Boogaard Brokers provides independent vessel valuations for dredgers, workboats and other marine construction equipment. Banks, insurers, shipowners, contractors and legal advisers use our valuation reports when they need a reliable market value for financing, a sale or purchase, insurance or a legal matter. We have been active as S&P brokers and valuers in the dredging industry since 1923, and we are a registered valuer with the European Maritime Certification Institute (EMCI).
When do you need a vessel valuation?
- Financing: banks and other lenders require an independent market value before granting or renewing a ship mortgage or loan.
- Sale and purchase: an objective value before negotiating, to support an asking price or to check an offer.
- Insurance: to set or review the insured value of a dredger or workboat.
- Accounts and audits: to support book values and fleet reporting.
- Legal matters: claims, disputes and other proceedings in which an independent value is required.
Why dredgers need a specialist valuer
A standard bulk carrier or container ship can be valued against many comparable sales and published market indices. Dredgers and marine construction equipment cannot. Most are custom-built or built in small series, the dredging installation often accounts for a large part of the value, and comparable transactions are few and rarely published. A reliable marine equipment valuation therefore depends on detailed knowledge of the equipment and on a record of actual transactions in this niche.
That is what Boogaard Brokers combines. As brokers we buy and sell cutter suction dredgers, trailing suction hopper dredgers, multicats and other equipment worldwide, and we keep an extensive database of vessels and transactions. Our valuations are based on that market, not on a general shipping index.
Desktop or on-site valuation
You choose the level of detail that fits the purpose of the valuation:
- Desktop valuation: based on the vessel documents, specifications, class records, photographs and recent survey reports. Suitable for fleet reporting, a first indication of value or a well-documented vessel.
- On-site valuation: includes a physical inspection of the vessel by our valuer. Often chosen for financing, insurance or a transaction in which the condition of the vessel must be confirmed.
Market value and forced sale value
Our reports state the market value: the price a willing buyer and a willing seller would agree in a normal sale with adequate marketing time. Where required, for example by a lender, we also state the forced sale value: the value that can be expected when the vessel has to be sold within a short period.
What determines the value of a dredger or workboat?
- Type, size and capacity: hopper volume, cutter power, dredge pump power, bollard pull or deck area.
- Dredging installation: dredge pumps, cutter or draghead, ladder, discharge options such as pump ashore or rainbowing.
- Builder, design and year of build: standard designs from well-known yards are easier to resell.
- Condition and maintenance: hull, main engines, dredging components and running hours.
- Class and certification: class status and the navigation area the vessel is certified for.
- Environmental equipment: emission reduction systems or alternative fuel installations on modern units.
- Market and location: current demand for the type, comparable sales and the cost of delivery from where the vessel lies.
Our vessel valuation report
A Boogaard vessel valuation report states the market value and, where required, the forced sale value at a given valuation date, and explains how that value was reached. It typically includes:
- Description and main particulars of the vessel or equipment.
- Technical review of specifications and condition.
- Market analysis for this type of equipment.
- Comparable sales and other market evidence.
- Valuation conclusion with the assumptions on which it is based.
Our reports are used by financial institutions, insurers, shipowners and legal advisers. Our EMCI registration can be verified in the EMCI Register.
How a valuation works
- Request: send us the vessel details and the purpose of the valuation.
- Quotation: we send you a quotation with the scope (desktop or on-site), the value basis and the valuation date.
- Review: we review the vessel documents and, for an on-site valuation, inspect the vessel.
- Report: you normally receive the written valuation report within five working days at most after acceptance of our quotation.
Frequently asked questions
What is the difference between a valuation and a condition survey?
A condition survey reports on the technical state of a vessel. A valuation determines what the vessel is worth in the market. A valuation takes the condition into account, together with the market for the type and comparable sales.
How long does a vessel valuation take?
You normally receive the report within five working days at most after acceptance of our quotation. For an on-site valuation, the date of the inspection is agreed with you in advance.
Which vessels do you value?
Our focus is dredging and marine construction equipment: hopper dredgers, cutter suction dredgers, backhoe dredgers, barges, pontoons, multicats and tugs, as well as inland waterway vessels such as ferries.
Do you value vessels outside the Netherlands?
Yes. We value dredgers and marine equipment worldwide, wherever the vessel is located.
Can you also sell the vessel after the valuation?
Yes. If you decide to sell, our brokerage service can take the vessel to market, or you can list your vessel with us directly.
For a vessel valuation, contact us at mail@boogaardbrokers.com or +31 (0) 184 41 51 44.