The UK-based maritime online valuation provider VesselsValue has launched the next generation of automated vessel valuations with compatriot Idwal Marine.
As informed, the Condition Adjusted Values (CAV) combines a vessel’s actual condition with algorithmically derived market values to now account for a vessel’s physical condition — a first for the maritime industry.
“CAV will assist stakeholders to get value for the additional time, effort and expense of maintaining quality fleets; an effort that we see rewarded in transactions but not in valuations currently,” Tom Evans, Director of VesselsValue, explained.
Specifically, Idwal vessel grading data is fed into the VesselsValue algorithms to produce daily automated Condition Adjusted Values.
Historical inspection reports can also be requested directly through the VV platform. If no permission has been granted by the owner, or if no recent inspection reports are available, users can commission a new inspection report via the platform.
Any method of asset valuation requires assumptions. Desktop valuations commonly assume a vessel is in fair condition with all relevant class, flag and certificate requirements in place. This new value enables users to gain greater granularity and move beyond assumptions that all vessels are in fair condition, according to VesselsValue.
“We’re thrilled to enter a partnership with VesselsValue to bring Condition Adjusted Values to the industry. Through the combination of Idwal’s latest grading data, users now have greater visibility into a ship’s true value,” Nick Owens, Idwal Managing Director, said.