Valuations: Did someone say food fight?

Those who look on with amazement at the activities of the London shipbroking fraternity can only assume that the traditional English custard pie throwing contests were the catalyst behind the recent clowning around the valuation circus.

The story so far… Valuations, for long a genteel source of either revenue for some or “imprimatur” for others, have become the newest cause celebre for the shipping community. London it appears has assumed the throne and has, in a purely defensive posture, become the unofficial industry spokesperson for ship valuations. As Shakespeare said: “Uneasy lies the head that wears the crown.”

In the aftermath of the collapse of so many high yield issues, the whole practice of valuations has been thrown into question. Accusing fingers have been pointed at issuers, bankers and not least brokers, and it is the latter who have, perhaps with guilty consciences, sought to justify their existence and propriety.

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