VesselsValue goes live with cruise ship values

Malcolm Latarche

Malcolm Latarche · 01 April 2020

ShipInsight


Online valuation and data provider, VesselsValue, has entered the passenger ship market with the launch of automated valuations, data and satellite intelligence for Cruise ships. VV now values over 59,000 vessels daily which have a cumulative value of USD 1.04 trillion.

The global Cruise fleet consists of 483 vessels with an aggregate value of over $167 billion (data valid 31 March 2020). Individual assets can be worth in excess of $1Bn each, which is a first for the online platform and makes Cruise ships one of the most expensive maritime assets in the world today. The launch comes at a time when Cruise ships are very much under the microscope due to the global outbreak of COVID-19.

Cruise

The newbuild Hull 35 (231,000gt, Sep 2023, Chantiers de l'Atlantique) is VesselsValue's highest valued Maritime asset at $1.13Bn. It was ordered in February last year for a reported €1.10Bn by Royal Caribbean International. The value had increased from when she was ordered until just before Covid-19, which has caused the value to decline.

VesselsValue has spent the past 12 months collating and verifying their commercial and fleet databases and have now gone live with daily updated automated market valuations, as well as demolition and fixed aged values dating back to 2010 for the asset types listed below, in an effort to provide industry participants with a wider and more in depth view into the Cruise ship sector.

  • Mega Cruise
  • Large cruise
  • Standard
  • Luxury
  • Small Cruise
  • Standard
  • Luxury
  • Expedition
  • Expedition Luxury

The development of Discounted Cash Flow valuations is already underway and will be live in the near future.

The impact of Covid-19 on the cruise market has seen the total value of the entire fleet fall by $4Bn since 1 January this year. Some of these billion dollar assets have become financial liabilities with several high priced vessels now laid up and not working. Earlier this month Carnival Corp, the world's largest owner, secured a $3Bn loan to cope with the crisis and this week announced intentions to raise a further $6Bn bringing their total needed to deal with the short term effects of the crisis to $9Bn. This follows news that Norwegian Cruise Line Holdings secured $675m in credit against the Norwegian Epic, a Large Cruise vessel with 4,100 passenger berths built 2010 at STX which has a VV valuation of $602m today against $638m on 1 January 2020.

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