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           Data processing for cargo vessel evaluation (dry–cargo refrigeration vessel)

For dry–cargo refrigeration vessel evaluation in the given practical work it is required to determine the set characteristics as well as the deadweight DW, the displacement empty DP, the main engine power Ne, the daily fuel consumption for running q1, the length at the cargo waterline LW and the breadth B, using initial data and the prototype characteristics.

The deadweight is DW PG + ÐFL =………….+………….=…………… tonne.

The displacement is equal to

DP = D – DW=…………….–……………=………….. tonne.

Vessel–prototype characteristics are presented in the tab. A5.

Table A5

Cargo displacement total [D], tonne

Operational speed [υS], knot.

Power of the main engine [Ne], kW

Daily fuel consumption for running
[q1], tonne / day (all types, averaged)

Daily fuel consumption in the harbor
[q2], tonne / day (all types, averaged)

8500

14

4050

15.1

2.5

Symbols of the prototype data are accepted in square brackets.
           The main engine power of an evaluated vessel is determined by the formula of «the Admiralty factors».
           The Admiralty factor [ñADM] for cargo vessel is calculated using the vessel–prototype data and equals

..

The main engine power Ne of the evaluated vessel equals

. ......... kW.

The Daily fuel consumption for running of the evaluated vessel (all types, averaged) is equal

. ........... tonne.

Daily fuel consumption in the harbor (all types, averaged) makes

. ......... tonne.

Estimation of the cargo vessel replacement cost based on comparable sales approach

The vessel evaluation in correspondence with the Standards as the most probable price is provided by the processing and use of the marketing research and the statistical generalizations for the appraisal.
           The value estimation is made according to the methodological conditions and assumptions and with due account of the following factors:
           – Characteristics of the economic environment;
           – Requirements of prospective sale;
           – Characteristics of the commercial vessel and analogues.
           The deadweight DW and hold volume W can be used as comparison units of the dry–cargo refrigeration vessel.
           The deadweight DW of the dry–cargo refrigeration vessel is equal to

DW = …….…… tonne.

By the formula of statistical regression the replacement cost of the dry–cargo refrigeration vessel when using the deadweight DW as a unit of comparison on __________  ______, 20___ is equal

.

The hold volume W of the dry–cargo refrigeration vessel equals

W = ………….  cubic meters.

By the formula of statistical regression the replacement cost of the dry–cargo refrigeration vessel when using the cargo hold volume W as a unit on __________  ______, 20___ equals.

 thousand US dollars.

The average replacement cost of dry–cargo refrigeration vessel when using the comparable sales approach and the marketing researches data on __________  ______, 20___ is equal to

RC = …………. × ½ + …………. × ½ = ………….thousand US dollars.

When estimating based on comparable sales approach, the replacement cost of dry–cargo refrigeration vessel when using the marketing researches and statistical regressions is not the average weighed characteristic, as in case of the value estimation by standard independent approaches, but the calculation according to a uniform database with the assumption about the equal importance of applied units of comparison for vessel replacement cost.

           Estimation of the cargo vessel based on cost approach

The eradicable physical depreciation of dry–cargo refrigeration vessel is estimated in cash and corresponds to expenses requirement for repair (the condition accepted in the given practical work) and on __________  ______, 20___ equals

D1 = ÑRM ≈ 0.025 ×RÑ = 0.025× ………….. = ………….. thousand US dollars.

In proportion of statistical regression dependences of the value on the age of the dry–cargo refrigeration vessel t = ………… years the eradicable physical depreciation of vessel on __________  ______, 20___ equals

.

When estimating by the «life time» method ineradicable physical depreciation D2 should be related with the age of the vessel t and its prospective life time.
           The structural durability of dry–cargo refrigeration vessel is evaluated with the account stated above recommendations and is equal to T = ……….. years (as well as in recommendations according to life time and depreciation of a fishing vessel estimation).
           In a linear proportion of structural durability T and years t of dry–cargo refrigeration vessel the eradicable physical depreciation on __________  ______, 20___ equals:

D2 = 100 % × t/ Ò – 100 % × SV / RC =

= 100 % ׅ……… / ………… – 100 % ׅ……… / ………… ≈ ………… %,

where t = ………… years – the age at the moment of an estimation of dry–cargo refrigeration vessel; SV = …………. thousand US dollars – the scrap value – the residual liquidation value in case of the compelled sale of materials as the vessel scrap without the estimation of functional suitability of separate parts, for the practical work offered to be estimated with conventional scrap price 50 US dollars for one tonne of vessel displacement empty; RC = …………. thousand US dollars – the vessel replacement cost.
           The average weighed value of ineradicable physical depreciation D2 of dry–cargo refrigeration vessel, determined in dependence on years t and life time T of the set of values estimated above: ………… % and ………… %, is equal to

D2 = ………… × ½ + …………× ½ = ………… %.

The functional depreciation (D3, D4) in a considered example does not influence the vessel market value as a base index when in case of the evaluation by the cost approach we apply the cost of replacement RC (instead of the reproduction cost), that is the manufacturing in market prices of functional analogue of the evaluated vessel possessing the same elements of a functional inefficiency.
           The evaluation of external obsolescence (economical) D5in the given practical work should be neglected or taken into consideration by the expert adjustment – from 5 to 15 %.
           Also for the evaluation of external obsolescence (economical) one should use the formula (9.17) or the similar formula depending on assumptions according to estimations of economical difficulties and external limitations (., . and , see Chapter 9). And for the estimation of vessel external economic obsolescence D5 by the formula (9.17) it is necessary to estimate preliminary annual operation costs C and working assets OC that is presented below when estimating the vessel value by the income approach.
           The market value of dry–cargo refrigeration vessel, estimated by the cost approach on __________  ______, 20___, corresponds to the difference between the replacement cost RC and deterioration and is equal to

MV = RC × (100% – D2)/100 % – D1 =

= ………. × (100 % –………..)/100 % – ….…… = ……….. thousand US dollars.

Cargo vessel evaluation based on method of the net operating income capitalization

The annual cost C of the cargo vessel operation (operation costs) is determined as

Ñ = ÑCR + ÑFED + ÑEXP + ÑSOC + ÑFL + ÑSUP  + ÑRM+ ÑG + ÑMM + ÑDS.

The annual expenses for repair are roughly 2.5 % of vessel reproduction cost and are determined above – ÑRM ≈ ………. thousand US dollars .
           The operating expenses for crew support, including the specific payments ÑSOCto the social insurance funds from the crew salary, with the account the developed proportion between the components ÑCR, ÑFED, ÑEXP and ÑSOC are equal

ÑCR +ÑFED +ÑEXP +ÑSOC ≈ 1.48 × nCR× ñCR =

= 1.48 ׅ……… ׅ………… = …………  thousand US dollars,

where nCR = ……… man – the crew of the dry–cargo refrigeration vessel; ñCR≈ ………… thousand US dollars annually – the average annual expenses for the support of one member of the crew.
           In order to find the prospective variant of the highest and the best use of commercial vessel for the evaluation based on income approach the next variants of vessel operation (cyclically repeating) are considered:
           (A) The delivery of supplies from the south coast of Primorski Krai to the fishing grounds in sea of Okhotsk (or to the coastal fish factories) and the delivery of the processed fish products to the ports of the southern coast of Primorski Krai;
           (B) The delivery of supplies from East Asian harbors to the fishing grounds near to Indonesia or the Mariana Islands and the delivery of processed fish products, for example, the tuna to the Pacific Rim countries;
           (C) The delivery of supplies from home harbor (at the southern coast of Primorski Krai) to the fishing grounds in sea of Okhotsk (or to the coastal fish factories), the delivery of processed fish products from the fishing grounds to ports of the Pacific Rim countries, the goods delivery from the Pacific Rim ports to the southern coast of Primorski Krai.

A. Cargo vessel operation for delivery of supplies from southern coast of Primorski Krai to the fishing grounds in the sea of Okhotsk (or to the coastal fish factories) and delivery of the processed fish products to the ports of southern coast of Primorski Krai

The delivery of supplies from the southern coast of Primorski Krai to the fishing grounds in sea of Okhotsk (or to the coastal fish factories) and delivery of the processed fish products to the ports of the southern coast of Primorski Krai is considered in the following example.
           The running time for trip – duration of vessel running to the point (point) of destination and returning to the port of arrival is determined as

tR = 2 × £ / (24 × υS) = 2 × ………… / (24 × ………..) = ………….. days.,

where £ = ……….. nautical miles – the distance to destination from the home harbor; υS =………… knots – the vessel operational speed.
           The duration of cargo handling operations tGduring the round trip is determined taking into account cargo capacity of the vessel PG, operating ratios of vessel cargo capacity during the trip to destination and return trip ηG1and ηG2and daily productivity of cargo operations qG2around the fishing grounds, that is in the destination point, and is equal

tG = PG × (ηG1 +ηG2) /qG2 = ………..  × (1.0 +………) / ……… ≈ ……… days.,

PG = ……….. tonne – the cargo capacity of the vessel; ηG1 = 1.0 – the operating factor of vessel cargo capacity use in the trip do destination; ηG2 = ………..  – the operating factor of vessel cargo capacity in the return trip (mostly the supply); qG2 = ………… tonne / day – the daily productivity of cargo operations at the point of destination.
           The time of operation of the vessel in the point of destination before the total transfer of the cargo tFS = tG+ tM= …….. + 1 = ………….  days, where tM ≈ 1 day – the general duration of vessel maneuvering for the trip (offered 1 day in given practical work).
           The duration of vessel mooring in the harbor for trip tARis determined taking into account the cargo capacity of the vessel PG, the operating factors of vessel cargo capacity during the trip to destination and in return trip (departure) ηG1and ηG2and the daily productivity of cargo operations qG1 in the harbor (i.e. in the point of arrival / departure)

tAR = PG × (ηG1 +ηG2) /qG1 = ………..  × (1.0 +………) / ……… ≈ ……… days.,

qG1 = ……….. tonne / day – the daily rate of the loading-unloading operations in the harbor (i.e. in the point of arrival / departure).
           The average duration of the trip is equal to

TRF=tR+tFS+tAR= ………… + …………. + ……….. = ………… days.

The total of vessel’s round trips during the annual operational cycle equals . ≈ 330 /…………. = ………….. .
           The annual operational expenses for fuel and lubricants for the considered variant of vessel operation equal

ÑFL = nR × ((tR +tM) × q1+ (tAR + tGq2 ) × .=

= ………. × ((….…… +1) × …….… + (…….…. + ….……) × ….……) × ….…… =

= ………….  thousand US dollars,

where q1 = …… tonne / day – the daily fuel consumption for running; q2 = …… tonne / day – the average daily fuel consumption in the course of maneuvering and cargo reception at the destination point; . = ……… thousand US dollars / tonne – the average cost of one tonne of the applied diesel fuel.
           The annual expenses for supply are equal

ÑSUP ≈ 0.07 × ÑFL ≈ 0.07× ……….. = ………… thousand US dollars.

The average annual cargo traffic of vessel makes

Q1 = nR×PG×(ηG1 + ηG2) = ……..… × ..……… × (1.0 +……..…) = …..……  tonne.

The correlated with the annual cargo traffic Q1components of operation costs, namely: the general service expenses, the expenses for management and marketing ÑG+ÑMM+ÑDS with the account the developed parity of components of the sum, – are equal

ÑG +ÑMM +ÑDS ≈ 0.02 ×Q1 = 0.02 ׅ…….  = ………. thousand US dollars.

The general value of annual operation costs Ñ1for the given variant of the dry–cargo refrigeration vessel operation, determined by summation the components with the account the recommendations concerning grouping of terms without including depreciation charges equals

Ñ1= (ÑCR + ÑFED + ÑEXP + ÑSOC) + ÑFL+ ÑSUP + ÑRM + (ÑG + ÑMM + ÑDS) =

= ……..…. + ……..…… + ……..…… + ……..…… + ………..… =

= ………….. thousand US dollars.

The tariff rate of cargo transportation to the ports of Primorski Krai and supply from Primorski Krai for fishing vessels in the marine expeditions, or supply for coastal points is equal to m = ………  thousand US dollars / tonne.
           The annual income is determined as

I1=Q1× m = ………  × ……… = ……… thousand US dollars.

The rate of the net operating income capitalization is determined as the sum of:
           – Discounting rate, which is set and is equal i = …………. % and
           – Factor of fund of compensation of investments,
with the account of the vessel life time T, years t and the term remained before the vessel utilization for scrap T – t = ……….…–………...…=…………  years.
           The factor . of the fund of compensation of depreciated part of investments is

..

The rate of the net operating income capitalization equal

R = i + .= ……… % + ………. % = ………. %.

By the method of the net operating income capitalization the value of the technically valid for marine operation and equipped dry–cargo refrigeration vessel, determined for considered variant of vessel operation on __________  ______, 20___, is equal to

.=

= (…..…… – …..……) / (…..…… + 0.02 + 0.015) = ………… thousand US dollars.

The annual net operating income of given variant of vessel operation equals

NOI1=I1-C1= ………. – ………. = ………. thousand US dollars.

For a considered variant of operation of dry–cargo refrigeration vessel there is requirement for the stock of working assets OÑ1for the advance payments of operation costs.
           The working assets OÑ1 are equal

OÑ1 Ñ1×TRF/ TEXP = ………..× ……….. / 330 = ……….. thousand US dollars.

The value of the dry–cargo refrigeration vessel estimated based on income approach, minus the requirement for the replenishment of the working assets (OÑ1 = …………. thousand US dollars) and after the deduction of eradicable physical depreciation (D1 ≈ ………….thousand US dollars), on __________  ______, 20___ equals

MV1 – OÑ1 – D1 = ……….… – …..…..…. – ……....…. = …….…. thousand US dollars.

 

B. Delivery of supplies from the East Asia harbors to the fishing grounds and the processed fish products to the Pacific Rim countries

The delivery of supplies from East Asian harbors to the fishing grounds near Indonesia or Mariana Islands and delivery of processed fish products for example the tuna to the harbors of East Asia is considered in the following example.
           The running time for trip (the duration of vessel voyage to the in destination and the return trip to the harbor) is determined as

tR = 2 × £ / (24 ×υS) = 2 × ………… / (24 × ………..) = ………….. days.,

where £ = ……….. nautical miles – the distance to destination from the port of departure;  υS =………… knots – the vessel operational speed.
           The duration of cargo handling operations during the trip is equal to tG = ……….  days (see article À).
           The operation time of vessel in destination before the total transfer of the cargo tFS = tR + tM= …….. + 1 = …………. days.
           The duration of harbor mooring for the round trip tAR = ………. days. (see article À).
           The average duration of the trip is calculated as:

TRF= tR+ tFS+ tAR= ………… + …………. + ……….. = ………… days.

The total of vessel round trips during the annual operational cycle equals . ≈ 330 /…………. = …………...
           The annual operational expenses for fuel and lubricants for a considered variant of vessel operation are

ÑFL = nR × ((tR + tM) × q1+ (tAR + tG ) × q2 ) × .=

= ………. × ((….…… +1) × …….… + (…….…. + ….……) × ….……) × ….…… =

= …………. thousand US dollars.

The annual expenses for supply are equal to

ÑSUP ≈ 0.07 × ÑFL ≈ 0.07 × ……….. = ………… thousand US dollars.

The average annual cargo traffic of vessel is

Q2 = nR×PG×(ηG1 + ηG2) = ……..… × ..……… × (1.0 +……..…) = …..……  tonne.

The correlated with the annual cargo traffic Q2components of operation costs, namely: the general service expenses, the expenses for management and marketing ÑG + ÑMM + ÑDS with the account the developed parity of the components of the sum, – are equal to

ÑG + ÑMM + ÑDS ≈ 0.02 × Q2 = 0.02 ׅ…….  = ………. thousand US dollars.

The total annual operation costs Ñ2for the given variant of the dry–cargo refrigeration vessel operation, determined by summation the components with the account recommendations concerning grouping of components without including depreciation charges equal

Ñ2= (ÑCR + ÑFED + ÑEXP + ÑSOC) + ÑFL+ ÑSUP + ÑRM + (ÑG + ÑMM + ÑDS) =

= ……..…. + ……..…… + ……..…… + ……..…… + ………..… =

= ………….. thousand US dollars.

The annual income is determined as

I2 =Q2× m = ……… × ………. = ……….. thousand US dollars,

m = ………thousand US dollars / tonne – the tariff rate of transportation of cargoes on a line from East Asian harbors to the fishing grounds near Indonesia or the Mariana Islands and the rates of the delivery frozen processed fish products, for example the tuna, to the harbors of East Asia.
           The capitalization rate is equal R = ………%.
           By the method of the net operating income capitalization the value of the technically valid for marine operation and equipped dry–cargo refrigeration vessel, determined for considered variant of vessel operation on __________  ______, 20___, is equal to

.=

= (…..…… – …..……) / (…..…… + 0.02 + 0.015) = …………  thousand US dollars.

The annual net operating income of the given variant of vessel operation makes
NOI2=I2-C2= ………. – ………. = ……….  thousand US dollars.

For a considered variant of operation of dry–cargo refrigeration vessel there is a requirement forthe stock of working assets 2 for the advance payments of operation costs.
           The working assets are equal

OÑ2 Ñ2×TRF/ TEXP = ……….. × ……….. / 330 = ……….. thousand US dollars.

The value of the dry–cargo refrigeration vessel estimated based on income approach, minus the requirement for the replenishment of the working assets (OÑ2 = ………. thousand US dollars) and after the deduction of eradicable physical depreciation (D1 ≈ ……….  thousand US dollars) on __________  ______, 20___ equals

MV2 – OÑ2 – D1 = ………… – ……..…. – ………. = ……….  thousand US dollars.

C. Delivery of the processed fish products to ports of the Pacific Rim countries and the cargoes to Russia

The scheme of the vessel operation is the following. The delivery of the supplies is carried out from home harbor at the southern coast of Primorski Krai to the fishing grounds in the sea of Okhotsk (or to the coastal fish factories). The delivery of fresh fish from the fishing grounds to ports of the Pacific Rim. Delivery of the goods is carried out from ports of the Pacific Rim to the southern coast of Primorski Krai. Repetition of the specified cycle.
           The running time for the trip is determined as:

tR = ∑£ / (24 × υS) = ………… / (24 × ………..) = ………….. days.,

where ∑£ =……….  nautical miles – the general range of the marine route, υS =………… knots – the vessel operational speed.
           The duration of cargo handling operations during the round trip is tG = ………. days – the duration of cargo handling operations in two ports twice more than tÃÐ (see articles A, B).
           The operation time of commercial vessel in both destinations before the total transportation of the cargo tFS = tG+ tM= …….. + 1 = …………. days.
           The duration of mooring in the harbor for the trip tAR = …..….  days (see articles A, B).
           The average duration of the trip is calculated as:

TRF=tR+tFS+tAR= ………… + …………. + ……….. = ………… days.

The total of vessel round trips during the annual operational cycle makes . ≈ 330 /…………. = ………….. .
           The annual operational expenses for fuel and lubricants for the considered variant of vessel operation makes

ÑFL = nR × ((tR + tM) × q1 + (tAR + tG ) × q2 ) × .=

= ………. × ((….…… +1) × …….… + (…….…. + ….……) × ….……) × ….…… =

= ………….  thousand US dollars.

The annual expenses for supply are equal

ÑSUP≈ 0.07 × ÑFL ≈ 0.07 × ……….. = ………… thousand US dollars.

The cargo traffic in case of the vessel operation for supply delivery is accepted at a rate of 25 % (the data offered for the practical work) of a cargo traffic of the processed fish products from the fishing grounds, and the cargo traffic of the goods from abroad to Russia is equal to a cargo traffic of the processed fish products (100 %).
           The average annual cargo traffic of vessel equals

Q3 = nR×PG × (100 % + 100 % + 25 %)/100 % =

=………....ׅ……….× (100 % + 100 % + 25 %)/100 % =  …………… tonne.

The correlated with the annual cargo traffic Q3components of operation costs, namely: the general service expenses, the expenses for management and marketing ÑG + ÑMM + ÑDS with the account the developed parity of the components of the sum, – are equal to

ÑG + ÑMM + ÑDS ≈ 0.02 ×Q3 = 0.02 ׅ…….  = ………. thousand US dollars.

The total annual operation costs Ñ3 for the given variant of the dry–cargo refrigeration vessel operation, determined by summation of the components with the account recommendations concerning grouping of the components without including depreciation charges are equal to

Ñ3= (ÑCR + ÑFED + ÑEXP + ÑSOC) + ÑFL+ ÑSUP + ÑRM + (ÑG + ÑMM + ÑDS) =

= ……..…. + ……..…… + ……..…… + ……..…… + ………..… =

= ………….. thousand US dollars.

The annual income is thus determined as

I3=∑(Q3×m)= Q3× (100 % + 25 %) / (100 % + 100 %+ 25 %) × m1+

+Q3×100 %/(100 %+100 %+25 %) × m2 =……… × (100 % + 25 %):

:(100 %+100 %+25 %) × …… +….. × 100 %/(100 % + 100 % + 25 %) × ……  =

= ……… thousand US dollars,

where m1 = ………. thousand US dollars / tonne – the tariff rate for cargoes transportation to fishing ground and out of; m2 = …… thousand US dollars / tonne – the tariff rate for cargoes transportation between the harbor in East Asia (for example, in Japan or the Republic of Korea) and Russia.
           The capitalization rate is equal to R = ……… %.
           By the method of the net operating income capitalization the value of the technically valid for marine operation and equipped dry–cargo refrigeration vessel, determined for the considered variant of vessel operation on __________  ______, 20___, is equal to

.=

= (…..…… – …..……) / (…..…… + 0.02 + 0.015) = ………… thousand US dollars.

The annual net operating income of the given variant of vessel operation is equal

NOI3=I3-C3= ………. – ………. = ………. thousand US dollars.

The considered variant of operation of the dry–cargo refrigeration vessel requires the stock of working assets OÑ3for the advance payments of operation costs.
           The working assets are equal

OÑ3 Ñ3×TRF/ TEXP = ……….. × ……….. / 330 = ……….. thousand US dollars.

The value of the dry–cargo refrigeration vessel estimated based on income approach, minus required adjustment for the replenishment of the working assets (OÑ3 = ……….  thousand US dollars) and after the deduction of eradicable physical depreciation (D1 ≈ ………. thousand US dollars) on __________  ______, 20___ equal

MV3 – OÑ3 – D1 = ………… – ……..…. – ………. = ………. thousand US dollars.

The conclusion (to choose A, B or C): with the given assumptions of calculation the highest and the best use of dry–cargo refrigeration vessel corresponds to the variant

…………………………………………………………………………………………….
           The value of the vessel on __________  ______, 20___ corresponding to a prospective variant of the highest and the best use, estimated based on income approach is.............. thousand US dollars.

Value estimation of the cargo vessel based on comparable sales approach

The value of the dry–cargo refrigeration vessel based on comparable sales approach can be estimated using of the analogues in accordance with its methodological definition under the Federal Standard ¹ 2 «The purpose of evaluation assignment and types of value (ÔÑÎ ¹ 2)», approved by the order ¹ 255 of Ministry of Economical Development of Russia July 20, 2007: the market value is the «most probable price …». The specified definition can be provided with the statistical calculations and the regressions formalization.
           The value estimation as the most probable price is carried out by means of formalization and use of statistical regressions. On the other hand, the use of one or several isolated analogues for the estimation based on comparable sales approach and introduction of adjustments to the prices of analogues doesn’t precisely correspond to the vessel evaluation under the Standards, since the probabilistic analysis of statistics should be done and the given definition: whether there corresponds prices of analogues to their most probable price.
           For an estimation of the dry–cargo refrigeration vessel the comparable sales approach the marketing research of prices uses in the form of statistical regressions.
           As the units of comparison of dry–cargo refrigeration vessel the deadweight DW and the holds volumes W are used.
           The deadweight DW of dry–cargo refrigeration vessel is set DW = ………. tonne.
           By the formula of statistical regression the value of the dry–cargo refrigeration vessel with the account the vessel age t =….. years for date of estimation when using the deadweight DW as the unit of comparison on __________  ______, 20___ is equal

. ........
thousand US dollars.

The hold volume W of dry–cargo refrigeration vessel is equal W = ………….  cubic meters.
           The note: the capacity of cargo hold of the dry–cargo refrigeration vessel in some cases is presented in cubic feet and correct transformation of dimensions is required from calculation of 1 cubic foot, which corresponds to 0.02832 cubic meters.
           By the formula of statistical regression the value of the dry–cargo refrigeration vessel with the account the vessel age t =……. years when using the holds volumes W, occupied with cargo, as the unit of comparison on __________  ______, 20___ is equal

.
thousand US dollars.

The average value of the dry–cargo refrigeration vessel when using the comparable sales approach and the marketing researches data on __________  ______, 20___ is equal

MV  = …………. × ½ + …………. × ½ =  ………….  thousand US dollars.

An estimation of the dry–cargo refrigeration vessel based on comparable sales approach and use of marketing researches and statistical regressions is calculation by the uniform database with the assumption about the equal importance of applied units influence for the vessel value.

 

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