Since being established in 1980, Revello & Partners have provided valuation for Owners, Contractors, Tax Authorities, Lawyers, Loss Adjusters, Banks, Investors, Leasing Companies and other Financial Institutions. Our valuation are relied upon our range of clients to make important decisions; great care is therefore taken in arriving the final figure. As Licensed Sworn Shipbrokers, we are the appointed vessel valuers and appraisers of the Courts of Justice in Italy.
Vessel valuations (or appraisal, as they are also know) are issued by shipbroking firms with extensive experience of the Sale & Purchase markets. They usually taken one of two forms, a simple letter of a few lines, or a more detailed certificate including more particulars of the vessel and the valuer's disclaimers. There is a little difference in law in the validity of the two formats: both are understood to be professional expressions of opinion. A detailed exposition of underlying assumptions, however, can better protect the interests of both the valuer and any party relying upon the valuation.
Reason to evaluate
There are several common reasons for valuations being required, including:
- Security for a proposed mortgage: banks will require indipendent appraisal of value to accompany a loan application
- Security for an existing mortgage: banks need to keep abreast of the underlying value of their security
- Reserve price for a court sale: courts require an indication of what a vessel will achieve at auction in order to advise creditors
- Insurance or general average
- Investment prospectus: stock market flotations wil require valuation of assets
- Annual accounts/audit: companies need to report to shareholders on asset values
- Accounting for vessels wich are under shared or family ownership
- Legal disputes: the value of vessels are regularly germane across a range of legal cases
- Government regulations.
Indipendence and objectivity may be an absolute requirement in some circumstances; different perspectives, and different subjective values, might be put on the same vessel be:
- A serious Seller, who will want to maximise is value
- A serious Buyer, who will want to buy as cheaply as possible
- A prospective Lender, who will want adequate security over the term of a loan
- A prospective Investor, who will want an adequate return and may or may not be willing to speculate
- A currente Lender/Mortgagee, who is already commited to the vessel
- A current Investor/Owner, who is likewise already committed to the vessel
- Assessors of replacement value
- Court administering a forced sale, e.g. by auction.
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