Just to present a broker's valuation is fairly much discredited now amongst professional lenders. The likelihood is remote that the valuing shipbroker has seen the ship. Okay, so now you have lined up both the trade and the ship. All that glisters is not gold and an address in Akti Miaouli doesn't, on its own, make you a competent ship manager. Each choice has a price and a return.
None is 'the right answer' in every circumstance.
What about the future arrangement for the ship. Or 'social' - to avoid 'burdensome' safety and welfare regulations. Economies in this area are rarely prudent, nor should you expect that they will be appreciated by a reputable lender or investor. Overdue painting is not only unattractive and unappealing but also hastens the process of decline. They are an essential, central, cog in what should be the smoothly running machine of your shipping company.