REBIRTH ���
A VIABLE OPTION
BY KEITH INGRAM
T
here comes a time when you have to decide whether to
give your floating asset a half-life rebuild, or whether
it���s time to cut your losses and start again from new.
The trick is to determine when that time is, and to weigh
up the costs and values. In doing so, lets not confuse a half-life
rebuild with an extended serious maintenance period or major
refit, they are two different animals and it is the results of this
confusion that can prove costly in the long run.
A refit is just that, refitting and refurbishing the ship along with
some structural modifications and reconditioned engines. In our
local marine industry this mark normally kicks in somewhere
between 12 to 15 years, whereas a rebuild will kick in between
15 to 25 years depending on the operational mode. For charter
boats the time seems to be 25 to 30 years and for older vessels,
it���s a cost balanced between economics and earning capacity.
When we think of rebuilding we think of: a complete strip
out to the bare bones, considerations of hull and structural
modifications, and then we look at introducing modern
technology which will essentially build a modern new vessel
with a 25 year life expectancy on the old bones. This is where
the work on the old bones counts. Stuff this up and you are in
10 Professional Skipper January/February 2013
for costly hull repairs just to maintain the hull. If the numbers
don���t crunch then it is best to start from scratch, cut your losses
and start anew.
Ferries or fast ferries are an interesting case because they are,
essentially a commuter bus with added frills for longer journeys.
When our largest ferry operator Fullers, in Auckland, were
reviewing their fleet composition and eyeing up 2020 in their
business case, their research revealed that they had capable
vessels like QuickCat still doing the job after 25 years, and
apart from a birthday she needed no change. However, just as
the company has grown, so too has its fleet, much of it inherited
from previous eras and owners, as companies merged.
Tiger Cat was one of their inherited but still extremely capable
vessels. Granted, she always appeared to drag her arse at 17
knots, was scruffy, and built as a bus for a price, but in fairness
to her original designer and builders Tiger Cat had very good
bones. But at 18 years she was now very tired.
After doing all the costing of new versus rebuild, Fullers
decided to rebuild. To build a new 150 seat fast ferry with a
laden service speed of 22 knots would cost the thick end of
three million. Taking into account her book value and a bit for
