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Wealth Marine








In the industrialized countries, the main driving force for the production of the marine engineering, in particular commercial vessels of various classes, is the industrial activity directed to the development of the ocean resources which is exclusively important from the social and economic points of view. Besides, the development of the ocean resources outside of the national jurisdiction is of great political and economical value.
        The ocean resources in the methodological sense is not only the physical properties of the water space, but the ocean, as a reservoir, taking into account the size, geographical and climatic characteristics, including any useful properties of the marine environment the development activity of the investor is directed to, and among them the activity developments at the sea and the coasts, the economic potential of marine cargo transportations, the ocean biological resources, the ocean–bottom wealth at the shelf and behind its limits, the marine energy resources, the recreational properties, etc.
        The evaluation of the ocean resources makes sense only in the context a of the technological, legal and other opportunities of their development. In applied subjects evaluation of the ocean resources (wealth, marine resources) can be made, for example, as an estimation of fishing quotas or ocean biological resources use, as evaluation of advantages of the access to marine cargo traffics, etc.
        And value of the ocean wealth is the integral factor of the efficiency and the value of marine engineering and ocean technology for their construction and productive operation as an asset of the marine companies’ complex.
        Due to the specified reasons the value estimation of marine engineering (ocean technology) and their efficiency in the process of the development of the ocean resources are defined as adjacent sides of the complex subject.
        The object of evaluation: the vessel, the marine engineering complex – the ocean technology, the real assets complex of the marine company, or any other marine object evaluated in a complex – in determining the value and efficiency of investments is subject to the analysis only in a system of three interacting elements:
        – Subject of marine industrial activity – the investor, that is a proprietor of investments, assets and profit, a company or an individual in aggregate the rights and interests with typical motivation to development of the ocean resources and to increase the value of the assets complex belonging to the investor;
        – Marine resources, where the investor directs his interests while developing these resources for increase of total value of the property assets complex belonging to him;
        – Marine engineering and ocean technology which are objects of investment aimed at getting the access to marine resources and the investor possesses the property rights to them.
        The concepts of «marine engineering», «ocean technology» and «marine engineering complex» actually are synonyms, as a matter of fact.
        The vessel is included in the property relation as a part into the structure of the marine engineering complex (the ocean technology) or into structures of the complex of the marine company’s real assets, in particular the shipping company.
        On the other hand, in a structure of the marine engineering complex differently defined as the marine engineering or the ocean technology, the vessel is presented methodologically, that is the marine engineering is a more general methodological concept, than the vessel: the vessel is an object of marine engineering, but the marine engineering methodologically is not reduced to a concept of the vessel, and covers numerous enough list of other objects which are separate structural elements of the vessel, either the vessel is the element or the part of a more general object of marine engineering.
        For example, the marine commercial vessel is a part of the fleet, of the fishery ground or of the marine transport line – a cargo traffic etc., out of a binding to the general proprietor. Otherwise, more general, than the vessel, an object could be defined as the property complex of real assets, and rank a vessel to its structure by property attitude.
        It should be defined, that actually marine engineering is usually defined as separate structural elements of a commercial vessel or mechanisms, functionally suitable regardless other elements and mechanisms.
        The marine company which is a property complex of all real assets binding within its structure, can, under certain circumstances be evaluated as several isolated property complexes belonging to the general investor.
        It becomes possible when each of the property complexes binding within the structure can be defined as a separately operating set of assets (self–supporting development of this structure is predetermined by current characteristics of this set), and due to any of the established reasons (industrial, functional, structural, technological, other) the unilateral exchange between the various isolated complexes of the real assets does not occur in the marine company.
        The interaction of the elements as a part of the real assets complex of the marine company is the set of the properties of these elements.
        The properties of the subject, the investor, are characterized by interests and the rights which can be defined economically, and also by obligations concerning the belonged assets.
        The useful physical properties of marine engineering and ocean technology, in particular commercial vessels, when interacting with the water environment are the seaworthy properties. Marine engineering and ocean technology also possess internal properties among which are: strength, life time, property of the non–failure operation, maintainability, etc. Operational characteristics serve as indicators of marine engineering compliance with the interests of the investor.
        When estimating the commercial vessel or the property complex of the marine company the most applicable are approaches and methods used in evaluation of business – the property complex of the operating marine company (private capital of the marine company), but estimation should be done with the account prominent features of pricing integrally inherent in evaluation of the marine company and its assets, first of all commercial vessels.
        The following assets can be referred to a number of the marine company’s real assets: marine commercial vessels of the various classes, ocean rigs, service facilities of vessels and ocean rigs, real estate and communications of coastal service facilities. The industrial function of the characteristic asset corresponds to the industrial profile of the marine company.
        It is possible to name the general features of the vessels and other real assets of the marine companies’ complexes which influence the choice of methodological approaches when estimating of the value and the economic efficiency:
        – Real asset of the marine company can be an object of an estimation as a property complex, that is as an economically isolated unit using the methods of evaluation of the operating company and necessary adjustments, with the account of difference of an asset properties from the property complex;
        – The vessel value or the value of the other isolated asset of the marine company is proportional to the value of the marine company as a whole;
        – Characteristic asset of the marine company in the technological and functional relation is not stereotypic, and even the large batch usually does not exceed some units with significant differences, and its properties depend essentially on marine wealth for which development it is used;
        – Unlike the property complex and real estate, the value of the characteristic asset of the marine company considerably decreases over the time in process of its transfer on the value of production or services,
        – Characteristic asset of the marine company is made and used for the investor’s access to the ocean resources that is the basic system precondition for estimation of the value and the economic efficiency.
        To a certain extent close methodological features of evaluation have: the companies of the commercial transport and their assets; companies which carry out mining, power plants, communication network companies, etc., that is those which business in the technological relation is as far as possible from the financial assets economy and it is approached to the productive operation of the real industrial assets. The general methodological conclusions and recommendations of the given textbook to some extent can refer to the enterprises, the property complexes and assets of the specified types.
        Despite variety of objects in the list, referred to marine engineering or to number of the marine company assets, for example the shipping company, similarity of objects of the specified type is caused not only by their complex character and marine wealth among complex elements, but also in many respects by a similar combination of characteristics or functional dependences between characteristics of various objects. In particular, the vessel characteristics can be defined as the characteristic of the ship–building enterprise which is capable to build those vessels, or as the data for determination of characteristics of commercial vessel’s structural elements, devices and systems, that is vessel data are most general characteristics of its structural elements.
        For the evaluation of real assets as a part of the marine company’s property complex and efficiency of investments the objects of an evaluation are required to be isolated methodologically.
        The objects of the various type, structure and designation, for example the marine commercial vessel, the real assets property complex of the marine company or the separate asset in the subjects of the evaluation and the economic efficiency estimation are isolated by the definitions rested on the complex character of each of the specified objects as systems of three co–operating elements – the ocean technology, the marine wealth and the investor. And in the general set among objects of the evaluation and the economic efficiency estimation the marine engineering, in particular the vessel, the marine company or its separate property complex are taking special place due to the fact that the marine wealth is presented among the elements of object complex structure.
        In the course of the innovative projects realization and investment of the financial assets in the real assets and the sets of the real assets are formed, total value of which exceeds the sum of the real assets values taken separately, that is the investment objective. And financial investment projects do not possess these properties, and the sum of financial assets is equal to the sum of cash, and there is no additional net value. In the process of realization of the innovative project and investment of the financial assets in the real assets property complex of the marine company the additional net value is made which under various conditions can correspond to the following economic indexes:
        –The intangible asset, more exact correspond to the grouped unidentifiable intangible asset (good will);
        – The efficiency index of the ocean development wealth where the interests of the investor are directed to, from the point of view of the estimation of their contribution to value of commercial vessel or the property complex of the marine company;
        – The value of the ocean resources as a part of the marine company complex.
        The value estimation and the economic efficiency of the marine commercial vessels and assets of the shipping companies are characterized by certain specificity owing to the features. The marine vessels and the ocean technology possess characteristics and particulars which for estimation of value and efficiency are required to be considered in the process of identification of objects, choice of units of comparison and methods of an estimation within the limits of the comparable sales approach, at a choice of models of the reproduction cost or the replacement cost, determination of the depreciations and obsolescence, life time prognoses, choice of an estimation method of the income approach, formalization of the economic models for the income approach.
        Besides, to a number of specific applied subjects of the value estimation of a marine industrial object, in particular a vessel or the real assets property complex of the marine company, it is necessary to include: the evaluation of the right–of–use and the charter market rate with the account of prevailing characteristic of the rent requirements, an estimation of the ocean resources, their contribution to structure of marine object complex value, an estimation of the contribution of the investors who are in common marine industrial activity, an estimation of arising economic difficulties and resale discounts when selling assets of the marine companies.
        When making the efficiency estimation of investments in the marine industrial activity, it is required to keep in mind the correlation to the investments plan, and also planning of investment stages with the account the initial investment, the economic risks and the reached efficiency level.
        Working out and use of economic models are considered to be the most interesting and important expert tasks of the investments planning with the account concepts of the systematic approach and economic planning of fleet structure and renovation or the real assets property complex of the marine company; the model are used for the determination of vessels optimal project characteristics and the marine engineering in the commercial order for manufacture which in modern conditions of economic globalization is done internationally (means that the consumer and the supplier are from the other states), or for purchase at the second hand market.
        In recent years in Russia numerous recommendations and official specifications concerning to property, including, the marine commercial vessels, developed on various professional levels are published. At the same time, there is an urgency of improvement of techniques and recommendations for the marine companies from the point of view of indissolubility of tasks of estimation of the vessels and other assets value and the economic efficiency estimation systematically they should be estimated in the property complex and in structure of subsystems of these assets, and also within the limits of the general cycle: manufacture, productive operation and recycling, and vessels and the real assets should be defined as the technology of the investor’s access to marine wealth which estimation is the valuation basis in the marine industrial activity.
        Besides conformity to system requirements the techniques recommended for studying and models should be vanguard enough and induce to improvement of the economic estimation of vessels and assets of the marine companies’ value and efficiency. Therefore it is required to understand the basic directions of applied economics development, and it is necessary to mark the promising outlook of the evaluation and the economic efficiency estimation in the algorithmic form (that is in the digital), that the first vice–president of the Russian Society of Appraisers I.L. Artemenkov underlined at the scientific–practical conferences of appraisers.
        Certainly, the electronic report is rather an authorized computer program and an element of the digital network than a text file, and serves, mainly, not as simplification of the graphical part of the appraisal (though this advantage takes place), but the most strict and systematized form of the applied economic estimation demanding from the expert good knowledge of mathematics and programming as well as economics.
        Advantages of perspective estimation of value and efficiency in the algorithmic form include: the automation of the methodological standards, that is conformity of expert work with the operating standards and their updating as work is done in the specialized algorithmic environment and in the network; the automatic storage of the estimations; the application of modern filled up databases; the automatic account of experts participation in the professional organizations by means of control of their access to an algorithmic working environment, etc. At the same time, creation and maintenance of such environment making global impact on pricing, is a responsible and labor–consuming problem of high complexity which would demand essential resources and work of serious scientific personnel.
        The automation of the methodological standards when making the digital appraisal do not mean only the text archivation of the standards, but is the creation of the professional algorithmic environment on the basis mathematical modeling of the basic concepts for the purpose that these environment properties exclude the opportunity to create within the environment the incorrect in the methodological sense algorithm of the appraisal and the investments efficiency estimation and the results of evaluation made by the different experts would coincide when they have the same initial data.
        When performing the expert work based on methods of programming the functions of the expert are not calculations, but working out of an algorithm of an economic subject and the program, and also processing and downloading of the initial data. After debugging of the algorithm the estimation is done by one action.
        As physical measurements of values are impossible the reliability of estimation of value or efficiency is characterized rather by adequacy of algorithm which serves as an economic estimation on parities of expert data than by not so much reliability of monetary initial data which are expert and keep corresponding subjectivity even if the expert transfers responsibility to the data source.
        Therefore with a view of improvement of accuracy of evaluation and its correctness the algorithm should be logically enough detailed so that the inaccuracy of each of expert data did not render prevailing unilateral influence on the general result. Besides it is necessary, that the algorithm of an evaluation was an element of a system of algorithms, for example, in a network or in sequence of evaluations with the applications of updating of the basic general economic model adapted for sequence of subjects.
        Using the methods of mathematical programming the estimation of both the value result and defined by the expert initial monetary data, in particular, which cannot be established by physical measurements, is made simultaneously. Thus all calculation can regeneratively be reproduced and repeated, and there is a feedback – a possibility of an estimation of influence of every expert data on the general result for the purpose of checking relevance of the assumptions accepted in the process of estimation of data and an acceptability of the elaborated degree of the model detalization. And it is impossible to carry it out systematically without the digital programming.
        It is clear, that the basic directions of quality of value and efficiency estimation improvement lie in the tideway of wider introduction of digital algorithmic approaches. The perspective orientation to an applied economic evaluation of vessels, other real assets and the marine companies’ complexes in the digital algorithmic form in a network makes us actively develop and introduce mathematical methods of the description of economic phenomena and processes and solution the applied subjects in practice and in process of vocational training of experts.

Test questions

1. Purpose of marine industrial activity.
            2. Methodological interrelation of marine engineering and ocean technology evaluation and efficiency of investments estimation in the process of development of the ocean resources.
            3. Object of an evaluation and its complex structure.
            4. Correlation of «the vessel» and «the marine engineering» concepts.
            5. Marine company and the property complex of its real assets.
            6. Marine environment and the ocean resources.
            7. Investor functions in the marine environment.
            8. Most general features of vessels and other real assets of the marine companies’ complexes.
            9. Concepts of the systematic approach in the applied economic evaluation.
            10. Factors of the evaluation and the economic efficiency estimation reliability.
            11. Perspective digital algorithmic form of an applied economic estimation.


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