Radical change in strategy for tanker shipmanagement company

Tanker shipmanagement company Wallem’s new chief executive Frank Coles is a well-known advocate of change, having instigated radical solutions in his previous role as chief executive of Transas.

• Frank Coles has a vision for the shipping industry, and you might not like it
• Shipping faces the perfect storm of technology
• IMO must set ship connectivity standards
• Disruption has begun, we just need to remove the final roadblocks

Mr Coles has laid out his vision of how shipmanagement companies should develop their relationships with clients and believes a lack of transparency is inhibiting collaboration and preventing owners from making the most of their vessels.

“Giving owners a clearer view of fleet performance and operational status paves the way for building a more constructive relationship. Wallem has an opportunity to grow by taking the initiative in tackling the shortcomings of the traditional model,” he said.

“The new business model with technology also means that transparency needed in the new model in terms of business ethics and transactions for gaining business. 

“This is not only about clarity of the operations but how you get the business in the first place.”

Clarity is key to making better decisions and ultimately improving performance, according to Mr Coles. It will help at a fleet level by maximising asset utilisation, at a vessel-level by helping individual ships run at peak operational capacity, and at an owner level by helping them address ever more stringent regulatory requirements and get to grips with emerging trends such as digitalisation.

“We want to be consultative experts and provide world-class support to owners as they grapple with industry-wide challenges such as IMO’s sulphur cap and the menace of cyber-threats, while maintaining a competitive edge in an increasingly tight market,” Mr Coles said.

“These are the issues shipping is contending with as we head into the 2020s and the current approach to shipmanagement just isn’t compatible. By identifying what matters, our new vision sets us on a path to fix that disconnect once and for all.”

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