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6. Procedure of the marketing research data analysis based on prices of the newly built commercial vessels
Marketing researches are carried out for an estimation at the stage of purchase and sale of the marine company’s real assets, for example vessels, that can be not only an independent approach of market value estimation, but also a method of estimation of the separate economic indexes used within the limits of other methodological approaches, for example, by the method of reproduction cost determination.
6.1. Reproduction cost of dry–cargo vessel
The reproduction cost RC (expenses for vessel construction at market prices) or replacement cost of the dry–cargo vessel, when the length LW is used as a unit of comparison is equal (fig. 6.1):RC= 0.0201 × LW2.646, thousand US dollars. |
(6.1) |
RC = 2.50 × Ne0.944, thousand US dollars. |
(6.2) |
Fig. 6.1. The dependence of dry–cargo vessel reproduction cost RC on length of the cargo waterline LW
The reproduction cost RC of the dry–cargo vessel based on the results of marketing researches (fig. 6.3, 6.4) when capacity of cargo hold W is used as unit of comparison is equal:
RC = 5.268 × W 0.751, thousand US dollars (W < 25000 cubic meters); |
(6.3) |
Fig. 6.2. The dependence of dry–cargo vessel reproduction cost RC on power Ne of main engine
Fig. 6.3. The dependence of dry–cargo vessel reproduction cost RC on the cargo holds volume W (when W <25000 cubic meters)
Fig. 6.4. The dependence of dry–cargo vessel reproduction cost RC on the cargo holds volume W (when W >25000 cubic meters)
6.2. Reproduction cost of crude–cargo tanker
RC = 4.725 × Ne0.958, thousand US dollars. |
(6.4) |
RC = -0.00007 × W ² + 2,747 × W + 546.7, thousand US dollar |
(6.5) |
RC = 0.1163 × LW 2.512, thousand US dollars (LW < 160 meters). |
(6.6) |
Fig. 6.5. The dependence of crude–cargo tanker reproduction cost RC on power Ne of main engine
Fig. 6.6. The dependence of crude–cargo tanker reproduction cost RC on the cargo holds volume W
Length vessel of the cargo waterline LW, meters
Fig. 6.7. the dependence of the crude–cargo tanker reproduction cost RC on length of the cargo waterline LW (LW <160 meters)
6.3. Reproduction cost of fishing vessel
RC=87.68 × DW0.678 , thousand US dollars. |
(6.7) |
RC=33.1×DP0.75 , thousand US dollars. |
(6.8) |
RC=5.20×LW1.77 thousand US dollars. |
(6.9) |
RC=4.23×Ne0.98, thousand US dollars. |
(6.10) |
RC=57.95×W0.704, thousand US dollars. |
(6.11) |
Test questions
1. Reproduction cost of the commercial vessel.
2. Replacement cost.
3. Units of comparison in regression dependences structure for the determination of reproduction cost of commercial vessels of various classes:
– Dry–cargo vessel;
– Crude–oil tanker;
– Fishing vessel.
4. Similarity of methodical recommendations and information base for determination of the replacement cost and reproduction cost
.