Tag: valuation

On May 29, 2018, David Tantrum provided a Lunch & Learn presentation to one of the marine industry leading insurance companies, Starr Marine.

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I try to attend the SNAME annual meetings every year. Mustering the energy to attend can be daunting, but once I am there, I realize that there are so many benefits to attending the annual meeting that the cost and time are well worth it.

 

At every meeting I try to attend as many technical paper presentations as possible, but it is very difficult to get in more than about 8 presentations because there are so many other important activities. These activities range from my very satisfying involvement on the (mt) editorial board, to meeting with other professionals (which through a bizarre set of circumstances included Chris Kraft, the NASA legend), mining for new technical solutions at the exposition, re-establishing old contacts, and making new contacts (especially with the very committed young professionals who have decided to attend).

 

Regardless, central to all of this is the ability to learn, and at the end of each annual meeting I always ask myself: "What was the most important thing I learned?"

 

This year the outstanding learning experience was the paper by Dr. Doerry and Dr. Koenig: "Framework for Analyzing Modular, Adaptable and Flexible Surface Combatants." read more »

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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Recently we were contacted by the son of a past client of Martin & Ottaway from the 1960’s and 1970’s.

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Since 1764, Lloyd’s Register has published annually what is basically the definitive list of ocean-going vessels in the world.  Our office – and many other maritime offices worldwide – use these “registers” regularly, since they contain valuable, authoritative information on ship size, carrying capacity, age, builder, and equipment, to name a few.  We keep our old Lloyd’s Registers, since they can serve as a valuable reference for name changes, retrofits, prior owners, or scrapped vessels in our valuation and forensic investigations.  It’s interesting to see the change in style, and in size, of the Lloyd’s Registries over the years.

 

But my personal favorites are our 1940s Lloyd’s Registers:

 

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Fisheries management is an excruciatingly complex subject. The management (or mismanagement)  of fisheries can very rapidly affect the viability of the industry and has all sorts of carry on effects. Martin & Ottaway sees these effects in fishing boat accident investigations and fishing boat valuations. For example, a fishing boat value is not just tied to the market, or even to its specific trade, but can also be affected by applicable fishing licenses and fishery management methods. While fishing will always be dangerous, as can be noted at the end of this story, well designed and well managed fisheries tend to be much safer than poorly managed fisheries.

 

Improper management can result in complete vessel value collapse, as has occurred in Spain and was described in a New York Times article, while a successful management program can have many positive carry on effects.

 

Seattle Admiralty Attorney (and fellow wooden boat aficionado) Chip Jordan introduced me to an example of a program that is worthy of further consideration. It concerns the Seattle fishing schooner fleet.

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The Normandie is by far my favorite passenger vessel from a design point of view (on a pure love/looks basis, the pre-war Nieuw Amsterdam II beats her by a small margin).

 

Years ago I came across a set of drawings in our office with a last correction date of February 9, 1942 that show the conversion of the Normandie to an unnamed troop carrier drawn by Cox & Stevens.

 

It always was a mystery to me why we had this set of drawings, but recently, for the Bahrs Bar and Museum project, I was reading "Normandie, Her Life and Times" by Harvey Ardman (quite a good read by the way) and on page 273 there was mention of a Normandie valuation by Frank S. Martin. read more »