Subscribe to RSS feedValue of Hamburg formula
MOST accounting firms in Germany are using a controversial ship valuation formula to determine vessel prices for crisis-stricken KG funds and companies, as statutory deadlines to finalise 2009 financial statements loom.
Claus Brandt, partner at PricewaterhouseCoopers in Hamburg, told Lloyd’s List auditors were widely applying the Hamburg Ship Evaluation Standards, developed by the shipbrokers’ association for containership value analysis following the market collapse 18 months ago.
Brokers developed the method, partly...
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