What is CAP?
Cargo owners and many of the largest charterers typically require a Condition Assessment Survey. Charterers prefer a CAP Grade of 1 or 2 to fix older vessels identified to carry their cargo. The commercial opportunities for an older tanker, gas carrier, bulk carrier, and more recently, a containership and an offshore supply vessel without a satisfactory CAP rating, may be limited.
The Condition Assessment Program is a voluntary service that provides an independent evaluation of the condition of a vessel from which third parties can assess the suitability of an asset for a charter based on its current condition as opposed to its age.
The program provides a charterer with a technical evaluation of the physical condition and maintenance of a vessel above the standard requirements for class. CAP is applicable to oil tankers and bulk carriers of 15 years of age and above, but may be used for other vessels at different ages.
The program includes a detailed survey of the vessel's hull structure including verification of gaugings as well as extensive testing of the vessel's machinery, equipment and cargo systems. This information, combined with a strength and fatigue engineering analysis, leads to a numeric rating being assigned to the vessel ranging from 1 (Very Good) to 4 (Unsatisfactory).
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