Two German banks, HSH Nordbank and Deutsche Schiffsbank have endorsed a new method of valuing ships, known as the “Hamburg Ship Evaluation Standard”. Valuations are based according to the vessel’s likely future earnings, rather than their market value and is argued to give a fairer picture than traditional assessments based on the prices obtained on the open market by similar ships. However, it has been heavily criticised by bankers and brokers for inflating ships values well above market rates.