How you can buy the perfect cargo ship on a budget

cargo ship

If you are pondering starting your own shipping business, you must be mentally prepared for all the curveballs that will be thrown your way. Ship surveyors suggest that this business involves immense hard work, not to mention a colossal investment for successful results. You may have to spend an enormous chunk of your savings and even more to get access to a good quality cargo ship. However, if you follow the guidelines given below, you will be able to make the entire experience a little more enjoyable and a little less daunting.

1.)    Plan out every single detail:

You need to be crystal clear concerning the type of ship that you wish to purchase. Clearly, being over ambitious will do you more harm than good. You must buy a cargo ship that you will be in a position to afford. This is the reason why you absolutely must plan out every single detail and draw up a budget. Besides, you must not ignore the expenses that you will have to incur after the purchase of your ship. These expenses will basically cover the insurance, maintenance, storage and the likes. Therefore, you must have the finances to support both the purchasing and the servicing of your cargo ship.

2.)    Opt for purchasing a brand new cargo ship over an already used one:

You may get a significantly good deal for a used cargo ship but if you aim at starting out a business in shipping, it is best that you purchase a brand new one. This rule applies even when you have a strict budget. The reasons are fairly obvious. The new ship will mirror the latest trends in technology and therefore, it will have an edge over the used ships. Besides, it will also boast of a design that is new and attractive and the naval architecture too will be up to the mark. The electronic systems that run the ship will be new and something that will help the ship in the long run.

However, if you do have serious budget issues and, in no way, can afford purchasing a brand new ship, then you may have to stick with your decision of buying a used ship. Buying a used ship does not necessarily mean that it will be of a lower quality or will not function well. A pre owned boat has some of its own benefits. For starters, they cost much less than newer ones and you will know the difference as the costs vary considerably. Besides, every other payment pertaining to the insurance and the up-keep of the ship will cost much less, thus saving you a lot more money than you would have saved in case of buying a new ship.

3.)    Boat shows are a great way to interact with dealers:

If you decide to purchase a brand new ship for your business, ship surveyors recommend visiting boat shows to take a look at your potential options. This is a great place where you can interact with the dealers and get all your questions answered. You could also discuss about the type of ship you aim at purchasing. These shows help you immensely. You can even climb aboard the ship to have a close look at every aspect that defines it.

4.)    Loans and credits can be your best friend:

When it comes to purchasing a cargo ship, it goes without saying that you may need colossal resources and in such situations, loans and credit facilities can help you enormously in helping you recognise your dream and start your very own business.

Another thing to remember is that an increasing number of people are donating their boats to charity to receive tax breaks. Once they donate these boats, the charities sell them at auction, allowing you to find great deals on a variety of different boats. This process is a great way to purchase a cargo ship on a budget because the people who donate these boats generally did not use them much, so you might be able to find a ship that is in great shape at a low price. If you have any questions about boat donation, visit one of the auction sites for more information.

Author’s bio:

Henry Kidman is one of the most well known ship surveyors and has been working in this industry for over 15 years. He has a professional degree in marine surveying. Besides working as a surveyor, he loves to play his guitar. He writes a blog but due to his busy schedule, updates it only occasionally.

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