“If one does not know to which port one is sailing, no wind is favorable.”
Lucius Annaeus Seneca
Our firm is a long-established and well-regarded authority on vessel valuations and marine appraisals. Unlike 'mainstream' vessel valuations provided by shipbrokers and based on solely 'last done' data (market approach) or on automated 'algorithmic calculations', our firm employs Senior Accredited Appraisers (ASA) qualified for Machinery & Technical Specialties by the American Society of Appraisers with solid academic credentials and accreditations in order to appraise ships and marine assets in accordance to well-established valuation principles and professional code of ethics, evaluating the asset both as stand-alone property and also under the particular circumstances of the valuation (transaction details, vessel operator and manager, etc.), incorporating properly all aspects of valuation methodology. We can provide valuations based on the market comparable approach, the income approach, and replacement cost approach, depending on the circumstances of each project.
Our valuations can also incorporate the physical inspection and survey of the shipping asset by accredited professionals, and the survey and inspection report can be incorporated in the appraisal report and the value of the vessel. Our vessel valuations and marine asset appraisals have been utilized by lenders, mortgage banks, shipowners, insurance companies, leasing companies, equipment finance firms, and have been filed with the SEC and other regulatory authorities worldwide or utilized in litigation, loan valuations, public offerings and private placements and restructurings.
MARITIME INDUSTRY EXPERTISE
The well-rounded professional background of our team is uniquely suited to advise institutional investors and passive owners about shipping. In the majority of the transactions that our firm has advised on or originated, they often provided industry expertise and logistical support by also working on to arrange vessel employment, vessel management (both commercial and technical), vessel inspections, liaising with charterers, ports and terminals, port agents and statutory or regulatory authorities.
We have extensively consulted institutional investors, whether private equity or hedge funds, about shipping projects or companies they are evaluating or contemplating investing in. Our services range from advising through scheduled telcons, report preparation on market segments, companies or individual shipowners, including due diligence and background information.
We have advised investors in shipping for newbuilding, second-hand and demolition projects, for international registry tonnage and also American flag / Jones Act projects. Our services have covered the crude oil and petroleum product tankers, stainless steel tankers, containerships, dry bulk and offshore asset, including conversion projects for storage and offshore drilling. The scope of our engagements has ranged from projects in mainland China and Hong Kong, to Japan and South East Asia, to Greece, Germany, United Kingdom and the United States.
COMPANY & PROJECT VALUATIONS
Beyond the valuation of single shipping assets, our firm has extensively been called upon to provide valuation reports for fleet of vessels, often unique assets with high degree of specialization and purpose, or companies holding or managing such assets, potentially also holding employment agreements with charterers and technical managers. Our valuations were documented on both asset basis valuation methodology but also considerations for replacement cost, discounted cash flows based on projections for freight rates and operating costs, and also adjusting for parameters associated with such projects such as valued added by management, relationships with charterers, competitive risks, SWOT analysis, VAR analysis and relevant considerations.
Valuations provided for such projects were utilized for mergers and acquisitions, divestitures of lines of business or disposing off of shipping assets, project origination, arbitration and private placements.
EXPERT TESTIMONY, FAIRNESS OPINIONS
Based on our management team’s diverse and extensive background, our firm is well qualified to provide reporting and expert testimony on matters pertaining to both shipping and shipping finance, on matters covering all segments and asset classes of the shipping industry, and also finance matters for equity, debt, mezzanine financing, shipping loans, and partnership agreements.
We are well qualified to provide fairness opinion reports for corporate transactions in shipping, offerings, mergers and acquisitions.
Industry section reports with thorough analysis of market segments have routinely been provided for private placements and also for IPO filings for crude and product tankers, dry bulk vessels and containerships.
VESSEL INSPECTIONS & MARINE SURVEYS
As part of turn-key advisory services, our firm has entered into strategic alliance with market leader service providers for the inspection for vessels, whether for pre-purchase superficial inspections or vessels inspections routinely provided on behalf of concerned parties such as lenders for monitoring or due diligence purposes.
Such inspection reports can be incorporated and provided as part of our vessel valuation services on behalf of banks and potentially buyers of vessels, and also can be utilized for purpose intended projects, such as engineering studies for conversions, modifications, etc