Confidential · Walhus & Dolgin · not for distribution
References · the research spine

Know the whole field.

70 vetted sources across every industry the $4M plan touches — villa rental, direct distribution, cruise & shipping, resort construction, hospitality valuation, and the Thai legal ground rules. The plan cites real numbers; these are where they come from.

Travel-industry intelligence

Know the water

Villa rental & management — the cash engine

Sell the experience

Direct booking & distribution — beat the OTAs

Own the demand

Cruise & shipping — the small-ship lane

Pioneer the niche

Cruise Lines International Assoc. (CLIA)cruising.org

Primary global cruise body; State of the Cruise Industry, expedition/small-ship capacity (+150% 2019-29).

IAATOiaato.org

Antarctica tour-operator body; expedition passenger volumes (118k in 2024-25, ~17% CAGR).

VesselsValue (Veson Nautical)vesselsvalue.com

The closest existing 'Zillow for ships' — 76,000+ vessels, 100,000+ transactions; proves HulloShips demand.

Veson Nauticalveson.com

Maritime freight & vessel-valuation technology; parent of VesselsValue.

Horizon Ship Brokershorizonship.com

S&P brokerage with live cruise/expedition vessel listings worldwide.

Ocean Marine Brokerageoceanmarine.com

Used cruise, day-cruise and expedition vessels for sale.

YachtWay — Cruise Shipsyachtway.com

Online marketplace with current asking prices for passenger/expedition vessels ($3-25M small ships).

IMOshipsimoships.com

Marketplace for passenger ships, expedition vessels, ferries and catamarans.

AdventureSmith Explorationsadventuresmithexplorations.com

Small-ship/expedition specialist; private-charter cost guidance and per-person day rates.

Bancosta Cruisebancostacruise.com

Cruise division of shipbroker Banchero Costa; charter cost data.

HandyBulk — Brokers' Commissionhandybulk.com

Shipbroking reference — S&P commission ~10% of sale; chartering ~1.25-2.5%.

The Maritime Executivemaritime-executive.com

Maritime trade press — cruise growth and orderbook trends.

Verified Market Research — Expedition Cruiseverifiedmarketresearch.com

Expedition cruise market $2.39B (2024) → $4.5B (2032) at 17% CAGR.

Resort construction & development — own the asset

Build the value

Hospitality economics & valuation — the $4M math

Value the build

Thailand market & regulation — the ground rules

Build it legally