Why traditional inspections are failing to capture real vessel risk

Nick Owens, of Idwal, warns that traditional inspections must be adapted to remain fit for purpose in the 21st century as technology takes over

For decades, vessel inspections have sat at the heart of maritime risk management. Owners commission them, charterers rely on them, insurers price against them and financiers treat them as a prerequisite for capital allocation. Yet when we look objectively at the causes of serious incidents, value impairment and operational failure, an uncomfortable truth emerges; many of the risks were visible well before the event. They simply were not interpreted, connected or acted on.