Many Sale & Purchase Shipbrokers have built up a sufficiently good reputation for their services to be engaged to act as Ship Valuers. There are several purposes for which an independent expert opinion of a ship’s value at a specific time may be required such as:
- Law cases and arbitration.
- General Average (where the ship’s value is needed to determine the owner’s contribution to the Average settlement).
- Salvage awards. Insurance claims.
- An independent check when the purchase is being made by a government.
- Revaluing assets in a company’s accounts.
Such Ship Valuations establish the market value at a particular time and should not be confused with a survey. The Ship Valuations given by Sale & Purchase Shipbrokers are always given with the qualification that it is assumed the vessel is in good trading condition appropriate to her age.
Ship Sale & Purchase Market
Ship Valuation is by no means easy because, although Ship Sale & Purchase Market fluctuates like the freight market, it is seldom that two ships are identical. Giving an expert opinion, therefore, which will not be demolished under cross-examination requires a high degree of expertise.