How to find a commercial vessel selling price

[soin2la]

Is there a registry or some way to find the selling price of a commercial vessel?

This passenger ferry owned by Riverside Marine in Sidney Australia, was a textbook case of bad ideas and mismanagement. When they failed it was put on the market at 6 million US and later reduced to 4.2. I’m betting it went for less than 2.

https://beta.ctvnews.ca/local/vancouver-island/2023/1/11/1_6226440.amp.html

 

[garbler]

Sorry I can’t give you a clean answer on this. Over the years I’ve been involved in Repo Banks sales, Federal Court Wharfage Sales, and a few others. Anyway I’m guessing this ferry misadventure was a bank generated sale. I gotta say a lot of bankers don’t handle sales very well at all so if they managed the sale there is a good chance they left a lot of money on the table. Usually though they hire a licensed auctioneer or seller so I’d try to find out who managed the sale and inquire. With a Foreign National buyer it’s unlikely they want this info known but you won’t know until you ask them posing as a local reporter or similar. Otherwise there may be some public record of the sale. Or last resort find out what the ‘ hook insurance ‘ is ( value insured to lift and land ) or freight value placed on it to ship.

Told you I couldn’t give you a clean answer.

Rick

 

[soin2la]

Thanks garbler.
it was a brokered sale; Riverside has deep pockets, so not a forfeiture.

 

[Pete Meisinger]

I would not be surprised to hear it went for less than 2, maybe a lot less.

In these troubled times real estate and other so called assets are often sold for crazy amounts.

pete

 

[lwarden]

Seems like the fare was pretty steep at $120-240 for such a short trip, no wonder it failed.

 

[soin2la]

Fares were only a small part of the problem and were based on expectations tourists would pay for a "luxury" class based crossing.

Mismanagement was the downfall.
Brought from the St. Lawrence, where it was a dinner cruise boat, it was not suited to BC waters, not even near coastal.

The first year, they started from the wrong direction, heading to Vancouver instead of the other way.

Anything more than a moderate swell, they had to throttle back considerably. Cancellations rendered it unreliable.

A month into the first season they lost an engine, which took it out of service untill the next year.

In 3 years they only completed one full season.

There's more and it's hard to believe a large outfit like Riverside, missed the boat on due diligence.