Tag: History

Martin Ottaway has been providing vessel appraisal services to various clients in not only the Maritime Industry but also to Financial Institutions, Investment Groups, Governments, Insurance companies and many others for well over a century.

 

Our in-house vessel appraisal data and resources date back to the late eighteen hundreds with the older data being maintained in journals and hand written ledgers and the newer (1980’s) information in electronic data sheet form.

A typical ship valuation project for Martin Ottaway would be a client requesting the current market value for a maritime asset or asking for the value of a piece of equipment at a date sometime in the past.

 

However in several recent matters we have been asked to use the appraisal resources we maintain to provide statistical data and trends in ship sales over specific time frames.  Not only has this been related to the cost of ships but also to the various vessel characteristics of ships, such as flag, country of construction, classification society and others.

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Today, August 11, 2015, was a landmark day for Martin & Ottaway. Traditionally M&O used a report numbering system. Once a report was issued, it was provided with a sequential report number, but when I joined the firm in 1988, keeping track of projects by ship’s names until the report was issued became an unmanageable task, and that year we started a case number system. We simply took the last report number and for each case in progress we assigned sequential numbers.

 

We made a case book and when a project started we took out a case number.  To make the number easily identifiable, Henk van Hemmen suggested we precede each case number with the initials “WT” to honor William T. Ottaway who had started the report numbering sequence in 1961.

 

In 1988 we started with case number WT-17593 (which would have been the next report number that day) for a ship named the Aconcagua. Harry Ottaway told me he and his father had started with report number 10000 in 1961, which would convert to a little less than 300 reports per year. Often one project results in one report, but that is just a loose association.  

 

When we moved to Red Bank in 1995, we had reached case number WT-19541. This was roughly 2000 cases in 7 years, which converts to a little less than 300 cases per year. Because we had moved to New Jersey, we decided we would start with a clean sheet and our next case was numbered WT-20000.

 

Today we opened case number WT-25000, 5000 cases in 20 years! read more »