VesselsValue goes live with Cruise Ship Values
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 USD 167 billion (data valid 31st March 2020). Individual assets can be worth in excess of USD 1 billion 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.
The newbuild Hull 35 (231,000 GT, Sep 2023, Chantiers de l’Atlantique) is VesselsValue’s highest valued Maritime asset at USD 1.13 billion. She was ordered in February last year for a reported EUR 1.10 billion 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 below asset types, in an effort to provide industry participants with a wider and more in depth view into the Cruise ship sector.
The development of Discounted Cash Flow valuations is already underway and will be live in the near future.
Impact of COVID-19 on the Cruise market
Things have taken a turn for the worse in 2020 with the global outbreak of COVID-19. The total value of the entire fleet has fallen by USD 4 billion since 1st Jan 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 USD 3 billion loan to cope with the crisis and just today announced intentions to raise a further USD 6 billion bringing their total needed to deal with the short term effects of the crisis to USD 9 billion.
This follows news that Norwegian Cruise Line Holdings secured USD 675 million 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 USD 602 million today versus USD 638 million on 1st January 2020.
The below matrix shows the current values for today in millions of US dollars. The percentage change shows how the values have moved since 1st Jan 2020.