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DANA R. TEICHEIRANAMS Certified Marine SurveyorHull & MachineryYachts & Small CraftCargoASA Accredited Senior AppraiserARM / MTSCommercial Marine SurveyingASA ARM/MTS ; NAMS CMSTEICHEIRA MARITIME SURVEYORS, INC.P.O. Box 2222, PETALUMA, CA 94953Telephone: 707-769-9171email: dt@maritimesurveyor.comCasualty InvestigationsFire and CollisionPassenger / Crew InjuryUSCG Licensed1600 ton Master OceansMaster of Towing Vessels3rd Mate Oceans any tonsOctober 21, 2020CONDITION AND VALUATION SURVEY / APPRAISAL REPORTVESSEL: “PITTSBURG”File No. 20040This report is issued in accordance with the terms and conditions attached as enclosure#2This is to certify that the undersigned Marine Surveyor did on September 3, 2020, actingat the request of Mr. Jason Covell, attend on board the P/V “PITTSBURG,” while atPittsburg Marina, Pittsburg, California, for the purpose of performing a Condition andValuation Survey. At the time of survey the vessel was afloat.The reason for the above listed attendance was to perform a Condition and ValuationSurvey. The purpose of the survey was for establishing the general condition of thevessel, as well as the Fair Market Value (FMV) and Replacement Cost New (RCN).The intended user of the survey is San Francisco Bar Pilots, The California Pilot’sCommission, and the vessel’s hull underwriters.SCOPE OF WORK FOR APPRAISALAs part of the appraisal process I inspected the vessel at the Pittsburg Marina, Pittsburg,California, while the vessel was afloat.I investigated the value of the vessel based upon the definition of values listed above.Sales Comparison (Market) Approach, Cost Comparison Approach, and IncomeApproach were considered. No information regarding the vessel’s income was providedso this approach could not be used. This vessel is a specialized type of vessel with few, ifany, comparable vessels available for developing valuation based upon the marketapproach. The cost approach was used to determine the opinion of value.The scope of work is further detailed in the appraisal section of the report contained onpages 8-11.
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 2GENERAL sel Name:Official Number:Hull Identification No. (HIN)Owner:Address:Home Port:Gross Tons:Net Tons:Builder:Year Built / RebuiltIntended Service:Cruising Speed/ Range:14.Last Dry Docking:15.Conversions/ Modifications:San Francisco Bar Pilots“PITTSBURG”922579ALF00494G787San Francisco Bar PilotsPier 9 East End San Francisco, CA 94111San Francisco, CA1814Munson Marine Edmonds, WA1987 / 2014Inland pilot boat25 kts./ 875 NM (8 GPH fuel burn and 20%fuel reserve assumed)Feb. 2020 for hull repairs due to a reportedallision with a buoy. Bottom paint also done.In 10/2014 the vessel underwent extensiverebuilding, including the following items:Two new Volvo Penta D4-225A-F engines (USEPA Tier 3 compliant) and two new VolvoPenta TSK DPH-C outdrives were installed.Fixed trim plates were removed and VolvoPenta Interceptor adjustable trim plates wereinstalled.Hull was blasted to bare metal. Existing Drubber sheer fender was removed. Sheer wasreinforced with a 5” x ¼” flat bar doublerplate.Hull recoated with 2 coats of epoxy and 2coats of anti-fouling paint.Topsides hull was recoated with Awl Griplinier polyurethane.Deck and cabin was sanded and recoatedwith Awl Grip linier polyurethane.In 2017 hull and house were spot painted andnew bottom paint applied.In 6/2018 new non-skid deck coating wasapplied.
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”Conversions/ Modifications(continued):PAGE 3In 2019 the vessel was hauled out foroutdrive service and installation of new trimtabs.In 2020 the vessel was hauled out for hullrepairs to the bow plating and bottompainting.VESSEL PARTICULARS1.2.3.4.5.6.7.Length Over All:Registered Length:Beam:Draft:Depth:Shell ¼” Welded aluminum plate3/16” Welded aluminum plateGENERAL DESCRIPTION AND ARRANGEMENTThe subject vessel is an all welded aluminum hull pilot vessel with twin Volvo Pentadiesel engine propulsion through Volvo Penta stern drives.There is an open foredeck with diamond plate with non-skid coating applied, followedby a low deckhouse and an open aft deck. There are heavy pipe handrails surroundingthe foredeck and leading aft forming grab rails along the house. The aft deck issurrounded by rails.The bow is scow shaped and the slab sides forward form a hard chine creating a sprayrail. The underbody hull has a fine entry forming a shallow keel with moderatedeadrise. The transom is nearly flat and has bars across to protect the stern drives.There is an emergency retrievalsystem on the port side operatedby a 12VDC winch and equippedwith a davit for personnelretrieval.The interior is laid out as follows:Forepeak separated by collisionbulkhead with freeman hatch.(2) Bunks forward.Main cabin with (4) aircraft typeseats helm to port forward andfuel tanks beneath sole.
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 4PROPULSION1.2.3.Number Of tal Horsepower:Port Serial Numbers:Starboard Serial Numbers:Port Engine Hours:Starboard Engine Hours:Cooling:Exhaust:Starting:Reverse/Reduction Gear:Engine/Gear Foundations:TwoDieselVolvo Penta D4-226A-F tier III 2014model450A314796A3085102056.02066.0Fresh water through heat exchangerWet out stern drives12V DCVolvo Penta DPH-C stern drivesIntegral welded aluminum girdersELECTRICAL SYSTEM1.AC System Description:2.DC System Description:There is a shore power plug on the aft deck.The main 30-amp breaker is located in apanel at the helm. There are four 15-ampbreakers for the AC circuits. Shore power isthe only source of AC power in the vessel.There are two 8-D size 12V DC wet cellbatteries in two 12V DC banks charged byeither the engine driven alternators or aPowermania Turbo M220 battery charger.There are rotary parallel disconnect switchesin the engine room and breakers in thepilothouse.MISCELLANEOUS EQUIPMENT AND SYSTEMS1.2.Marine Sanitation Device:Bilge Pumps/Piping:3.4.5.6.7.Bilge Pumps Tested:Domestic Water System:Ventilation:Lpg System:Lpg System Meet GoverningNone(2) Rule 3500 with automatic switch maincabin and engine room (engine room bilgepump new in 5/2014)YesN/ANatural and 12V DCN/AN/A
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”8.9.Standards:HVAC Systems:Alarms:PAGE 512V Dc hot water system Main engines are equipped with theengine manufacturer’s alarm package. Engine room high bilge levelconnected to ringer/strobe (tested).Miscellaneous Equipment And Systems Comments:The cabin bilge pump discharge is installed about 18” above the static waterline.However the vessel operator reports that in rough weather water flows down throughthe discharge and into the bilge (see Findings and Recommendations).STEERING SYSTEM1.2.Number Of Stations:Description/Type Of Equipment:OneLow pressure helm pump to power assistedhydraulic steering integral to outdrivesCORROSION CONTROL1.2.3.4.Zincs:Condition:Bonding System:Other:On transom and outdrivesUnknown; underwater body not inspectedN/AElectroguard / Mercathode impressedcurrent systemTHROUGH HULL FITTINGSThere are no through hull fittings installed below the static waterline. Both bilge pumpdischarges were at least 18” above the static waterline.TANKAGE1.2.3.4.5.6.7.Fuel Tanks:Total Capacity:Material:Grounding:Shut Off Valves:Vents:Vent Screens:Two (100 g fwd; 250 g aft)350Integral welded aluminumYesN/AYesYes
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 6GROUND TACKLE1.Anchors:20# Danforth type emergency anchor with150’ 5/8” nylon rode and 10’ of 3/8’galvanized chain (lengths estimated)FIRE AND SAFETY1.2.3.No. Portable Extinguishers:Type/Size:Date Last Inspection:4.5.6.Type Of Fixed System And Size:Approximate Size Of EngineSpaceDate Last Inspection:7.8.9.Fire Main, Hose, NozzleFire Axe:Number/Type Pfds:10.11.12.13.Ring Buoys:Epirb:Flares:Life on Lights:Navigation Lights Tested:General Alarm:Oil Discharge Placard:Garbage Discharge Placard:Carbon Monoxide Alarm:First Aid Kit:(2)B-1 Halon9/27/2019 (see Findings andRecommendations)Halon FE241 425ft3Less than 425ft39/27/2019 (see Findings andRecommendations)N/AN/A(3) USCG Type V; (4) USCG Type I; (3)exposure suits; (2) floatation coats(2) 24” with lights; Lifesling on aft railingN/AYes (see comments below)Zodiac 6-man expires 1/2021. Hydrostaticrelease expires 1/2021YesN/A (vessel less than 12 meters)Side, stern, red and white 360 YesN/AYesYesNone (see Surveyor’s Notes)YesFire and Safety Comments:1. Flares- (4) parachute expire 3/2021; (8) hand red expire 1/2021; (6) handorange expire 1/20212. Vessel also carries defibrillator and medical Ox
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 7NAVIGATION/ELECTRONIC EQUIPMENTRadar:Depth Sounder:VHF t:Other:Furuno FR-8065Hummingbird digital(2) Standard Horizon Eclipse; (1) Standard Horizon handheldFuruno GP-1850DF with c-map chart chip dated 2/23/2003See GPSRitchie 3”Raytheon Raymarine 430Furuno Class B AIS transponderSony Marine CDX-M10 AM/FM CD Stereo Electroguard Inc. electrolysis protection level meter Levono Thinkpad laptop computer T420 with CoastalExplorer charting software updated Humphree trim tab controlNavigation/Electronics Comments:1. Compass deviation card dated 9/27/2011 posted.GENERAL CONDITIONThis vessel underwent extensive rebuilding in 2014 and the hull and machinery appearsto be in excellent condition.FINDINGS AND RECOMMENDATIONSHIGH PRIORITY (Recommendations to do immediately due to safety issues):No recommendationsMODERATE PRIORITY (Recommendations which should be accomplished as soon aspossible):1. At the time of survey (9/03/2020) the vessel’s fixed extinguisher in the engineroom, and portable fire extinguishers, were still in date but set to expire on9/27/2020. RECOMMEND ensure that both the fixed and portable extinguisherswere serviced prior to the expiration dates.LOW PRIORITY (Recommendations considered as best practices or betterment):1. The cabin bilge pump discharge is installed about 18” above the static waterline.However the vessel operator reports that in rough weather water flows down
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 8through the discharge and into the bilge. RECOMMEND install a check valve toprevent inadvertent back flow into the bilge.2. The bilge high water alarm is connected to a visual light and ringer. Considerconnecting the alarm to a cellular alert system that can text the vessel crew inthe event of a flooding incident.APPRAISALOpinion of Vessel's Fair Market Value: 150,000Opinion of Vessel’s Replacement Cost New: 475,000Notes for Appraisal:A. An “as is, where is”, cash equivalency, 100% ownership interest assumption wasmade in determining the opinion of Fair Market Value.B. The estimated Fair Market Value is the definition from the American Society ofAppraisers (ASA) Machinery and Technical Specialties (MTS) Committee: “FairMarket Value is an opinion expressed in terms of money, at which the propertywould change hands between a willing buyer and a willing seller, neither beingunder any compulsion to buy or to sell and both having reasonable knowledge ofrelevant facts, as of a specific date.”C. The estimated Replacement Cost New is the definition from the ASA MTSCommittee website: “Replacement Cost New is the current cost of a similar newproperty having the nearest equivalent utility as the property being appraised, asof a specific date.”D. Sales Comparison (Market) Approach, Cost Comparison Approach, and IncomeApproach were considered. No information regarding the vessel’s income wasprovided so this approach could not be used. This vessel is a specialized type ofvessel with few, if any, comparable vessels available for developing valuationbased upon the market approach. The cost approach was used to determine theopinion of value.E. I recently obtained an emailed estimate from the vessel builder to replace thebare vessel (hull, deckhouse and propulsion) with a new identical unit for 350,000. I added 125,000 for internal furnishings and electronics to arrive atthe estimated replacement cost new of 475,000.
TEICHEIRA MARITIME SURVEYORS, INC.CONDITION & VALUATION SURVEY / APPRAISAL REPORTFILE NO.: 20040VESSEL: P/V “PITTSBURG”PAGE 9F. In my opinion the work accomplished in 2014 added a minimum of 10 years ofservice life to the vessel, having the effect of changing the effective age from 27years to 17 years in 2014. The current effective age of the vessel would be 231years.E. For the Cost Approach calculations I assumed a replacement cost of 475,000, acurrent Effective Age of 23, a Normal Useful Life of 30 years, and a residualsalvage value of 50,000.F. The calculation of Fair Market Value by the Cost Approach, with only PhysicalObsolescence (depreciation) considered is as follows:Current Replacement Cost NewLess Terminal ValueLess depreciation (425,000 x .766)Plus Terminal Value 475,000- 50,000 425,000- 325,550 99,450 50,000 149,450G. Deducting the residual salvage value, applying straight-line depreciation for 23years, then adding back the salvage value resulted in a Fair Market Value of 149,450, rounded up to 150,000.G. I made the following assumptions regarding the valuation: Information provided by others that was considered in the valuation is fromsources believed to be reliable and no further responsi
14.12.2020 · GPS: Furuno GP-1850DF with c-map chart chip dated 2/23/2003 Plotter: See GPS Compass: Ritchie 3” Hailer: Raytheon Raymarine 430 AIS: Furuno Class B AIS transponder Entertainment: Sony Marine CDX-M10 AM/FM CD Stereo Other: Electroguard Inc. electrolysis protection level meter Levono Thinkpad laptop computer T420 with Coastal Explorer charting
