cost.
85. Degree of detailed elaboration of reproduction cost structure breakup into groups.
86. Advantages of reproduction cost models which are created according to the groups of technological breakup.
87. Matrix model of reproduction cost breakup into groups of expenses.
88. Influence of expenses for materials and energy sources on commercial vessel reproduction cost.
89. Methodological difficulties in defining the concept of commercial vessel integrated infrastructural part.
90. Selection of factors in the set of analogues reproduction cost total.
91. Algorithmic approach at integrated infrastructural part definition as the element of commercial vessel reproduction cost.
92. Concept of reproduction cost.
93. Distinction of methodological concepts: the reproduction cost of a commercial vessel as the total of expenses in modern market prices for construction on the one hand, and the way of expenses summation as a method of reproduction cost determination on the other hand.
94. Other methods of reproduction cost determination within the limits of the independent approaches that are not costs summation.
6. Procedure of the marketing research data analysis based on prices of the newly built commercial vessels
6.1. Reproduction cost of dry–cargo vessel
6.2. Reproduction cost of crude–cargo tanker
6.3. Reproduction cost of fishing vessel
95. Reproduction cost of the commercial vessel.
96. Replacement cost.
97. Units of comparison in regression dependences structure for the determination of reproduction cost of commercial vessels of various classes:
– Dry–cargo vessel;
– Crude–oil tanker;
– Fishing vessel.
98. Similarity of methodical recommendations and information base for determination of the replacement cost and reproduction cost.
7. Estimation of commercial vessel depreciation and value based on cost approach
99. Kinds of economic depreciation of the commercial vessel: external and internal depreciation, removable and irremovable depreciation.
100. General list of economic depreciation signs.
101. Concept of depreciation economic irremovability.
102. Reference of absolute estimation (monetary) to removable depreciation, and a relative estimation – to irremovable depreciation.
103. Vessel value estimation by the cost approach (the formula).
104. Rules concerning the vessel operating repair influencing the estimation of the removable physical depreciation.
105. Causes of commercial vessel functional depreciation.
106. External factors influencing commercial vessel value.
107. Recommended method of determination of commercial vessel removable depreciation (physical D1 and functional D3).
108. Recommendation concerning estimation of irremovable physical depreciation.
109. Methods recommended for estimation of irremovable functional and external economic obsolescence of the commercial vessel.
8. Examples of estimation of the commercial vessel depreciation
8.1. Estimation of irremovable physical depreciation of commercial vessel by the economic «life time» method
110. Proportion of commercial vessel physical and functional obsolescence rates.
111. Recommendations for the approximate prediction of not a new vessel structural durability.
112. Forms of proportional dependences in estimation of irremovable depreciation on vessel years.
113. Recommendations concerning the use of estimation methods of depreciation commercial vessel of various forms.
8.2. Estimation of irremovable functional depreciation of a dry–cargo refrigeration vessel (insufficient cargo capacity of vessel)
114. Estimation of an inefficiency element on the basis of deadweight specification to displacement ratio for commercial vessel.
115. Inefficiency proportion of the vessel propulsion device (superfluous of the main engine power and the fuel expense) in the relation to superfluous of commercial vessel displacement.
8.3. Estimation of irremovable functional depreciation of a tanker for the crude oil transportation (superfluous displacement of light vessel)
116. Definition of cargo vessel functional analogue for estimation of depreciation (analogy attribute under according to the main characteristic – deadweight).
117. Factors of functional inefficiency of the cargo vessel.
8.4. Evaluation of external economic obsolescence of a passenger vessel
118. Estimation of external economic obsolescence on the basis of correlation of passenger traffic capacity changes and vessels number in operation changes.
119. Prediction of external economic obsolescence in case of vessels operation on several lines in coasting and foreign trips.
9. External economic obsolescence and the resale discount caused by the economic difficulties of a seller
120. Factors which are the economic bases for evaluation in case of compelled sale.
121. Causes of external and internal property of the difficulties experienced by the parties.
122. Natural causes of economical difficulties in case of sale of the commercial vessel for circumstances of transfer through the technological stages: production, productive operation and recycling.
123. Conformity of external economic obsolescence absolute value with the difference of the replacement cost and the market value of the new vessel or other asset of the marine company.
124. Causes of the artificial property for difficulties in case of sale of the commercial vessel and for the discount to the value.
125. Probability of limits of exposure period for sale of the commercial vessel during construction and recycling phases and stage of productive operation of commercial vessel with the account duration of the listed technological stages.
126. Sources of concession financing for the buying party caused by natural difficulties for vessel transfer for sale between technological stages.
127. Internal difficulties when selling the new vessel.
128. Investments and difficulties of the commercial vessel construction and index of efficiency of clearing the manufacturer from difficulties (the formula derivation).
129. Investments of the commercial vessel buyer and his difficulties shifted to the seller – the manufacturer of the commercial vessel (the formula derivation).
130. Index of the buyer investments efficiency (the formula derivation).
131. Resale discount (the formula derivation) depending on difficulties of the seller and the buyer shifted to the seller.
132. Proportional parity of the discount to the value of commercial vessel and external economic obsolescence with loss of interest rate.
133. Estimation of external economic obsolescence of commercial vessel with the account difficulties of the seller and the buyer shifted to the seller.
10. Resale discount to the value caused by the limits of vessel exposure period for sale
134. Causes of the commercial vessel (or other asset of the marine company) compelled sale.
135. Concept of the value in case of the compelled sale (liquidating value). The resale discount.
136. Standard definitions of liquidation value (in case of the compelled sale of the commercial vessel).
137. Techniques of the resale discount determination. The methodical limitations and assumptions of V.V. Galasjuk, G.G. Azgaldov.
138. Definition of the resale discount by the method of the International academy of appraisal and consulting. Factors and multipliers influencing an estimation of the resale discount.
139. Influence of the exposure period duration and the typical marketing period for value in case of vessel sale.
140. Typical marketing period as the duration of exposure period for vessel sale at market value.
141. Definition of the resale discount with the account the limited duration of the exposure period of the typical marketing period (the formula derivation).
142. Methodological definition of the market value by the correlation of value in use and value in exchange.
143. Methodological concepts of value in use and value in exchange, as factors of the marketing period estimation.
144. Stability of commercial vessel ownership, based on excess of value in use over the value in exchange.
145. Elements of commercial vessel exposure for sale.
146. Beginning of the exposure after buying of the right of disposal and the end of the exposure by sale of the commercial vessel as a result of excess of value in an exchange over the value in use (for distinguishable size, correlated with margin error of estimation).
147. Beginning of the marketing period after buying the right of disposal as a part of property rights set in case of vessel purchase.
148. Exposure ends with publication of the decision to sell the commercial vessel and the beginning of technical procedure of sale.
149. The hypothesis of correlation of the duration of exposure of the typical marketing period to the multiple to payback period in interrelation with commercial risks and the discounting rate.
150. Marketing causes of value in use depreciation to the value in exchange before vessel sale.
151. Methodological assumptions when determining the resale discount to the value for vessel sale in a period essentially shorter than the typical marketing period.
152. Resale discount in case of the compelled sale of a recently bought vessel, not a new vessel and «the average vessel». The relation of the discount to market value.
153. Definition of the resale discount depending on commercial vessel position during the marketing period (the formula derivation).
154. Estimation of the resale discount depending on commercial vessel productive operation duration and exposure for sale after purchases (the formula derivation).
11. Features of vessel estimation or marine company’s property complexes of real assets based on income approach
155. Evaluation of the discounted cash flow by capitalization (the formula derivation).
156. Elements of a cash flow.
157. Ways of reversion determination.
158. Predicted variability of the cash flow as the basis for application of discounted cash flow capitalization method.
159. Objects of estimation possessing predicted variability of the cash flow (the property complex of the marine company, unidentifiable intangible asset – goodwill, etc.).
160. Preference of the discounted cash flow capitalization of the marine company assets value possessing predicted variability of cash flow is determined by the income approach.
161. Unpredictable variability of cash flow for the isolated asset as macroeconomic risk factor.
162. Recommendations of direct capitalization method when the isolated assets of the marine company value characterized by stability of functional attributes is estimated by the income approach.
163. Assets characterized by unpredictable variability of a cash flow (the isolated real assets of the marine company).
164. Recommended period of planning when estimation is made on the basis of cash flow estimation.
165. Area of the effective application of methods on the basis of cash flows estimation.
166. Net operating income and profit.
167. Advantages of the method of direct capitalization of the net operating income for the isolated asset (vessel) estimation.
168. Accounting of taxes in expenses (operation costs).
169. Features of taxes when the net operating income and vessel value are estimated by the income approach.
170. Adjustment by the size of working assets value to the result of commercial vessel estimation by formulas of the income approach.
11.1. Methodological conformity of cost and income approaches in estimation of the marine company’s property complex
171. Determination of the net operating income capitalization rate with the account the factor of fund of depreciated investments into vessel compensation.
172. Attributes of formal conformity and analogy when using income and cost approaches.
11.2. Adjustment to the value of the marine company assets estimation by the income approach with the account of the right of dispose
173. Capitalized index in case of the isolated real assets or the property complex evaluation based on income approach.
174. Two–componential structure of capitalized index in case of evaluation based on income approach.
175. Methodological contradiction in respect of underestimation of the value expenditure when it defined by capitalization of the net operating income.
176. Attributes of the contradiction of underestimation as a part of the capitalized index of the vessel value expense (or other real asset of the marine company).
177. Evaluation of property right of disposal by inclusion of the value expenditure into the structure of capitalized index.
178. Partial formal similarity of value estimation based on income approach and by the integration of the present value potential equation (to present formulas and to compare).
179. Estimation of present value with application of results of integration of the linearized potential equation.
180. Rate of the net operating income capitalization with the account expenditure of present value potential.
181. Formulas of evaluation by capitalization of the net operating income with confidential probability and the alternative evaluation based on the account of present value potential with confidential probability (1 – ).
182. Methodological assumptions concerning reversion influence and the factor of fund of investments compensation for the value estimation with the great life time of commercial vessel (or other real asset of marine company).
183. Formulas of value estimation by capitalization of the discounted cash flow of the net operating income balanced by the confidential probability .
184. Independence of initial value estimation on the capitalized index structure.
185. Applied recommendations (the formula derivation) for definition of value dependence on years according to value estimation by capitalization of the net operating income with confidential probability and evaluation with account of present value potential with confidential probability (1 – ).
186. Vessel value estimation or other isolated asset of the marine company for the methodological conformity of cost and income approaches based on capitalization of the net operating income with confidential probability and based on evaluation of present value potential with confidential probability (1 – ).
187. Evaluation of the marine company’s property complex based on the methodological conformity of cost and income approaches with the account an annual difference of investments and the net operating income with expertly evaluated confidential probability .
12. An interval method of net operating income cash flow capitalization in evaluation of the marine company’s property complex
188. Properties of the marine company’s complex of assets on the basis of the valuation of the complex value parity and the separate real assets (a relation of the total value and the value of a part).
189. Predicted continuity of assets accumulation and change of the marine company efficiency index as the reason to use the method of direct capitalization when estimating based on income approach.
190. Continuity of cash flow accumulation in case of self–financing of the marine company’s property complex (the formula derivation).
191. Duration of the planned schedule stages corresponding to intervals of financial assets accumulation for investing in the real assets of the marine company, determined on condition of cash flow continuity (the formula derivation).
192. Interval method of capitalization with the account continuity of the cash flow accumulation influencing the stages of the planned investment schedule duration.
193. Calculation of own risks of the innovative strategy in marine industrial activity (the formula derivation).
194. Characteristic tasks of the marine company’s property complex evaluation with the account the property of cash flow accumulation continuity in case of self–financing.
13. Discounting with the Euler’ number exponential function in economic models of vessel or the property complex of marine company’s real assets
195. Discounting rate, the discounting factor.
196. Arithmetic summation of risks for determination of the discounting rate by the formula of cumulative estimation.
197. Summation with the account probabilistic characteristic of each risk with the multiplication by the reminder after subtraction of other risks (the formula derivation).
198. Factor of discounting by the Euler’ number exponential function.
199. Recommendations of discounting by the Euler’ number exponential function.
200. Formal–logic sense of commercial risk index.
201. Method of cash flow capitalization in case of use of discounting by the Euler’ number exponential function for the interval form (the formula at the set time interval of discounting to reversion).
202. Form of cash flow capitalization in case of using of the discounting by the Euler’ number exponential function for intervals of cash flow stability.
203. Definition of investment stages duration with the account continuity of a cash flow by the transformation based on discounting by the Euler’ number exponential function.
204. Discount financial functions when using arithmetic discounting and the Euler’ number exponential function (the formula derivation): the future value, the future value of annuity, the factor of fund of compensation, the present value of a unit (discounting), the present value of single annuity, the payment for unit amortization.
205. Factor of discounting determined by summation, based on operation of interest accrual for the mortgage or the deposit.
206. Substantiation of the form of the discounting by the Euler’ number exponential function factor depending on summation rules of probabilistic risks independent components.
14. Economic model of cargo vessel
207. Structure of cargo vessel operation costs of basic model.
208. Determination of the trip duration, the number of trips, the annual carrying capacity and the annual income.
15. Model of fishing vessel basic economic indexes
209. Structure of fishing vessel operation costs.
210. Recommendations of fishing vessel operation costs grouping as the components of the total sum.
211. Rationing of expenses for quota purchases for ocean biological resources use by the tax Code.
212. Estimation of running time, lay time and duration of fishery as part of the general duration of fishing vessel round trip.
213. Prevailing ways of fishing vessels use in the Far East of Russia.
16. Economic models for the support vessel value estimation on the basis of the utility analysis and the factorial indexes prediction
214. Market factors method of value estimation of the acting company’s property complex.
215. Commercial reasons of the «unable to generate profit (income)» support vessels use.
216. The reasonable ground to classify a commercial vessel as the «unable to generate profit (income)» property.
217. Ways of market factors determination.
218. Vessel value estimation based on income approach by the method of the net operating income capitalization as the estimation based on comparable sales approach by the market factor (the formula derivation).
219. Adjustment to the vessel value estimated based on income approach and by the account of need of the working assets replenishment.
16.1. Vessel value estimation based on use of operation costs index account
220. Concept of the vessel annual «consumption cost» and its structure in the sum of operation costs and deductions for compensation of real asset depreciation.
221. Conformity of commercial vessel’s consumption cost break–even.
222. Typical motivation of the investor, the concept of operation costs utility.
223. Definition of operation costs factor according to risks (the formula derivation).
224. Difficulties in case of determination of the net operating income for certain classes of vessels.
16.2. Application of the annual income index for vessel value estimation
225. Assumption of conforming the annual income and operation costs conformity with the intensity of productive operation of the commercial vessel which is characterized by the net operating income.
226. Determination of the annual income factor according to risks (the formula derivation).
17. Forms of commercial vessel charter, evaluation of the right–of–use and the charter market rate
227. Estimation of property rights set and the part of property rights.
228. Types of commercial vessel charter (freight).
229. Property right following from the contract of rent.
230. Leasing – commercial vessel transfer for use with the repayment, the analogy of commercial vessel leasing and the pledge crediting.
17.1. Right of use estimation as a difference of the vessel present values at the beginning and at the end of the period of use
231. Evaluation of the right–of–use of the vessel as difference between the present market value at the beginning and at the end of interval of use (the formula derivation).
232. Unilateral character of the right–of–use estimation by the methods of the income approach or other approaches separately.
233. Confusion in case of concepts mixing of kinds of the value and the methodological approaches applied to evaluation.
234. Reproduction cost with the account payback of a new asset of the marine company.
235. Systematic approach in case of estimation of various kinds of value through market value, as a base of estimation.
236. Conformity of standards to the formal logic of applied economic estimation.
237. Value of the right–of–use estimated as difference of asset present value at the beginning and at the end of the use term in the prices of time of settlement.
238. Rent charges cash flow and the charter market rate.
239. Concept of the present time in case of the right–of–use evaluation.
17.2. Calculation of the charter market rate on the basis of equality of rent charges flow present value and the right of vessel use present value
240. Equality of the right–of–use value to the present value of rent charges cash flow.
241. Value estimation of the right–of–use in the assumption of market value invariance during the interval of use (the formula derivation).
242. Value of annual rent charge corresponding to the value of the right–of–use in case of little varying of the commercial vessel market value (the formulas based on account of the value, the discounting rate and the period of use).
243. Preconditions of formulas applicability and practical recommendations for evaluation of the right–of–use with the assumption of unchangeable asset value during the period of use.
17.3. Estimation of the adjustment to the charter market rate taking into account predictable change of the vessel value by the end of the period of use
244. Value of the right–of–use in case of the predicted change of the asset value of the marine company or the property complex during the period of use.
245. Adjustment to the estimated value of the right–of–use estimation with the account the change (depreciation) of the asset value at the end of the period of use.
246. Estimation of the right–of–use in case of unpredictable variability of the value during the period of use.
17.4. Calculation of the adjustment to the charter market rate in view of ship–owner’s obligations for charges and maintenance
247. Components of the value of the right–of–use if obligations for vessel maintenance lay on the proprietor.
248. Estimation of the adjustment to the charter market rate with the account the present value of the obligations for vessel maintenance.
249. Evaluation of adjustments by the general universal formulas with symbols replacement.
17.5. Estimation of the adjustment to the charter market rate taking into account the conditions of the vessel repayment at the end of the period of use
250. Leasing is the commercial vessel transfer for use with the redemption.
251. Methodological analogy of leasing, the vessel acquisition (or other asset of the marine company) with payments by installments and the loan.
252. Determination of payments schedule by the contract of leasing–rent contract with the redemption or payments for the mortgage contract (the formula derivation).
253. Valuation of uniform cash flow payment by the contract of leasing (the formula derivation).
254. Determination of payment cash flow by the leasing contract if the beginning of payments period and effective date of estimation coincide (the formula derivation).
255. Conformity of economic terms of the contract of leasing–rent contract with the redemption and the contract of mortgage.
256. Data used for value estimation of the right–of–use as values of rent charges cash flow.
257. Expert tasks that should be solved to determine the conditions of commercial vessel transfer in rent provisions.
258. Recommended sequence in rent charge estimation.
18. General structure of the marine company’s property complex of assets and the organization of the marine industrial activity
259. Object of evaluation – the property complex or the isolated asset of the marine company.
260. Sets which can be methodologically defined as assets.
261. Standard definition of the property complex.
262. Classification of marine company assets.
263. Tangible and intangible assets.
264. Financial and real assets.
265. Purpose of investing the financial assets into real assets.
266. Methodological concept of the property complex.
267. Subject of appraisal.
268. Identification signs of assets.
269. Concept of intangible assets.
270. Kinds and stages of investment projects in view of classification of assets: the innovative project and the financial investment project.
271. Commercial risks at an innovative stage of the investment project with the account the capitalization of business.
272. Business value and risks in process of implementation of financial investment project.
273. Features of the marine companies underlying pricing from the point of the economic methodology.
18.1. International specialization in shipbuilding and shipping
274. Causes of the growth of prices for shipbuilding production of the pre–owned market marine commercial vessels.
275. Global distribution of shipbuilding manufacturing output in relation to the national factor.
276. Features of a marketing policy of the South Korean’s shipbuilding companies.
277. International specialization and cooperation as global factors of industrial development in modern shipbuilding and shipping.
278. Geographical localization of shipping companies in «offshore» territories and in those countries which possess marine wealth in abundance.
279. Geography of ocean mineral deposits.
18.2. Investor as a subject of the economic interests in marine industrial activity and the property rights
280. Structure of the Investor (the participants of the Parties) of the marine industrial activity and necessity of investment risks minimization.
281. National identity of the Ship–owner and the Charterer (in the Investor structure, with the account the Creditor opinion).
282. Expediency of the investment loan for the efficiency of the Investor.
283. Advantages of commercial shipbuilding at the shipyards of East Asian countries.
284. Sequence of investment stages since the formation of the Investor structure.
285. Characteristic risks in case of manufacture of a batch vessel and in case of vessel purchase at the pre–owned market.
286. Determination «losses estimated in advance» in the contract of vessel manufacturing.
287. Proportional parity of private and extra financing with the account the average weighed value of the capital.
288. Examples of the large financial institutions which fulfill the vessel construction and shipping crediting.
289. Criteria of estimation of a borrower by the credit institution.
18.3. Value and investments efficiency estimation of the marine object as a separate entity
290. Determination of the boundaries delimitation of the evaluated object as a system precondition of the evaluation and economical efficiency estimation.
291. Isolation of the commercial vessel as an object of an evaluation when making adjustment to the working assets value.
292. Conditions of the economic isolation of the object of evaluation.
293. The limitations of the commercial vessel value and efficiency estimation and replacement of the rest part of the property complex with the adjustment to vessel evaluation.
294. The financial constrain of the investor in the process of investments planning (when estimating the value and efficiency).
19. Methodological approaches of efficiency estimation of the investments in marine industrial activity
295. Purposes of efficiency estimation of investments into assets and the property complex of the marine company.
296. Methodological proximity and interchangeability of the concepts of value and efficiency.
297. Systematic approach as basis of economic methodology.
298. Vessel, as a probabilistic system in a structure of subsystems.
299. Methodological definition of marine industrial object in the aggregate of its properties.
300. Properties of commercial vessel connected with developed marine wealth.
301. System definition of a more general object in relation to the evaluated one.
302. Methodological comparability of marine industrial objects.
303. Characteristics of a more general object as initial data for a comparative evaluation of options.
19.1. Economic indexes and the efficiency criteria of a commercial vessel or any other marine company asset
304. The economic index of the net discounted income.
305. The economic criterion of the net present value.
306. The criteria of the internal rate of return and investments payback period.
307. The basic economic indexes which are not criteria.
308. The approaches used in investments evaluation for determining the economic criteria.
309. The criterion of the commercial vessel net present value from the point of the parties – the buyer and the seller.
310. The independence in the combination of indexes and the criteria of the net present value, internal rate of return and investments.
311. Estimation of the value of investments of the property complex as a starting limitation for assets accumulation and capitalization.
312. The dependence of economic efficiency criteria on investor’s financial constrain.
313. The reflexion of the present and prospective profitableness by the criteria of internal rate of return and net present value.
314. The recommended parity of the net present value criteria and the internal rate of return in the structure of the generalized criterion.
19.2. Determination of cargo vessels characteristics for the commercial order based on example of ferries for Pacific transportations
315. Classes of the rolling cargo vessels and their advantages.
316. Rolling cargo vessels structural design features.
317. High–speed cargo vessels economic disadvantages.
318. Concepts of the systematic approach when determining commercial vessel options compared by economic criteria.
319. Economic criteria used for a comparative evaluation of commercial vessel options for the order.
320. Main tasks fulfilled to evaluate comparatively the variants of the commercial vessel choice for the commercial order.
321. Similar methodological basis used for evaluation of variants as a system requirement for comparison and choice.
322. Form of the generalized economic criterion on the basis of internal rate of return and net present value indexes.
323. Economic advantages and disadvantages of commercial vessel purchase at the pre–owned market.
20. Evaluation of ocean resources and unidentifiable intangible asset taking into account the risks of investment in marine industrial activity
20.1. Evaluation of marine resources and unidentifiable intangible asset of a marine company with the account of total risks of innovative strategy
324. Concept of group unidentifiable intangible asset – goodwill – as a part of the marine company’s property complex.
325. Goodwill sources.
326. Concepts of goodwill definition.
327. Incentives of the investor to buy marine company’s real assets.
328. Financial protection of the investor intellectual activity.
329. Methodological conformity of the property rights underlying unidentifiable intangible asset – goodwill.
330. Systematic approach in the basis of the sequence of the investor’s actions to determine the unidentifiable intangible asset.
331. Value of the assets capitalization by the discount formula of present value.
332. Formal–logic sense of estimation of the unidentifiable intangible asset.
333. Dependence of the goodwill on the total value of invested real assets and the commercial risks index as the discounting rate (the formula derivation).
334. Main parties participating in intangible assets generation.
335. An evaluation of advantages of the access to marine wealth as unidentifiable intangible asset – goodwill – of the marine company and as a contribution of the ocean resources to the value of the isolated real asset.
336. Interrelation of the marine wealth evaluation, the unidentifiable intangible asset and the discounting rate index of the commercial risk.
337. Ocean resources evaluation with the account total investments into the real asset and the discounting rate index of the commercial risk.
338. Approximate estimation of the ocean resources taking into account methodological assumptions (the formula derivation).
339. Based on the conformity of discounting by the arithmetic discount financial functions and using the exponential functions of the Euler’ number formal sign that the commercial risks are little.
340. Methodological conformity of the ocean resources estimation and the net present value.
341. Estimation of a reference point of the ocean resources value from the point of view of the investor who is consistently manufactures the assets and sells them, for example the marine company’s property complex creation and sale, as a systematic activity.
20.2. Evaluation of ocean resources and goodwill with the account of balance of real assets structure of the marine company
342. Marine wealth as properties of the marine environment useful for the investor.
343. Interrelation of the economic concepts: the goodwill of the marine company, the net present value of its property complex and the ocean resources.
344. Bilateral preconditions for the ocean resources evaluation – definitions of the marine company unidentifiable intangible asset value.
345. Characteristic of stability of the marine company assets structure.
346. Equation of assets balance in the structure of the marine company’s property complex (two forms).
347. Differential form of equation of the marine company assets balance structure.
348. Economic sense of the net present value factor as a stability characteristic – the balance of the property complex structure.
349. Intangible asset at an increment of the invested costs.
350. Systematic concept of investments continuity and the evaluation of the investor current solvency.
351. Stability of the assets structure balance in the property complex.
352. Equation of assets structure balance of the marine company’s property complex in an assumption about proportionality of addends of one degree or another of the net present value.
353. The factor of assets structure balance of the marine company’s property complex.
354. Estimation of the net present value factor depending on the factor of assets structure balance.
355. Estimation of the duration of the marine company’s property complex formation, the approximate estimation of the duration of the property complex formation.
356. Estimation of the net present value factor with the account diverse character of the proportional dependences of addends of the balance equations.
357. General formula of the estimation of the factor of the marine company’s property complex assets structure.
358. The assumption about distribution of the marine company net present value proportionally to the market evaluation of the isolated assets and the equation of assets structure balance in this assumption.
21. Evaluation of investor’s contribution in joint marine industrial activity
359. Purposes to which there correspond the tasks of evaluation of the contribution in marine industrial activity (the examples).
360. Concept of the contribution evaluation in case of co–production of the asset.
361. Net present value in case of joint investment of shares.
362. Indexes of investment efficiency for the parties (investors).
363. Value of the marine company’s property complex parts after division of the net present value besides the investors in proportion of investments (the formulas and the set of initial data).
364. Share of the investor in co–manufactured object (the general formula).
365. Division of the net present value to estimate dividends in joint business (the formula, adjustments).
22. Criterion functions for optimization of vessel’s characteristics for commercial order, other asset or the property complex of the marine company, based on application of the economic criteria and value
22.1. Systematic approach in elaboration of the criterion functions for optimization of a commercial vessel or property complex of the marine company characteristics
366. Economic definition of the innovative marine industrial activity.
367. Subject of the investments planning when choosing of optimal characteristics the marine company real asset.
368. Object of optimization by the economic criterion.
369. Basic economic indexes.
370. Criteria of efficiency and the criterion of optimality.
371. Ways of economic criteria transformation to the value.
372. The criterion of an economic optimality as a way of general and comparative efficiency indicators application.
373. Criterion function and the economic model.
374. Definition of the structure (set) of variables for optimization.
375. Signs of the set of parameters.
376. Systematic approach and comparability of options in case of optimization by the economic criterion.
377. Definition of the data set (external data).
378. Practical recommendations for definition of the independent variables set.
22.2. Economic criteria of characteristics optimization of vessel or property complex of the marine company for the commercial order, based on costs minimization
379. Practical recommendations for determination of the set of independent variables definition.
380. Criterion of the discounted costs (the formula derivation).
381. Advantages of cash flows discrete summation.
382. Transformation of the discounted costs criterion to the criterion of the resulted costs (the formula derivation).
383. Application of discounting by exponential function of the Euler’ number in economic criteria (the formula derivation).
384. Methodological assumptions in case of use the economic criteria for optimization of the vessel characteristics or other asset of the marine company.
385. Criterion of internal rate of return (the formula derivation).
386. Macroeconomic index of total risks according to the discounting rate and the real interest rate.
387. Relative property of commercial vessel economic life time or other asset of the marine company with the account payback and the macroeconomic index of commercial risks.
22.3. Optimality criteria of commercial vessel project characteristics, assets or property complex of the marine company, based on an estimation of profitability indexes
388. Criterion of the internal rate of return for optimization of the commercial vessel or other asset of the marine company for the commercial order (the formula derivation).
389. Criterion based on indexes of profit and capitalized costs with the account the limited life time of the commercial vessel.
390. Economic criterion of the net present value (the formula derivation).
391. Criterion of the net present value determined with the account the limited life time of the commercial vessel (the formula derivation).
392. Possibility of application of the criteria which is not expressed by economic indexes for estimation of efficiency and for comparison of variants of investment in marine industrial activity.
23. Marine company economic optimality in case of uncertainty of the investment objective or data
23.1. Causes of the objective and situational uncertainty resulting in the economic multicriteriality
393. Uncertainty of the investor’s purpose or data and multicriteriality of characteristics optimization of the commercial vessel or other asset of the marine company for the commercial order.
394. Transformation of local economic criteria to a similar form, for example to the form of value, for use as a part of the optimality generalized criterion.
395. Methodological duality of economic criterion as a cause of the two–criterial property of optimality.
396. Transformation of the resulted costs criteria and the internal rate of return to the form of value (investments).
23.2. Generalized investments efficiency criteria based on value indexes
397. Generalization by the compound criteria method (the formula derivation).
398. The use of the Laplas’ criterion and the weight factors reflecting probabilities of the purpose or data (the formula derivation).
399. Wilde’s criterion, or a concept of «the greatest care» concerning judgments about efficiency and about optimality of characteristics of the commercial vessel or other asset of the marine company for the commercial order (the formula derivation).
400. Horvitz’ criterion, or a concept of «reasonable optimism» in the structure of optimality concept (the formula derivation).
401. Savage’s criterion – «minimization of the greatest losses» or «maximization of the least advantages» by the economic criteria optimization (the formula derivation).
402. Generalization of particular economic criteria using multiplicative convolutions (the formula derivation).
403. Generalization of local economic criteria by concessions method.
404. Methodological concepts of compromises, used for optimization of the characteristics of the vessel or other asset of the marine company for the commercial order and the concept of the «Pareto’s area».
405. Optimality redirection when using the Pareto’s method and replacement of commercial vessel optimal characteristics concept by the area of optimal characteristics.
24. Recommendations concerning the choice of criteria for design optimization and investments evaluation in marine industrial activity
24.1. Methodological contradictions of the economic criteria applied for optimization of vessel characteristics, other real assets or marine companies complexes for the commercial order
406. Joint characteristic of the comparative and the general efficiency of commercial vessel when using the value as an optimality criterion or the economic criteria transformed to value.
407. Methodological contradiction of the criteria based on expenses minimization (negative influence on the economic environment).
408. Contradiction of the economic criteria based on maximization of the income and profit (the over–expenditure of resources).
409. Economic motives in the environmental issues and protection of the marine environment.
410. Preservation of the ocean resources with the account the investor’s motives for it reasonable use and increase of the marine wealth contribution into the marine company value.
24.2. Estimation of investments efficiency by the criterion of the ocean resources contribution into the structure of the vessel’s value or the value of the marine company complex of assets
411. Complex property of the object of an estimation of efficiency – the vessel (or other asset of the marine company) – and the ocean resources contribution to the value and efficiency.
412. Concept of an economic optimality on criterion of the ocean resources contribution (the formula derivation).
413. Financial constrain at an innovative stage of the project of investments into the marine company.
414. Limitation of the ocean resources by the estimation of the maximal annual income as a part of an optimality concept.
415. Financial constrain of the investor, carried out as the equality.
416. Partnership of the marine company with the creditor as the factor of the strategy value of the marine company, exceeding the value of the extra financing.
417. Optimality as internal property of the asset planned for the commercial order, for example, of the commercial vessel, in case of when estimation of strategy of the company exceeding the value of the loan.
25. Guidelines for determination of economically efficient vessel characteristics and particulars for the commercial order for construction or purchase at the pre–owned market
418. Applicability of methods of optimization by the economic criterion for determining the characteristics of the vessel (or other marine company asset).
419. Dependent characteristics and particulars of vessel.
420. Formation of technical requirements for the commercial order for vessel (or other marine company asset).
25.1. Correlation between of cargo vessel characteristics and particulars
421. Parametrical properties of the commercial vessel dependent characteristics.
422. Estimation for the commercial order of the commercial vessel displacement by the equation of the balance of loading depending on deadweight.
25.2. Dependences between characteristics and particulars of fishing vessel
423. Independence of variable for optimization by the economic criterion and interrelation between the fishing vessel main characteristics: displacement, cargo capacity and deadweight.
424. Additional determination of fishing vessel dependent characteristics by the balance equation, the variants of fishing vessel balance equation.
425. General recommendations concerning determination of dependent characteristics of commercial vessels of various classes with accumulation and use of statistical data.
426. Estimation of characteristics and particulars for the control of the quality of construction from the part of investor.
427. Application of the values of dependent characteristics and the particulars of commercial vessel, determined statistically, for estimation of functional depreciation and purchase price concessions.
26. The steps in evaluation process and quality of the economic estimation of investments in the marine industrial activity
428. Quality of the evaluation and the economic efficiency estimation of investments by the reliability and accuracy factors.
429. Data accepted by the expert opinion for the evaluation.
430. Probabilistic nature of data verification in the information network.
431. Basic subject of verification of expert report of estimation of the value or economic efficiency.
432. Widespread general methodological errors made in process of evaluation of the commercial vessel, other real asset or the property complex the marine company.
433. Recommendations how to avoid arithmetic errors in the estimation of value or efficiency.
434. System causes of an error of estimation of the value and basic economic indexes.
435. The base of the estimation of the error and spread when estimating the value or when determining the economic efficiency index.
436. Independence of the expert as a factor of economic evaluation quality.
437. The relative nature of the expert independence and the importance of his participation in the self–regulatory professional organization.