Idwal’s Pre-Sale Inspection Service Makes Waves Across S&P Sector
Cardiff based Idwal is no stranger to innovation.
Unlike any other inspection company, Idwal owns and develops its own technology to ensure that it is designed for optimum use for both customers and surveyors. Idwal’s proprietary digital inspection framework and online platform allows clients to view and understand the condition and risk of their ships better than ever before.
Recently, their new Pre-Sale Inspection service has disrupted the way the S&P market approaches inspections and has now caught the attention of some of the biggest names in shipping – many of whom have completed multiple successful transactions based on Idwal Pre-Sale reports, which suggests that this is rapidly becoming the new, accepted way of selling ships.
Talking about the development of the Pre-Sale service, Idwal CEO Nick Owens said ” Typically owners have elected to place their vessel on the market via brokers and then wait for multiple interested parties to inspect the vessel. This process has often been chaotic and disruptive, and with the ongoing Covid-19 risk to seafarers and global travel restrictions, it has become challenging for sellers to manage the traditional pre-purchase inspection process”.
As the market leaders in this sector, Idwal recognised that as an opportunity to offer a new solution to this problem, at a time when the industry really needed it.
The new solution, which sees a single surveyor conduct a Pre-Sale Inspection on behalf of sellers, greatly reduces the risk of virus transmission on board the vessel and allows reports to be distributed in a controlled manner, to interested buyers for a fee.
Owens continues “We decided it was time to change the way we approach the market and provide a quality alternative that not only reduces the amount of physical contact onboard and the risk of COVID-19 infection but provides a single, credible inspection report to the global market, with a transparent approach and the added benefit of an attractive “rebate” system which can significantly reduce the inspection costs”.
Market data suggests that the Pre-Sale Inspection service is proven to enhance the number of serious buyers and the potential for ‘clean’ offers, which in turn increases the chances of a successful transaction and creates a more level playing field between buyers – all the while providing a cost-effective solution that often neutralizes the original inspection costs thanks to the unique rebate system for every report redistributed.
Idwal’s data suggests that a third of all S&P transactions are now conducted using the Pre-sale method, with reports on average distributed between 4-7 times per inspection, to interested buyers.
Head of Idwal’s Customer Team, Adam Compton adds “Since launch we have seen well over 300 Pre-Sale inspections conducted with an incredibly positive response from the sector. More and more of our S&P clients are turning towards the Pre-Sale approach as a better way to sell their ships and thanks to its success, we expect to see our market share of global S&P inspection volume exceed 50% by the end of the year. Buyers see huge value in the framework thanks to Idwal’s well-known status as an independent, market-leading inspection company and their trust in the Idwal Grade, which combined means they know the information in front of them is reliable and always consistent”.
The service is proving popular enough that other survey firms have begun to replicate Idwal’s Pre-Sale concept, but Idwal believes caution should be exercised.
“We have implemented strict processes and procedures to ensure all of our reports are truly independent and never influenced by the seller. A lot of these businesses imitate the idea of selling the report, but vessel buyers must beware of reports which may have been edited to suit the owner’s agenda” continues Compton.
Furthermore, it is crucial for buyers to ensure that any data presented to them, is authentic and original, and has not been adjusted or edited prior to distribution.
Alongside their success in the S&P market, Idwal continues to support owners, finance houses, and managers across the globe, working closely as an outsourced partner to several blue-chip owners, financiers, and brokers. “We’re conducting an average of 7 inspections every day and that volume is ever-increasing” says Owens. “We have seen more and more clients recognise the value of a key partner with reports which are reliable and consistent, and which have been validated by a highly skilled technical team of experienced technical experts and -seafarers”.
With the volume of Pre-Sale Inspections increasing month on month, Idwal believes that it has a huge role to play in S&P beyond the pandemic and in the years to come.
Idwal builds on over one hundred years of heritage and an ethos of quality, innovation, and integrity, and is known for accurate, consistent, and objective inspection reports as well as a continuous commitment to raising the standards of ship inspections worldwide.
Supported by our offices in the UK, China, and Greece and over 245 surveyors worldwide; Idwal’s inspection reports and the Idwal Grade has become the ‘gold standard’ financial institutions, ship owners, and other stakeholders believe in and trust.