In a radical shift from the often time-consuming and laborious process of negotiating repair and retrofit contracts, the digital model is designed to provide instant quotes for routine repairs, show shipyard availability, and give owners and operators priority access to available shipyard slots.
NMS managing director Ege Akcasoy said that the network of participating shipyards is likely to be expanded from the initial ten companies with facilities in China, Indonesia, Oman, Singapore, South Korea and Turkey. However, the existing yard network lies close to routes accounting for more than 70% of world seaborne trade, the company said.
Akcasoy outlined the benefits for all parties. For shipowners and operators, platform data provides instant ship details, there are standard terms and conditions, substantial time savings, on-site project management by NMS technical personnel, extended payment terms of up to 24 months for qualifying owners and assets, and a 24/7/365 customer support scheme across the world.
Meanwhile shipyard would benefit from a more efficient contracting process, a shorter response time, improved productivity, more visibility, and confidence that Newport customers would be more likely to proceed with a project than a conventional repair customer negotiating with several yards all bidding for his business. The digital setup will also provide an additional sales channel for participating yards.
For owners seeking extended payment arrangements, Newport financial personnel will carry out a rigorous due diligence appraisal, focusing on the shipowning entity and the revenue generating capability of the ship.