Introduction
Confused about whether you should buy or purchase a barge or rent one?
It is very difficult and challenging to decide whether to rent a barge or purchase a barge for your offshore project as there are both advantages and disadvantages to both renting and purchasing.
So, how can you make a choice between the two? There are some deciding factors that can help you choose between the two options. Those factors are the scope of your project and future projects as well as the expenditure needed for both the options that are renting a barge or purchasing. These options can help you decide whether renting or purchasing a barge is a better fit for your project needs. There are many best barge manufacturers in India who provide barge on rent as well as barge for sale.
Below are some of the advantages and disadvantages of both renting and purchasing barges to help you figure out which of these options is more ideal for you:
Some Problem Areas and How Pontoons/Barges Can Overcome Those?
- The mine owners or operators of big mining companies have the question of managing mining tailings in front of them. These companies make use of mining pump pontoons. These mining pump pontoons drain excess water from the tailings dam to manage mining tailings. Different types of modular industrial pontoons play important roles in mining industries, manufacturing industries, etc.
- Some big manufacturing industries, water infrastructure industries, or mining industries have a need of carrying heavy machinery or heavy pumping equipment in oceans. These industries make use of pontoons or barges as walkways in marine applications. They prove themselves effective in harmful marine environments such as the high presence of solids, salt water, etc.
- A point of concern for some water infrastructure industry manufacturers can be desludging and pumping effluent water from holding ponds. A floating pontoon equipped with heavy pumping equipment can be a useful solution for this.
- Flooding of mines is a big problem in front of mine operators. If such flood situations occur during mining operations then a mining dewatering pump mounted on a pontoon can give them relief. Such pump-mounted pontoons can be used as walkways to handle such flood situations.
Pros of Purchasing a Barge Over Renting
Purchasing a barge has multiple benefits over renting as given below:-
- If you know you will be going to use the barge for years to come on multiple different projects, then this can save you money over the long haul.
- You can claim a deduction in business tax for the cost of the barge.
- Barges can last for decades. You can expect your barge for quite a long while if you buy a new or fairly new barge.
- When you need to use the barge as soon as possible, you don’t have to deal with any waiting periods. Once you are done using the barge, you can sell it or rent it out yourself.
- Buying a used barge can save you a great deal of money, especially in comparison to renting a new or fairly new barge.
Drawbacks or Disadvantages of Purchasing a Barge
Just like benefits, there are many disadvantages or drawbacks to purchasing a barge, those are:-
- To insure and secure the barge you will need to pay more insurance to actually insure the barge than simply paying the price to insure the project.
- On the other hand, if you rent a barge, typically, the owner of the barge has to cover some of these insurance costs.
- When you purchase a barge you have to pay for routine maintenance and repair costs.
- Renting a barge makes more sense for a short-term project than buying one.
- You will have to bare the transportation costs on your own in terms of getting the barge from one project to the next.
- You have to pay for storage costs or mooring costs when the barge is not in use.
So, till now, we have seen the pros and cons of Purchasing a barge, now it is also important to look at the advantages and disadvantages of renting a barge too! So that you will come to know how purchasing a barge is a good option for you over renting!
Benefits or Advantages of Renting a Barge
Along with the benefits of Purchasing a barge, there are several benefits to renting a barge too, those are:-
- You won’t have to worry about depreciation since you don’t own the barge.
- You can try out the latest and newest barges with the latest and newest features due to the “renting facility”.
- It is easier to swap out a barge with another one that better suits your project as needed. You can try out different types of barges before you buy them. And then you can decide which one to buy in the future.
- There are no maintenance expenses when you rent a barge because the owner of the barge is required to handle routine maintenance. Insurance costs are lower too when you rent a barge.
- Renting a barge eliminates the need for long-term capital investment.
Cons of Renting a Barge
- There may be a waiting period for popular types of barges, particularly during busy seasons in offshore construction.
- If you know beforehand that you are going to use a barge for several different projects for many further years to come then it would be always better to opt and purchase a barge available for sale than rent it.
Although, there are very few drawbacks to renting a barge that does not suggest that renting is always a better choice than purchasing a barge.
Instead, the benefits of purchasing listed above can definitely be fascinating enough to influence a good number of companies to choose and purchase a barge that is available for sale rather than rent.
In spite of all the points discussed here, at the end of the day, what is important is your unique project needs and budget which will determine which option is better for you!
So, go ahead and find your suitable choice!
Whatever choice you make, purchase or rent, we provide both options to you. We are one of the leading barge manufacturers in India. At Perennial Technologies Pvt. Ltd. we have barge for sale as well as barge on rent. You can visit our website https://powerrental.co.in/ for more details.
