Η αποτίμηση πλοίων χύδην ξηρού φορτίου με την μέθοδο των πολλαπλασιαστών (multipliers) : η περίπτωση των πλοίων τύπου PANAMAX 5-ετίας
This Project aims at extend the use of the relative method of valuation through the use of multiples for the valuation of Dry Bulk Carriers. It is attempted through the introduction of new multiples that are based on the freight indices of Baltic Exchange. In the first chapter, it is examined the concept and the scope of valuation and judged its significance on economic basis. In the second chapter, the classic method of relative valuation of companies and stocks is introduced, with the use of multiples based on profits, book values and revenues. In the third chapter, after the presentation of different types of dry bulk ships and their characteristics that define their price like their age and their size, as well the corresponding indices of Baltic Exchange, we introduce the multiples for the valuation of the specific types of dry bulk ships. Finally , in the forth chapter, follows the case study that examines the use of the multiples that were introduced for Panamax of maximum 5 years age. This study was based on sales data of the last decade 1999-2009 and on the prices of Baltic Panamax Index (BPI) of the same time. The basic conclusion of the analysis come up from the use of descriptive statistics.