UK ship valuation platform VesselsValue has big growth plans as it celebrates its first 10 years in business.

The data-driven company says the core operation will continue to be nurtured so that it is as accurate as possible.

"We have significantly grown our data and trade teams to provide more cutting-edge products to help clients understand and predict global shipping demand from vessel level through to the global fleet," chief executive and founder Richard Rivlin told TradeWinds.

Diversification imminent

"We have become experts in building valuation models, so it would be remiss if we did not test this expertise in a new asset class."

This is a hint towards what Rivlin calls "a huge new project currently underway".

"We will be able to share this very soon," Rivlin said.

"For now, let's just say it’s a market as big as maritime, shares a lot of similar fundamentals, and is even more opaque than the shipping market."

The founder believes the algorithm-led model can bring some much needed transparency, objective valuations and intricate data to the new market.

The company said the shipping valuation service has been extended to cover pretty much the entire global commercial maritime fleet across values, data, AIS and trade.

"The only two outstanding ship types are ferries and offshore renewables — wind farm-related ships — both of which provide their own challenges in identifying correct and accurate data," Rivlin said.

"Of these, we will be launching our offshore renewables offering shortly, with ferries to follow."

Asian expansion

A new office in Shanghai is opening in the next few weeks — the company's fourth in Asia. A base in Hong Kong will soon follow.

This will make a total of eight global centres but more will likely be established.

"We're ambitious, growth-focused and appreciate the need to be as close to our clients as possible, so are likely to open offices in several other key territories to increase proximity to existing clients," Rivlin said.

He believes the geographical reach will also help in establishing VesselsValue as the company expands into new sectors.

"We are extremely ambitious and continue to reinvest profits to expand into new sectors with further innovations in trade analytics," Rivlin said.