Idwal has announced that all inspection reports will now also include a data comparison feature that enables vessel operators and shipping financiers to understand how their vessel compares to others in the same sector. This is a free upgrade to all inspection reports for customers.
The company has been using The Idwal Grade® in its reporting since 2018. This an industry recognised measure of asset integrity that is programmatically calculated using proprietary algorithms from over 500 individual data points, captured during a rigorous and standardised inspection process.
The Idwal Grade is represented on reports as a number between 1 and 100 for easy visualisation of the integrity of the vessel. Each individual grade can now be plotted with other vessels of a similar type so the operator or financier can see the asset in the context of the market.
Idwal CEO Nick Owens explained: “We inspect thousands of vessels a year and have been doing so for many years. Using the Idwal Grade consistently enables us to clearly see where one vessel sits in relation to others in the same sector. We are providing this tool as a free upgrade to our reports following feedback from many customers who are clear about the integrity of their vessel(s) from our reports but have an interest in understanding how their grade compares to others and where they sit in marketplace. “
“We are a vessel inspection business firmly built on a data-driven methodology that ensures our reports are consistent, accurate and free from bias”, continued Nick Owens. “The data we have available provides our customers and ultimately the industry with more visibility and understanding of the world’s fleet and we will start to provide more tools and insight over the coming months and years as we develop this aspect further.”