Wealth Marine

Chapters and sections of the book are the systematic presentation in the sequence of learning

Contents

Preface
Introduction
1. Shipbuilding, shipping, technical operation and maintenance (terms and general concepts)
	1.1. Classification of commercial vessels

	1.2. Vessel’s devices, systems, engines and power–plants
	1.3. Architecture and technology of commercial vessel construction
	1.4. Commercial vessel repair, maintenance and technical survey
2. Commercial vessel’s data processing and recommendations of estimation process planning
3. Features of standard approaches application for vessel evaluation
4. Concepts of the comparable sales approach in commercial vessel evaluation

	4.1. Comparability characteristics and units
	4.2. Concepts and the contradictions of vessels units of comparison choice for value estimation
	4.3. The examples of comparison units for commercial vessels of various classes
	4.4. Use of statistical regressions for the vessel value estimation based on comparable sales approach, the mathematical formalization of two–parametrical regression
	4.5. Marketing research for the commercial vessel value estimation
5. Methodological features of commercial vessel estimation based on cost approach
	5.1. Economic models of commercial vessel reproduction cost
	5.2. Integrated structural components as a part of the commercial vessel reproduction cost
6. Procedure of the marketing research data analysis based on prices of the newly built commercial vessels
	6.1. Reproduction cost of dry–cargo vessel
	6.2. Reproduction cost of crude–cargo tanker
	6.3. Reproduction cost of fishing vessel
7. Estimation of commercial vessel depreciation and value based on cost approach
8. Examples of estimation of the commercial vessel depreciation
	8.1. Estimation of ineradicable physical depreciation of commercial vessel by the economic «life time» method
	8.2. Estimation of ineradicable functional depreciation of a dry–cargo refrigeration vessel (insufficient cargo capacity of vessel)
	8.3. Estimation of ineradicable functional depreciation of a tanker for the cruide oil transportation (superfluous displacement of light vessel)
	8.4. Evaluation of external economic obsolescence of a passenger vessel
9. External economic obsolescence and the resale discount caused by the economic difficulties of a seller
10. Resale discount to the value caused by the limits of vessel exposition term for sale
11. Features of vessel estimation or marine company’s property complexes of real assets based on income approach
	11.1. Methodological conformity of cost and income approaches in estimation of the marine company’s property complex
	11.2. Adjustment to the value of the marine company assets estimation by the income approach with the account of the right of dispose
12. An interval method of net operating income cash flow capitalization in evaluation of the marine company’s property complex
13. Discounting with the Euler’ number exponential function in economic models of vessel or the property complex of marine company’s real assets
14. Economic model of cargo vessel
15. Fishing vessel basic economic indexes model
16. Economic models for the support vessel value estimation on the basis of the utility analysis and the factorial indexes prediction
	16.1. Vessel value estimation based on use of operating costs index account
	16.2. Application of the annual income index for vessel value estimation
17. Forms of commercial vessel charter, evaluation of the right-of-use and the charter market rate
	17.1. Right of use estimation as a difference of the vessel present values at the beginning and at the end of the period of use
	17.2. Calculation of the charter market rate on the basis of equality of rent charges flow present value and the right of vessel use present value
	17.3. Estimation of the adjustment to the charter market rate taking into account predictable change of the vessel value by the end of the period of use
	17.4. Calculation of the adjustment to the charter market rate in view of ship–owner’s obligations for charges and maintenance
	17.5. Estimation of the adjustment to the charter market rate taking into account the conditions of the vessel repayment at the end of the period of use
18. General structure of the marine company’s property complex of assets and the organization of the marine industrial activity
	18.1. International specialization in shipbuilding and shipping
	18.2. Investor as a subject of the economic interests in marine industrial activity and the property rights
	18.3. Value and investments efficiency estimation of the marine object as a separate entity
19. Methodological approaches of efficiency estimation of the investments in marine industrial activity
	19.1. Economic indexes and the efficiency criteria of a commercial vessel or any other marine company asset
	19.2. Determination of cargo vessels characteristics for the commercial order based on example of ferries for Pacific transportations
20. Evaluation of ocean resources and unidentifiable intangible asset taking into account the risks of investment in marine industrial activity
	20.1. Evaluation of marine resources and unidentifiable intangible asset of a marine company with the account of total risks of innovative strategy
	20.2. Evaluation of ocean resources and goodwill with the account of balance of real assets structure of the marine company
21. Evaluation of investor’s contribution in joint marine industrial activity
22. Criterion functions for optimization of vessel’s characteristics for commercial order, other asset or the property complex of the marine company, based on application of the economic criteria and value
	22.1. Systematic approach in elaboration of the criterion functions for optimization of a commercial vessel or property complex of the marine company characteristics
	22.2. Economic criteria of characteristics optimization of vessel or property complex of the marine company for the commercial order, based on costs minimization
	22.3. Optimality criteria of commercial vessel project characteristics, assets or property complex of the marine company, based on an estimation of profitability indexes
23. Marine company economic optimality in case of uncerntainty of the investment objective or data
	23.1. Causes of the objective and situational uncertainty resulting in the economic multicriteriality
	23.2. Generalized investments efficiency criteria based on value indexes
24. Recommendations concerning the choice of criteria for design optimization and investments evaluation in marine industrial activity
	24.1. Methodological contradictions of the economic criteria applied for optimization of vessel characteristics, other real assets or marine companies complexes for the commercial order
	24.2. Estimation of investments efficiency by the criterion of the ocean resources contribution into the structure of the vessel’s value or the value of the marine company complex of assets
25. Guidelines for determination of economically efficient vessel characteristics and particulars for the commercial order for construction or purchase at the pre–owned market
	25.1. Correlation between of cargo vessel characteristics and particulars
	25.2. Dependences between characteristics and particulars of fishing vessel
26. The steps in evaluation process and quality of the economic estimation of investments in the marine industrial activity
Conclusions
Symbols, dimensions and abbreviations
Bibliography
Appendix. Methodological manual guidelines for value estimation of different classes of the marine commercial vessels (fishery and cargo)
Initial data
Recommended initial data for the practical work on fishing vessel evaluation
Recommended initial data for the practical work on cargo vessel evaluation
Data processing for fishing vessel evaluation
Estimation of fishing vessel replacement cost based on comparable sales approach
Fishing vessel value estimation based on cost approach
Fishing vessel evaluation based on method of the net operational income capitalization
	A. Autonomous fishing vessel operation
	B. Vessel operation at the fishery ground
	C. Vessel operation as the processing refrigeration vessel
Evaluation of fishing vessel based on comparable sales approach
Data processing for cargo vessel evaluation (dry–cargo refrigeration vessel)
Estimation of the cargo vessel replacement cost based on comparable sales approach
Estimation of the cargo vessel based on cost approach
Cargo vessel evaluation based on method of the net operating income capitalization
	А. Cargo vessel operation for delivery of supplies from southern coast of Primorski Krai to the marine fishery ground 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
	B. Delivery of supplies from the East Asia harbours to the fishery grounds and the processed fish products to the Pacific Rim countries
	C. Delivery of the processed fish products to ports of the Pacific Rim countries and the cargoes to Russia
Value estimation of the cargo vessel based on comparable sales approach