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PRE SALE INSPECTIONS

    Changing the way vessels are sold

    Selling a vessel has historically meant putting a ship on the market and waiting for numerous potential buyers to send their own inspectors onboard to inspect, and then waiting for the results of inspections and the subsequent price negotiations.

    Ultimately, sellers can lose control of the inspection process and can also invest a significant amount of time and resources both onboard and ashore, in supporting multiple inspectors, each of whom has a different request for information and ultimately has a different perspective on the condition of the ship.

    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 added complication of the COVID-19 pandemic, and global travel restrictions, shipowners are quite rightly cautious about allowing inspectors onboard, particularly multiple inspectors at one time.

    In response to these challenges, Idwal has developed a unique approach to handling S&P inspections which not only reduces the amount of physical contact onboard and minimises the risk of COVID-19 infection, but presents a single, credible inspection report to the global market, with an attractive “rebate” system which can significantly reduce the cost to sellers.

    Idwal Pre-sale inspections now feature in almost a third of all S&P transactions.

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    Why use the pre-sale method?

    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 can be 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.

    1. Enhances the number of serious buyers & potential for “clean” offers.
    2. Increases chances of a successful transaction.
    3. Creates a level playing field between multiple buyers.
    4. Permits reliance on the report data by all parties who purchase the report.
    5. Cost-effective solution, often neutralises the inspection costs.
    6. Sellers remain in full control.
    7. Reports kept confidential to serious buyers only.
    8. Helps preserve crew morale.
    9. High transaction success rate.
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    Why Idwal?

    With over one hundred years of heritage and an ethos of quality, innovation, and integrity, Idwal 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 240 surveyors worldwide; our inspection reports and the Idwal Grade has become the 'gold standard' financial institutions, ship owners, and other stakeholders believe in and trust.

    1. Idwal is the market leading inspection company in the S&P and ship finance sectors
    2. Idwal produces industry recognised reports and a unique vessel grading system which is recognised by many owners and brokers alike.
    3. Idwal reports can be relied upon and are recognised for their quality, consistency and objectivity.
    4. Idwal provides easy, flexible payment options for buyers looking to access reports.
    5. Idwal offers instant access to all reports via our own proprietary digital channels, as soon as payments have been received.
    6. Many clients already rely upon Idwal reports for vessel acquisitions.

    How does it work?

    The Pre-Sale Inspection method can be broken down into eight stages:

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    kEY fACTS

    • On average, Idwal inspects more than 50 ships every week.
    • Idwal has a global network of over 240 surveyors across 90 countries.
    • Average report re-sales per vessel is between 4-8 times.
    • Reports are delivered in 5 working days.
    • Reports delivered online, and shared under strict control.
    • Pre-Sale Inspections are now used in over 30% of all S&P deals.
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    Trusted by the best

    Pre Sale Inspections have been used and adopted by some of the biggest shipping names of the world. Find out more about what they say below.

    “K Line has used Idwal’s pre-sale services on numerous occasions to encourage an open and fair selling process for ships placed on the S&P market. The process is seamless, transparent and has generated high levels of interest in the buyers’ market with good, clean offers which have concluded in successful sales of K Line vessels.”

    K Line
    “As one of the largest shipping companies in the world, MOL has used the services of Idwal to conduct pre-purchase inspections of vessels which are marketed for sale. Idwal is a reliable and trustworthy company that always provides fair and independent inspection reports to MOL’s vessels in line with MOL’s attitude to be open and fair to the market.”
    MOL Group

    Get in touch

    If you have any questions about Pre-Sale Inspections, use the form below to get in contact with a member of the Idwal team who will be more than happy to help.

    Disclaimer

    • Inspection reports provided by Idwal are for the confidential use of the original customer, only.
    • Only reports which have been purchased from Idwal for a fee, via the pre-sale scheme, can be provided to other parties (i.e. buyers) and relied upon for commercial reasons.
    • Idwal does not recognise reports which have not been distributed under our control, and such reports cannot be relied upon for commercial purposes, nor can Idwal be held responsible for any subsequent loss or damage arising from reliance upon such reports and data.
    • All Intellectual Property Rights in connection with Idwal Reports, are owned by, and are the exclusive property of, Idwal Marine Services Limited, unless otherwise agreed.