A Condition and Valuation (C&V) survey combines an assessment of a vessel’s physical condition with an independent opinion of value. The purpose, scope and basis of valuation are agreed before attendance, so that the survey addresses the requirements of the particular assignment.
Unlike a condition survey focused solely on technical condition, a C&V survey also considers the vessel’s value in the context for which the valuation is required.
When a Condition & Valuation Survey may be required
- Insurance — assessment of vessel condition and value for underwriting, renewal or other insurance purposes.
- Financing and refinancing — independent valuation in connection with lending, refinancing or the use of a vessel as collateral.
- Sale or acquisition — condition and valuation information where an independent assessment is required in connection with a vessel transaction.
- Corporate purposes — independent valuation in connection with corporate transactions, asset reviews or other commercial requirements.
- Property contributions — valuation of a vessel or other relevant marine asset where it forms a non-monetary contribution to share capital.
Baltic Kontor is listed among the experts approved to evaluate property contributions for the Register of Enterprises of the Republic of Latvia.
Scope of survey
The scope is agreed according to the purpose of the assignment and may include assessment of:
- hull and structural condition;
- main and auxiliary machinery;
- deck machinery and equipment;
- navigation, communication and safety equipment;
- general maintenance, visible wear and deterioration;
- vessel particulars and relevant certificates;
- maintenance and repair records, where available;
- modifications or improvements relevant to the valuation.
Where the assignment requires additional access or examination, the scope can be agreed separately before attendance.
Valuation
The valuation takes into account the vessel’s type, age, principal particulars, specifications, condition, equipment and other factors relevant to the assignment, together with available market information.
The basis of value and valuation approach are agreed according to the purpose of the assignment. The report states the basis used and provides the surveyor’s independent opinion of value.
Survey report
Following attendance, Baltic Kontor prepares a written report according to the agreed scope. Depending on the assignment, it may include:
- vessel identification and principal particulars;
- place and date of attendance;
- scope and purpose of the survey;
- description and assessment of the vessel’s condition;
- material findings and deficiencies;
- photographic documentation;
- opinion of value on the agreed basis;
- conclusions and recommendations, where relevant.
The report is prepared for the stated purpose of the assignment and its intended recipient.
Experience and valuation competence
Baltic Kontor has served the marine and insurance industries in Latvia since 1992 and has been Lloyd’s Agent in Latvia since 1994.
Vessel valuation work is supported by dedicated professional training in ship valuation and appraisal, including valuation approaches and techniques, the ship sale and purchase market, newbuildings and resale, and the practical application of vessel valuation.
Survey attendance locations
Baltic Kontor can arrange survey attendance in Riga, Ventspils and Liepaja in Latvia, as well as Klaipeda in Lithuania. Attendance at other locations can be arranged by agreement.
For urgent attendance, the 24-hour contact number is +371 29 205 680.
Request a Condition & Valuation Survey
Please provide the vessel name or IMO number, port, required date and the purpose of the valuation.