STEPS AND METHODS OF SHIP ACQUISITION

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Four step process for capital acquisition like ship acquisition are:-
1) PLANNING:- Planning is the most important thing to do for any project. It is thinking, about the future and the action laid down in advance. Planning is the design of a desired future and of effective ways of bringing it about.
Planning -- a) Set a mission and goal
                  b) assess the environment
                  c) Appraise company's capability
                  d) Craft the strategies
                  e) Implement the strategies
                  f) Evaluate and control the strategies

2) DESIGN:- The second major phase in ship acquisition is design. The design has various meaning but with reference to the ship acquisition it basically means, preparing engineering drawing, specification and to support these with calculation and experimental testing as required. design establishes the configuration, form dimension, lay out and other characters which can be represented visually.
Design --- a) concept
                 b) preliminary
                 c) contract
                 d) detailed
Design types include:- drawings, sketches, diagrams/schematic computer imaging, models etc.
Design engineering needs information on -- Output, capacity, capability, cost and delivery lead time, weight and center of activity, dimensions, clearance required for maintenance, spare part requirement, required maintenance, required services

3) COMMERCIAL:- The third phase in ship acquisition process mainly involves commercial activities. It requires expertise of professionals in following areas --
a) Selection of yard for invitation
b) Request for expression of interest
c) Invitation to bid
d) Bid analysis, invitation to bid
e) Negotiations
f) Financing
g) Contracting

4) PRODUCTION AND POST PRODUCTION:- The fourth phase in the ship acquisition process involves the owner's activities during production.
Project management --
a) Fulfill original objectives
b) Keep project within budget
c) Keep project on schedule
d) Co-ordinate project team
e) Detect need for and take corrective action
f) Communicate progress to management

Six methods of ship acquisition are:-
1) New ship construction
2) Second hand purchase
3) Lease or chartering
4) Ship conversion
5) Contract of affreightment
6) Ship sharing/ vessel pooling.

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