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Publication Maritime investment appraisal and budgeting

Type

Working Paper

Institution(s)

University of Hamburg

Year

2015

Author(s)

Stefan Albertijn
Wolfgang Drobetz
Max Johns

Research Area

Ship Finance

Keywords

Maritime financial management, ship valuation, market approach, DCF-approach

Abstract

This chapter presents the basic principles of ship valuation. First, we illustrate the market approach (“mark-to-market”). Second, we present the Long Term Asset Value (LTAV) method as an example for the DCF-approach (“mark-to-model”). Third, we discuss necessary conditions for the equivalence of market prices and fundamental values of ships. Finally, we compare the valuation levels of listed shipping companies with a matched sample of manufacturing firms.

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