REPORT OF MARINE SURVEYOF THE VESSEL“Fantasy”63’ CHEOY LEEMOTORSAILERConducted by:Ariel CabreraIndependent Marine SurveyorSociety of Accredited Marine Surveyors Accredited Marine Surveyor Prepared for the Exclusive Use of:Rob KayesFriday, July 6, 2012COPYRIGHT 2012, Ariel

I. INTRODUCTIONSCOPE OF SURVEYThe attending surveyor did attend onboard the 1983 Cheoy Lee motorsailor 63’, FRP HULL948541, on July 6, 2012 as per request of Robert Kayes for an in-water survey at Miami River, Fl.This vessel’s documents were not on board and Hull Identification Number could not be verifieddirectly from the transom due to gel coating. The owner was present during the surveyinspection. A sea trial was not performed. The main objective of the survey was to obtain thecurrent condition and value of the vessel. AC and DC power was used to examine the electricalsystems for this vessel. A phenolic hammer was used to examine the integrity of the hull viapercussion soundings. The GRP 33-moisture meter confirmed any such findings pertaining tohull and referenced in this report.This vessel was inspected using non-destructive methods; without the removal of any parts,including fittings, tacked carpet, screwed or nailed boards, anchors and chains, fixed partitions,instruments, clothing, spare parts, and miscellaneous materials in the bilges and lockers, or otherfixed or semi-fixed items. Locked compartments or otherwise inaccessible areas would alsopreclude inspection. Owner is advised to open up all such areas for further inspection.Furthermore, no determination of stability characteristics or inherent structural integrity has beenmade and no opinion is expressed with respect thereto. This survey report represents thecondition of the vessel on the above date, and is the unbiased opinion of the undersigned, but isnot to be considered an inventory or a warranty either specified or implied.NOTE: It is recommended and understood that all diesel and gasoline engines besurveyed by a qualified Engine Surveyor to determine the condition of the engines, gears,and pumps, heat exchangers, coolers, etc.3

I. INTRODUCTIONOF SURVEY:THE MANDATORY STANDARDS PROMULGATED BY THE UNITED STATES COAST GUARD(USCG), UNDER THE AUTHORITY OF TITLE 46 UNITED STATES CODE (USC); TITLE 33AND TITLE 46, CODE OF FEDERAL REGULATIONS (CFR), AND THE VOLUNTARYSTANDARDS AND RECOMMENDED PRACTICES DEVELOPED BY THE AMERICAN BOATAND YACHT COUNCIL (ABYC) AND THE NATIONAL FIRE PROTECTION ASSOCIATION(NFPA) HAVE BEEN USED AS GUIDELINES IN THE CONDUCT OF THIS SURVEY.The use of the word "appears" is intended to indicate that a close or complete inspection was notpossible or it was not deemed appropriate at the time of this survey. The deficiencies reportedherein reflect the conditions observed at the time the survey was conducted.Use of asterisks * in the body of the report will indicate that a finding will be listed in the Findingsand Recommendations section pertaining to the asterisked item, following the body of the report.Note: This survey and the “findings” in this survey report reflect observable conditionsAT THE TIME OF SURVEY ONLY.4

I. INTRODUCTIONVESSEL DESCRIPTIONCheoy Lee long range power cruising sailboat, with double diesel engines. New owner has madeextensive repair and upgrades to this vessel. Very few quantities of this particular original modelwere ever historically produced and recorded.Appraisal Method and Summary of Fair Market ValueDetermination of Fair Market Value came as a result of multiple searches on theInternet’s,, and Additionally, the BUCused boat guide (2012 edition), Powerboat guide (2012), and NADA guide (2012)was used in obtaining the retail mean. The above average price from these abovelisted sources including surveyor’s experience and current market conditions wascomputed and in consideration with the vessel's condition resulted in such value.Further research for this Cheoy Lee was obtained the present time similar vessels resulted in advanced online searches. Suchcomparable findings resulted in the combined average of these findings to be asfollows:Given the “Above Average” condition of this vessel, 63’ Cheoy Lee, 550,000.00is considered its Fair Market Value.The replacement cost for the equivalent of a 1983 Cheoy Lee 63’ is 2,000,000.00 with new engines and similar electronics.5

II. GENERAL INFORMATIONType of SurveyName of Vessel**Official DocumentationNumber**Hailing PortState Registration NumberOwner’s NameOwner’s AddressSurvey LocationDate of SurveyDesignerBuilderHull MaterialHull on SystemFuelIntended Cruising AreaCondition & ValueFantasyNot documentedMiamiNot Fl. State registeredRob KayesLiveaboard owners1100 NW North River DrivePrivate residence, waterfront.07/06/2012Seaton-NevilleHong KongFRP(fiber reinforced plastic)Sloop style, displacing67’63’ 4”18’6”7’6”54 tons approximatelyCaterpillar (two)DieselRecreational cruising in the VirginIslands, Florida, Bahamas*Per Manufacturer’s Specifications**Per United States Coast Guard Documentation6

DEFINTION OF TERMSThe following terms and phrases have the followingmeanings as used in this Report of Survey:Terms/PhrasesDefinitionsAppearsIndicates that a very close inspection of theparticular system, component, or item wasnot possible due to constraints imposed onthe surveyor. For example, there was nopower available, panels could not beremoved, or a non-destructive test wasrequested.Fit for Intended What the vessel was designed andServicemanufactured by the naval architect and/orbuilder to do.Fit for Intended Use of the vessel which is intended by theUsesurvey purchaser.AdequateSufficient for a specific requirement.Powers UpPower was applied, and the unit turned on.ExcellentComponent or item is new or like new.ConditionGood Condition Component or item is nearly new with onlyminor visual or structural deficiencies.Fair ConditionComponent or item is functional.Poor ConditionComponent or item is not usable requiringrepairs or replacement to be consideredfunctional.7

Use of an asterisk, *, in the body of this report willindicate that a finding will be listed in the Findings andRecommendations section.III. SYSTEMS NARRATIVEA.Hull, Deck, and SuperstructureHull design displacementHullmolded FRPTransom rounded (appears)deck, cabin, and cockpit: Deck shows molded non-skidsurface in good conidition with double course lifelinesaround the perimeter of the deck. Deck access lockers(lazarett to starboard and propane locker to port areastern. The side decks are generally open and free ofobstructions.Bilge: Shower is drained by 12v DC sump pumpslocated nearby, including one located below thenavigator’s seat for the aft head. The holding tank inthe main cabin bilge is fitted with a manual pumpmounted alongside tank. Functional LectraScan MSDis located below the vee berth for the use with theforward head and adjacent head.Pressure water is provided by a 12v DC par diaphragmpump mounted below the navigator’s seat. Vessel is8

fitted with a water heater (below the counter in the afthead that uses main engine coolant as a heat source.All the ball valve seacocks are functional and showdouble hose clamps.Vessel is fitted with a 12v DC par diaphragm bilgepumps below the navigator’s seat with suction and floatswitch in the main cabin bilge.A fixed engine crash pump system bilge pump withmain cabin bilge suction is mounted in the main cabinbilge (engine room). 12v DC deck wash down pump ismounted in the forward cabin.deck hardware: Vessel is fitted with stainless steeldouble course bow and stern rails connected withdouble course vinyl covered lifelines supported bystainless steel stanchions mounted inboard of the holedaluminum toe rail mounted along the sheer. Lifelinegates are fitted to port, starboard and astern. The sidedeck gates show fold down two rung stainless ladders.Navigation lights are mounted on bow and stern railsand aloft on the mast.A double roller anchor platform is fitted at bow.Foredeck shows hawse holes, 2 bow cleats, anchorwindlass, forward cabin ventilation hatches and boxwith custom covers. Side decks show midships cleatsand sail tracks.Cabin top shows approximately 6 opening hatches,natural teak grab rails, ventilators, mainsheet, dodger,winches and companionway hatch.Cockpit shows bench seating to port and starboard.9

Helm (two) is centered aft with grab rail, instrumentcluster, engine controls, binnacle compass and dropleaf table. Engine gauges and instruments are belowhelmsman’s seat. A cockpit awning is mountedoverhead.Aft deck shows propane and lazarett lockers.Outboardmotor inflatable dinghy, new liferaft,horseshoe buoys and propane grill. A stainless steelbracket for a self steering wind vane is fitted to stern.Additional hardware includes: Barient 37, 27, 36, Stalok components, Meissner (30 ST-53), Lofranswindlass with two anchors, Profurl titanium.Superstructure and cuddy cabin: The moldedsuperstructure shows good condition with molded nonskid surface on all tread areas. No cracking is seenaround the lower shroud chainplate. New custom workbeing completed at time of survey.Standing Rigging: No attempt made to examinemasthead fixture above the level, which can beobserved from deck. A qualified rigger should beengaged to inspect and tune the standing rigger.CHAIN PATES: pass through the deck and areanchored into the main bulkhead at foreward end ofsaloon. BOOM: Serviceable. STAYS andSHROUDS: stays and upper shrouds are stainless wire.Serviceable for intended use. TURNBUCKLES:turnbuckles and toggles are serviceable, pinned, andtapped. WINCHES: Winches were spun and areserviceable. HALYARDS, ROLLER FURLING,BACKSTAY ADJUSTER, and BOOM VANG areserviceable. SAILS: the main was uncovered but notraised. *10

Helm Hynautic Hydraulic. New steering cables andfittings. New cable system between wheel and rudder.B.Cabin Interior- The forward cabin shows inside accessto the chain locker, V- berth, lockers, drawers, openingoverhead hatch seat and hanging locker. The forwardhead (3) is next aft to starboard with ElectrScanmanual marine toilet, stainless steel sink with pressurefaucet, hang shower, opening cabin side portlight,opening overhead hatch and sump pump drainage. Theguest cabins with opening cabin side portlights,opening overhead hatch, over/under single berths andhanging locker is across the forward passageway toport.The main cabin is next aft and shows a “L” shapedsettee with fold out dining table to port with lockersoutboard. A pull out settee/berth and lockers are tostarboard. The main cabin shows seven opening cabinside portlights, two opening overhead hatches and afive step companionway center aft. The navigationtable is aft to starboard in the passageway to the aftcabin. The galley is in the port side passageway to theaft cabin.The starboard passageway shows the ensuite head forthe aft cabin. The head shows features similar to theforward head. The aft cabin shows hanging lockers toport and starboard, double berth to port, single berth tostarboard, two opening cabin side portlights andopening overhead hatch.Dual A/C and heat system, Marine Air systems. Fwd.11

unit (16,000 btu) and fwd unit (7,000btu)New galley countertops and heads.C.Propulsion System: Diesel Caterpillar 3208, engine andtransmission located below the galley sink counterbelow the cockpit and accessible from main engineroom door aft. Dual diesel filtration system andonboard fuel polishing system. Port engine serial 75V08301 Strb75V08296 Two Racor model 75/900FG diesel fuel waterseparator.D.Electrical System: 12 volt DC power generatored bythe engine mounted alternator or the onboard HeartInterface battery charger/inverter when AC power isavailable.110/220 volt AC power could be provided by shorecord to the grounded marine socket located on the aftdeck.New inverter/charger: 4 D type 12 Volt batteries (1 per engine starting) 10 (6 volt) batteries rigged in parallel series. Blues Seas battery switches (4) Single switches on helmsE.Fuel Systems: 2 stainless steel diesel fuel tanks, which12

F.G.H.I.J.K.appear to be newly fabricated. Fuel selector switchesin engine room. Capacity unknown. Tank has beencleaned and re-sealed with new gasket material. Onlypartial access to tank accessible but do not appear tohave been encapsulated in foam or FRP. Tank materialunknown. There were no tank labels found howeverappear to be fabricated of either aluminum or coatedsteel (metallic) material.Fresh Water Systems: 3 fresh water tanks. Tanks arelocated port and starboard main cabin and V-berth.Reported to hold 225 gallons total approx. RebuiltAquawhisper water maker, about 14 gallons per hour.New pump, membrane, charcoal element.Sanitation System: Holding tank in main bilge, appearsoriginal. New Electro Scan system in all four heads.Steering System: Hydraulic. Steering moved therudder easily without binding or chatter. An emergencytiller is reportedly stowed aboard. Vessel is fitted withauto pilot with controls at the helm and machinery inthe lazarett.Ground Tackle: Vessel is fitted with a functional 12vanchor windlass with drum and gypsy and deckcontrols. Bruce 399’ with ¾” nylon rode, Danforth250’ with 5/8” nylon rode, CQR 278’ with 5/16” chain,Fortress 168’ with 5/8” nylon rodeElectronics/Navigation: 1- Apelco VHF radio, Simradinstruments: compass, tack, wind, electronic compass,Garmin depthfinder. Faria Gauges: RPM, engine oilpsi, water temp, volt. Simrad AP20 with alarm. TwoPlastimo compass offshore 105. 1- Heart Interfaceinverter/battery charger. Main sail and missen sailswitches. Additional VHF and electronics at sternhelm located starboard.Through-Hull Fittings: Bronze, hoses double-hoseclamped.13