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