The demands of decarbonisation and tighter inspection regimes are revealing stark differences in so-called sister ships
Speaking at the Marine Money Asia Week event in Singapore at the end of September, Idwal chief executive Nick Owen reported on the significant delta between the physical inspection scores of two MR tankers that were built in the same shipyard in the same year.
Idwal undertakes physical presale and other inspections for a wide range of clients and has a rigorous standardised inspection regime which grades each vessel with a comparable score by equipment and an overall score.
According to Mr Owen, this allows deep and significant comparisons across vessel type sectors.
“Over the last three or four years, we have inspected aabout 10,000 ships. We now have a significant proprietary dataset on a cross section of the world’s fleet,” he said.
Taking two MR tankers as an example, both were built in the same yard in South Korea, both are 14 years old, both operated by recognised (but unnamed) management companies and both vessels were inspected around the same time.
“The market value of the two vessels was the same, around US$16M,” said Mr Owen, “Ship A scored an Idwal grade of 79 and ship B a score of 65.”
To place the difference of the vessels in context, Mr Owen noted the spread between the vessel series showed that ship A had one of the highest grades among peers – in excess of the peer average, but ship B was far below the average and low in terms of the standard deviation for peers and the MR tanker segment.
The human element of the SIRE 2.0 inspection will be discussed by OCIMF technical project manager Duncan Elsdon, and INTERTANKO and Tsakos Group vetting and inspections manager Anastasios Kartsimadakis at the Tanker Shipping & Trade Conference, Awards & Exhibition 2022 in Athens 9-10 November. Register your interest here.
