Page 20: of Maritime Reporter Magazine (March 2011)

20 Maritime Reporter & Engineering News

Bulk Carrier 01/19/11 OCEAN WALKER 18,040 81(30) $2.100 01/17/11 FANI 23,245 87(24) $7.000 01/13/11 SEVEN OCEAN 23,948 96(15) $14.000 01/12/11 THOR CAPTAIN 25,082 83(28) $3.800 01/12/11 ANDRONIKI 29,159 84(27) $6.000 01/17/11 WADI HALFA 31,948 85(26) $7.300 01/17/11 ALWADI AL GADEED 31,957 85(26) $7.300 01/12/11 EL CONDOR PASA 33,476 01(10) $22.000 01/24/11 ADELINE DELMAS 33,504 86(25) $6.500 01/24/11 DELPHINE DELMAS 33,520 86(25) $6.500 01/24/11 CAROLINE DELMAS 33,611 86(25) $6.500 01/24/11 BLANDIN DELMAS 33,660 86(25) $6.500 01/12/11 JORITA 36,663 85(26) $8.400 01/19/11 SIAM PEARL 38,023 83(28) $5.300 01/12/11 MARYBELLE 42,569 87(24) $10.500 01/17/11 ANTONIS 45,090 84(27) $8.300 01/26/11 JIN MING 45,564 82(29) $7.500 01/19/11 BEST FORTUNE 63,179 82(29) $5.800 01/12/11 SUN 63,251 83(28) $6.000 01/12/11 FIVE STARS UNION 64,135 82(29) $6.200 01/12/11 KIRTI 68,255 86(25) $10.000 01/26/11 PACIFIC EAGLE 73,592 04( 7) $35.200 01/24/11 NORDSTAR 150,661 83(28) $14.600 01/12/11 CASTILLO DE GORMAZ 153,572 89(22) $17.000

Chemical Carriers 01/12/11 SUN CROWN 1,999 87(24) $1.500 01/19/11 SHINY DEE 6,050 07( 4) $8.500 01/12/11 TJORE ELIEZER 9,220 08( 3) $5.800 01/13/11 STELLAR ACACIA 12,000 10( 1) $25.000 01/17/11 FAJA DE ORO II 44,999 95(16) $12.000

Containerships 01/19/11 SUDERTOR 5,364 00(11) $4.300 01/19/11 HAL ALEXANDRA 8,350 96(15) $7.200 01/12/11 MERKUR LAKE 12,576 84(27) $7.500 01/26/11 SINAR BANTAN 14,971 02( 9) $13.600 01/26/11 ASIAN TRADER 22,735 91(20) $7.000 01/24/11 TAICANG DRAGON 34,325 08( 3) $28.800 01/12/11 OOCL XIAMEN 43,093 03( 8) $26.600

Reefers 01/17/11 FIONA 5,232 86(25) $1.600

RoRo 01/13/11 PARNAVERA 3,300 03( 8) $12.500 01/17/11 OMO WONZ 3,500 81(30) $1.400

Tankers 01/24/11 VANGUARD 47,059 92(19) $9.000 01/24/11 SPOTLESS 47,084 91(20) $7.000 01/24/11 DOUBTLESS 47,086 91(20) $7.000 01/19/11 FREJA SCANDIA 53,540 10( 1) $40.000 01/24/11 SUMMIT AFRICA 73,427 09( 2) $42.300 01/24/11 TAMARA 95,793 90(21) $9.000 01/24/11 GENMAR PRINCESS 96,648 91(20) $8.000 01/17/11 OPAL QUEEN 107,181 01(10) $34.000 01/27/11 PACIFIC SPIRIT 113,000 08( 3) $54.500 01/13/11 SFAKIA 250,267 86(25) $16.000 01/12/11 GRAND 263,097 94(17) $20.000 01/12/11 FRONT SHANGHAI 298,971 06( 5) $91.300 01/13/11 SUNRISE JEWEL 302,440 92(19) $36.000 01/13/11 GRAND SEA 310,444 08( 3) $99.900

Tweendeckers 01/13/11 FGM ISTANBUL 5,050 80(31) $1.000 01/26/11 SOUTHERN STAR 6,503 83(28) $1.200 01/26/11 EAST STAR 6,760 84(27) $1.500 01/26/11 STARFORD 3 7,110 85(26) $1.800 01/12/11 SUNROAD TSUWANO 9,640 05( 6) $11.500

Recent Ship Sales (Source: Shipping Intelligence, New York, NY)

Date Name DWT YB(age) Price Date Name DWT YB(age) Price

NEWS

By Sidney Levine

When the shipping market bubble burst in 2008 the usual methods for estimating ship resale prices became temporarily unworkable. Valuing ships is central to our business, so we needed a new appraisal method. We based that method on the strong correlation between charter rates and ship prices. It is a logical choice be- cause charter rates measure earning power and earning power is a prime determinant of the value or price of any asset. By analyzing more than 20 years of data, we were able to devise a method to calculate resale prices for many sizes and ages of tankers and dry bulkers. We call these prices 'Shadow Prices' because of the indi- rect way that they are derived. A characteristic of

Shadow Prices is that they tend to forecast price moves in the ship sale and purchase market.

Charters are usually negotiated quite quickly, while ship sales, influenced by those charters, take much longer to complete. So today's charters have a direct influence on future prices. At the very least, Shadow

Prices are an important leading indicator. We have made this new technology the main part of our new

SHIPPING MONITOR. Each issue will include the short term history and forecast of ship resale prices as well as their long term historical distribution. For a complimentary copy of the Shipping Monitor

Email Sydney Levin at: [email protected]

Maximizing Maritime Economics

New Method to Forecast Ship Resale Price

Incat Crowther launched the 118-ft

Monohull Crewboat Siem Piata. The ves- sel was launched by ETP Engenharia

Ltda in Rio de Janeiro, Brazil, it com- pleted sea trials and was delivered to

Siem Consub for service to Petrobras.

Developed primarily at Incat Crowther’s

USA office in Morgan City, La. Siem

Piata will perform the role of a P2 crew boat in the Siem Consub fleet. The vessel is certified to BV and Brazilian Maritime standards. The main cabin contains seat- ing for 60 passengers in large reclining seats, some at tables. There are also gen- erous luggage storage racks, a beverage counter and two toilets. The vessel fea- tures a large aft main cargo deck devoted to crew transfer and cargo carrying. Siem

Piata has a deck cargo capacity of 50 tons.

The vessel is powered by three Cater- pillar C32 main engines, each driving a

Hamilton HM72 waterjet. A ZF3050 gearbox will provide gear reduction and clutching. A single 100 hp bow thruster will be mounted forward for station keep- ing purposes. Primary electrical power is derived from a pair of Caterpillar C4.4 gensets each producing 99kw. The vessel also features a fire fighting monitor (6,000 liters/min) for combating off-ship fires and a purpose designed transfer plat- form has been arranged on the foredeck to further suit the Petrobras P2 vessel re- quirements.

Incat Crowther Launches 118-ft Monohull Crewboat

Photo cour tesy Incat Cr owther

Equipment List

Length o.a.: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36m

Length wl . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.9m

Beam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7.5m

Draft hull . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.2m

Passenger capacity . . . . . . . . . . . . . . . . . . . . . . . . .60

Crew capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Ship’s fuel . . . . . . . . . . . . . . . . . . . . . . . .15,100 liters

Ship’s water . . . . . . . . . . . . . . . . . . . . . . .5,800 liters

Cargo fuel . . . . . . . . . . . . . . . . . . . . . . . .30,200 liters

Cargo water . . . . . . . . . . . . . . . . . . . . . . .30,200 liters

Deck cargo . . . . . . . . . . . . . . . . . . . . . . . . . . .50 tons

Deadweight . . . . . . . . . . . . . . . . . . . . . . . . . . .85 tons

Service speed . . . . . . . . . . . . . . . . . . . . . . . . .20 knots

Installed power . . . . . . . . . . . . . . . . . . .3 x 1,400 bhp

Main engines . . . . . . . . . .3 x Caterpillar C32 ACERT

Propulsion system . . . . . . . . . . .3 x Hamilton HM721

Gensets . . . . . . . . . . . . . . . . . . . .2 x Caterpillar C4.4

Survey . . . . . . . . . . . . . . . . . . . . . . . . .Bureau Veritas

Construction material . . . . .Marine Grade Aluminum