C & V SURVEY
Condition & Valuation
| Client: Removed for privacy | Date of report: May 10, 2022 |
| Current owner: Client | Our file #: 22 – 20443web |
| Location: Fisherman’s Landing | Date of inspection: May 9, 2022 |
| San Diego, CA |
Scope of Services
The vessel was examined by the surveyor and/or surveyor’s agents from all accessible areas of the interior without removal of secured panels, destructive testing or disassembly. The hull bottom laminate, plating and/or planking was examined by percussion sounding and visual inspection only. No moisture content readings were taken, and no destructive testing was performed. The surveyor may have used a moisture meter if/when they deemed it useful or if specifically requested by client. Exterior hardware was visually examined for damage and drive components were tested by sight only. The inspection of engines, generators, machinery and related mechanical systems is not within the scope of this survey. Only a brief cursory inspection of the machinery was conducted, and no opinion of their overall condition was formed. Client shall retain the services of a qualified mechanic, engine surveyor or other expert to inspect such engine, generators, machinery and related mechanical systems. Tankage was inspected from visible surfaces only and no opinion was rendered as to their overall condition. On sailing vessels, the rig was not inspected aloft, nor were sails inspected unless they were visible during a sea trial. Client shall retain the services of a qualified rig surveyor or other expert to inspect sails, rigging and equipment. The electrical system was visually inspected where accessible, and electronic and electrical components powered only with permission of or in the presence of the vessel’s owner or agent. No in-depth testing or examination of the electrical system or electric schematic was conducted. Specifications were taken from published sources, measurements if made, should be considered approximate. The recommendations are based on federal and state regulations, industry standards, and/or surveyor‘s own personal experience. The market value is based on research of available new/used comparable vessels, with consideration of geographic area where the vessel is located and reported sale prices where available. The surveyor will refer to and may reference CFRs, NFPA and ABYC recommendations (and/or other services) as the surveyor deems reasonable but not all regulations and recommendations will be applied nor should this report be relied upon as full compliance with the aforementioned entities. Every vessel inspection is different, and limitations may alter the scope of this survey, some limitations will be implied in the text of the report and some will be explicitly detailed. A Marine Survey Agreement which is reviewed and signed by the client details the terms governing this marine survey.
VESSEL DESCRIPTION
| Builder: Drake | Doc. #: Removed for privacy |
| Model/type: Passenger fishing | Engine/MFG: Two Cummins |
| Year: 1965 * | H.P. per: 400 @ 2,100 |
| Length: 65’ | Serial numbers: P – 35302002 |
| Draft: 45’ (approximately) | S – 35302001 |
| Beam: 18.8’ * | Type of instal. : Diesel, six cylinders, turbo |
| Name: Removed | charged, aftercooled |
| HIN: 60-4-65 *
* Certificate of Documentation |
Generator: 40Kw Deere / Stamford
Hailing port: San Diego, CA |
|
HULL & STRUCTURE |
| The vessel was inspected while afloat. Hull construction material is fiberglass over plywood. Deck is constructed of fiberglass over plywood and above deck structures are constructed of fiberglass over plywood. Bulkheads are constructed of plywood. Overall condition of the hull structure appears satisfactory. The vessel’s weight is unknown. Exterior rails and hardware appear satisfactory – good. Cosmetic condition of vessel appears satisfactory externally and internally. Vessel’s external colors are white with red letters. Below waterline through hull fittings appear satisfactory. The vessel is equipped with four submersible and one AC electric bilge pumps that appear satisfactory (in service) and the bilge is clean and dry. The ventilation system consists of one blower and natural ventilation and appears satisfactory. General housekeeping appears marginal (major service underway). |
| Summary: Satisfactory |
|
MACHINE SYSTEMS |
| Engines’ external surfaces appear satisfactory and exhibit no significant rust, oil or coolant leaks. Engine hour meters were not energized. Motor mounts appear satisfactory. Cooling system appears satisfactory. Fuel system and components appear satisfactory. Exhaust system and components appear satisfactory. Electrical system and components appear satisfactory. Engine control system appears satisfactory, and shaft logs appear satisfactory. Steering control system appears satisfactory and rudder ports appear satisfactory. Propulsion components appear satisfactory. Generator surfaces and motor mounts appear satisfactory. Generator’s peripheral components and systems appear satisfactory. Waste system and components appear satisfactory. General service seawater systems appear satisfactory. |
| Summary: Satisfactory |
|
FUEL SYSTEM |
| There is unknown capacity in two steel tanks located in the engine room. The port tank consists of three tanks plumbed as one. Fuel tank surfaces, where visible, appear good, and the securing mechanism appears good. The fuel fill, vent, feed and return lines and components appear satisfactory. Fuel shut off valves appear satisfactory. |
| Summary: Satisfactory |
|
ELECTRICAL SYSTEMS |
| The AC shore cords and connections appear satisfactory. The AC wiring and outlets appear satisfactory (work underway). The AC main feeds are protected with circuit breakers. Battery arrangement appears satisfactory. Batteries are equipped with disconnect switches. DC wiring appears satisfactory. Circuit protection for the AC and DC branch system appears satisfactory. Wire terminations and connections appear satisfactory. Wire organization and arrangement appears satisfactory. Extensive rewiring in progress. |
| Summary: Satisfactory |
|
SAFETY AND LIFE SAVING |
| Vessel’s portable fire extinguishers have May 2021 annual maintenance tags and include marine type approved classification, 1-A: 10-B:C, 4-A:80-B:C in bunk room, two type A size II type B:C size II, one in engine room and one in the galley. Vessel has a CO2 fixed fire suppression system in the engine room with annual maintenance tag date May 2021. The safety components include: numerous PFDs and unknown throwable PFDs; distress flares with certification; 50 person RFD life raft with expired certification (March 2022) and current hydrostatic release (2023); first aid kit; 44 lb. Claw and two spare anchors with chain and line rode that appears satisfactory. Navigational and anchor lights appear satisfactory (not tested). Vessel has current navigation rules. Vessel has oil, waste placard and waste management plan. Other safety equipment includes EPIRB with current battery and hydrostatic release (2023), canister air horn, foredeck bunk room escape hatch. |
| Summary: Satisfactory |
|
DOCKING |
| The vessel was inspected at its normal slip location. Lines condition and arrangement appears good. Boarding hazards appear insignificant. Other security consists of landing personnel. |
| Summary: Good |
|
ACCESSORIES |
| AC electric head pump, Lewco 2440 ACD battery charger, Lewco 1220 ACD battery charger, two refrigerated fish boxes, bait tank, bait pump, aft deck floodlight, autopilot compass in anchor rode locker, two day heads, Newmar HDM 50 battery charger, Icom IC-M502 vhf, Garmin GPS map XS multifunction device, Midland 1001Z CB radio, Furuno GP-32 GPS / WAAS navigator, Sitex SST-110 seawater temperature, two Smart Craft vessel view electronic engine instruments, Comnav 1001 autopilot, Furuno FCV-295 LCD sounder, Furuno MU100C extending sonar controller, Kelvin white compass, galley equipment includes Panasonic inverter microwave oven, Frigidaire oven, refrigerator, Vanco electric grill, four dining booths, Dixell beverage refrigerator, double basin galley sink, TCL tv, Midea HVAC for bunk room, Furuno type CH181-1 extending sonar transducer, satellite TV antenna |
| SUMMARY |
| The vessel is a fiberglass over plywood equipped with two diesel engines and a diesel generator. The vessel was built in Oxnard, CA. The engines were replaced in 2012. The marine survey request was received by the owner during an extensive refit project which is underway. The refit project includes rewiring of the vessel, currently the pilothouse and galley are disassembled for this project. The owner reports that since purchasing the vessel he has reinforced the cabin sides with new plywood and fiberglass. The decks reportedly had new plywood prior to this purchase and fiberglass was installed on the new decks since purchase. He has also re-sheeted the transom and installed new fiberglass and replaced approximately half of the wooden cap rails. He stated that he has updated the vessel with two new refrigeration systems for the fish holds, a new HVAC system and he improved the foredeck escape hatch with a raised aluminum enclosure. The extensive wiring which is underway is being done to plans approved by the U.S. Coast Guard. The COI is valid until 25 May 2026, includes 45 passengers and 50 persons overall with extended ocean zone 1 route. The vessel was inspected in its slip, due to the ongoing work. Very few components were tested. The vessel appears structurally sound and upon completion of the restoration project the vessel should be well suited for its intended purpose as a passenger fishing vessel. |
| Overall Summary: Satisfactory |
Standard form key: We use subsection and overall ratings to summarize conditions found, based upon their appearance. Ratings include: Not examined, Not applicable, Faulty, Marginal, Satisfactory, Good, Excellent.
VALUES
| ACTUAL CASH VALUE | NEW REPLACEMENT VALUE | INVESTMENT |
| Removed | Removed |
N/A |
The actual cash value is the value that our research approximates the selling price of this vessel should be, at the time and place of our inspection. Consideration is given to vessel’s condition, geographic location, published listings and guides, comparable sales and listings, and market conditions. The new replacement value is the cost of this or a similar, new vessel, comparably equipped. The investment is the reported investment including purchase price and significant upgrades. No values include maintenance costs, storage or tax. The most relevant data found while researching the value is included below. We primarily use market value analysis methodology for determination of value.
Explanation of value opinion: The value is based on the data below. The data includes soldboats.com reported sale prices, Dock Street broker listings and our in house data base. While we do not appraise businesses, this type of boat sells locally between private parties and no public data base is available. Our data base includes reported sale prices and most boats sell as businesses, so there is some inseparable component of business value. The value of this fleet has increased since the covid-19 restrictions were lifted and the fishing has been good for several seasons.
| Length ft | Boat | Year | Sold Date | Sold Price | Listed Price | Boat Location |
| 64 | DMR 64 Pilot House USCG COI Commercial 105 Pas. | 2006 | 16-Mar-22 | 330,000 | 379,999 | Groton, CT, USA |
| 65 | Commercial 149 Passenger | 1999 | 28-Nov-21 | 499,000 | 495,000 | Lahaina, HI, USA |
Dockstreetbrokers.com
$230,000
Year:
1972
Length:
46
Hull:
Fiberglass
Builder:
Modutech
Location:
Washington
CH21-001
46’x14.5’x5.5’ fiberglass charter, built by Modutech in 1972. Twin Cummins QSL9 each rated at 400 hp w/ ZF 305 reduction gears. COI for 36 passengers and (2) crew. Major overhaul in 2006 includes (2) new engines, updated electrical, mechanical and navigation systems….
$350,000
Year:
1981
Length:
43
Hull:
Aluminum
Builder:
Neuville Boat Works, Inc.
Location:
California
PS15-005
43’x14’x5.5′ passenger/utility vessel with a 36 passenger COI and Tier II compliant engines. John Deere 12.5 liter mains rated at a combined 650 horsepower. 22 knots cruise. Cabin seating for 24. Electronics include GPS, (2) VHF and radar. Asking $350,000.
In house data base
1978 65’ Poole $800,000 2020
1975 63’ Westport $400,000 2019
1950 55’ McCullah $475,000 2021
1978 60’ Modutech $750,000 2022
75’ 1965 Drake $800,000 2020
This survey is for the express purpose of insurance and/or financing. It is not meant as a buyer’s survey.
|
RECOMMENDATIONS |
| These recommendations are the surveyor’s ideas and suggestions for addressing deficiencies with damaged or suspect components or systems found during survey or general improvements. The primary recommendations address safety items, structural issues, operational issues or deficiencies which the surveyor determines are of greater importance or more expense than secondary deficiencies. For instance, items that pose a risk to passenger safety or immediate property damage are listed under primary deficiencies and cosmetic concerns are addressed under secondary deficiencies. Most of the recommendations have been addressed in the comments and usually they are discussed at the time of the inspection. |
PRIMARY
- The fire extinguisher tag dates are May 2021 and will require renewal in the near future, inspect and tag the fixed and portable fire extinguishers.
- Maintain the life raft per the manufacturer’s recommendations, they life raft certification expired in March 2022.
- The port forward engine room batteries are not currently covered or secured and conductors are exposed where the installation is not continuous at a terminal. Modify the battery installation, secure and cover the batteries and cover all the conductors. Comply with ABYC recommendations.
- Due to the ongoing work many components were not tested and should be tested and inspected following the completion of the work, including: smoke alarms, bilge pumps and high water alarms.
- Replace wire nuts used at HVAC electrical connections to starboard forward in the engine room. Use steel nuts and lock washers per ABYC recommendations.
- The steering takes 12 turns from lock to lock, normally lock to lock steering takes 6 to 7 turns. Inspect and service the system and ensure it is properly functional.
- A line drum is used on the windlass with chain rode, exercise caution or modify to a chain drum.
- The EPIRB housing latch is damaged, repair and prove it properly functional.
- The portable fire extinguisher in the galley has a pressure gauge “in the red”, service appropriately.
- Assure that a suitable means to access the foredeck escape hatch is available to passengers of all sizes, a step may be necessary for some passengers.
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SECONDARY |
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This survey sets forth the condition of the vessel and components, as specifically stated only, at the time of inspection and represents the surveyor’s honest and unbiased opinion. No part of the vessel was disassembled or removed and no assumptions should be made as to the condition of concealed components. Specifics were obtained from sources available at the time of inspection and are believed correct, but are not guaranteed to be accurate.
I/we certify that, to the best of my/our knowledge and belief:
The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my/our personal, unbiased professional analyses, opinions, and conclusions. I/we have no present or prospective interest in the vessel that is the subject of this report, and I/we have no personal interest or bias with respect to the parties involved. My/our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. I/we have made a personal inspection of the vessel that is the subject of this report. This report should be considered as an entire document. No single section is meant to be used except as part of the whole. This report is submitted without prejudice and for the benefit of whom it may concern. This report does not constitute a warranty, either expressed, or implied, nor does it warrant the future condition of the vessel. It is a statement of the condition of the vessel at the time of survey only. The submitting of this report creates no liability on the part of Christian & Company or the individual surveyor. This survey report is not intended for use as a “buyer’s survey”.
Christian & Company, Marine Surveyors, Inc.
May 10, 2022
________________________________ __________________
By: Mr. Kells Christian, Surveyor SAMS – AMS #301 Date