A ship is a complex technical asset whose value is driven by its type, deadweight, class notation, year and place of build, and the actual condition of the hull, propulsion plant and shipboard equipment. The Kanzas company provides independent valuation of ships and vessels located in Ukraine or owned by Ukrainian businesses — for banks and other lenders, buyers and sellers in cross-border transactions, insurers, and companies preparing financial statements under International Financial Reporting Standards (IFRS).
Our completed engagements include the valuation of dry cargo ships and tankers, where value was determined based on deadweight, register class, year and place of build, and technical condition confirmed by survey and defect reports. Vessels of this kind rarely trade on an active mass market, so a credible marine valuation combines international market evidence with a technical assessment of the specific ship.
Vessels we value
- dry cargo ships, bulk carriers and container vessels;
- tankers carrying petroleum products and chemical cargoes;
- tugs, barges and other non-self-propelled craft;
- passenger and excursion vessels, motor boats and yachts;
- the entire fleet of an enterprise — where vessels form part of fixed assets or of an integral property complex being valued as a business.
When international clients order a vessel valuation
- Lending and collateral. Banks and non-bank lenders financing Ukrainian borrowers require an independent vessel appraisal of the mortgaged ship, and periodic revaluation of marine collateral over the life of the loan.
- Cross-border sale and purchase. Transactions between residents of different countries, where the parties need a defensible market value benchmark for negotiation, financing or corporate approval.
- Insurance. Determining the insured value of a vessel and supporting claims settlement.
- IFRS financial reporting. Fair value measurement and revaluation of vessels within fixed assets under IFRS and Ukrainian accounting standards.
- Contribution to charter capital, corporate restructuring, court disputes and enforcement proceedings.
- War-related damage. Documenting the pre-damage value of vessels and the loss suffered, for insurance claims and future compensation mechanisms.
Valuation methodology
Ukrainian law defines three methodological approaches to valuation — comparative (market), income and cost — which correspond to the approaches recognised in the International Valuation Standards (IVS).
- Comparative approach — analysis of sale prices of vessels of the same type, class, tonnage and age; the baseline approach for liquid tonnage, drawing on international sale-and-purchase data.
- Income approach — applied where the vessel is in operation and generates earnings: capitalisation or discounting of freight or charter cash flows.
- Cost approach — replacement cost of the vessel less all forms of depreciation and obsolescence; indispensable for specialised or rare craft with no active market.
The choice of approach depends on the vessel type, the availability of market comparables and the purpose of the engagement; the approaches are reconciled in the final report.
Vessel inspection in Ukrainian ports
For assets located in Ukraine, a physical inspection and identification of the vessel by the valuer is a mandatory stage under Ukrainian valuation law — a report prepared without it has no legal force. Our valuers inspect the ship at its berth, in dock or at a ship repair yard, recording the actual condition of the hull, machinery and equipment and the results of the latest survey. The Kanzas company's regional representatives allow us to arrange inspections in any Ukrainian port, and we coordinate access and scheduling directly with the owner or operator.
Documents required for a ship valuation
- ship's documents: certificate of ownership, classification certificate, ship's registration certificate;
- technical passport, deadweight data, year and place of build;
- records of the latest repairs and survey (defect) reports;
- book value statement from the accounting records (for vessels held as fixed assets).
The Kanzas company has more than 20 years of experience in valuing complex technical assets. Our reports comply with Ukrainian national valuation standards, are prepared with reference to IVS, and withstand scrutiny by banks, insurers and regulators. Fees and timing are agreed individually for the specific list of vessels.
To discuss a vessel valuation, write to [email protected] — we respond in English and will come back to you with a scope and fee proposal.
Questions and answers
How much does a ship valuation cost? We quote the fee and timeline once you send the list of vessels with their key particulars (type, deadweight, year of build) and state the purpose of the valuation. We then assess the scope of work and agree a fixed fee and schedule before the engagement letter is signed.
Can you value a vessel to international standards for a foreign bank or investor? Yes. Reports are prepared under Ukrainian national standards, which follow the same three-approach framework as IVS, and we present the analysis in a format familiar to international lenders and investors. Where the engagement is cross-border, we agree the reporting basis and currency of value with the client in advance.
Is a physical inspection of the ship mandatory? For vessels located in Ukraine — yes. Personal inspection and identification of the asset by the valuer is required by Ukrainian law; we arrange it in any Ukrainian port through our regional representatives.
Related services: War damage assessment · Inventory and goods-in-turnover valuation
