Cardiff-based Idwal, a market leading inspection provider, has released a new Pre Sale Inspection service aimed at supporting sellers when placing a vessel on the market.
Idwal Chief Executive Officer Nick Owens says, “selling a vessel has historically meant placing your vessel on the market and waiting for numerous potential buyers to send their own inspectors”.
“The waiting game can seem endless, from waiting for a potential buyer to request an inspection, to arranging a suitable location, and then waiting for the buyer to receive the inspection results. Ultimately, the seller loses control of the inspection process and can also invest a significant amount of time and resources both onboard and ashore, in simply supporting the multiple inspectors, each of whom have different requests for information and place different demands on the sellers.”
“In the end, sellers have to simply wait and hope that the buyers’ make a fair and reasonable judgement on the condition of their vessel and that the efforts spent in coordinating the multiple inspections, result in a firm and attractive offer”.
“With the current COVID-19 pandemic, owners are quite rightly cautious about allowing inspectors onboard, particularly multiple inspectors at one time”.
Idwal Chairman Chris Williams mentions that Idwal are already seeing huge market demand for the Pre-Sale Inspection service.
“In response to global challenges the shipping industry is facing during the COVID-19 pandemic, Idwal has been busy working with leading shipowners from around the world to create a service that not only reduces the amount of physical contact onboard and minimises the risk of COVID-19 infection, but also removes a large part of the time and administrative burden which is normally seen when placing a vessel on the market.”
The Pre Sale Inspection allows sellers to remain in control of the re-marketing process and ensures that vessels are presented to the market with absolute consistency utilising the unique Idwal Grade to generate high quality reports that are well known and trusted by organisations around the world. Parallel to this, Pre Sale Inspections allow the unique offering of a rebate against the initial cost of the vessel inspection. Upon written request to sellers, potentially interested acquirers of the vessel(s) can request access to the reports and data from Idwal for an agreed fee with the report sales to potential Buyers of the vessels being split equally between the Sellers and Idwal. Using their state-of-the-art digital platform and framework allows Idwal to distribute reports immediately with a single digital delivery, giving a competitive market advantage.
The Pre Sale Inspection service is now being put into use by shipping companies around the world – resulting in confirmed sales with attractive market pricing and a much simpler process for the Seller.
Nick Owens – Idwal CEO
Idwal currently has a network of over 300 expert Master Mariners, Marine Surveyors, Chief Engineers, Naval Architects, and more. Covering over 800 ports in over 90 countries and with thousands of inspections issued since Idwal’s launch, organisations have found Idwal’s global coverage vital during travel restrictions.
Idwal is an independent source of inspections and market data, with organisations around the world trusting and relying on Idwal reports for acquisition purposes.
Source: Idwal Marine