The North Carolina Department of Transportation (NCDOT) and the North Carolina Ferry System combined have many assets in place. This thesis primarily concerns the North Carolina Ferry System (NCFS). The NCFS has a sizable number of assets and a long-term asset management plan be put in place to help NCFS to make an informed decision regarding the acquisition, utilization, and disposal of their assets are indispensable. Previous research efforts have made an attempt to synthesize an asset inventory based on their condition index and apply them to a long-term asset management practices. This research focuses on the limitations of previous focuses and an attempt is made to find a better long-term asset management reporting practice. The concepts of Analytic Hierarchy Process, Asset Priority Index and Condition Index have been used here to develop a framework whereby the management at North Carolina Ferry Division (NCFD) can obtain a combined way to look at all assets, and can use the same to make strategic decisions regarding budget allocation, asset utilization, and disposal. These concepts have been applied to the 21 vessels currently under the NCFS.