ShipVet Services
Maritime risk assessment for chartering oil tankers.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | £1.0m | Debt | |
| Total Funding | 000k | ||
In the high-stakes world of global shipping, risk is a constant current. In 1997, after more than 15 years at sea and a crucial tenure in BP’s vetting division, Captain Fintan Cullen spotted a critical gap. He saw the need for a trusted, independent service to assess the safety and reliability of vessels for the oil, gas, and commodities industries. With this playbook, he founded ShipVet Services. The company’s model was simple and effective: use seasoned master mariners—people who truly understood the ships—to provide expert vetting assessments. For over two decades, ShipVet grew steadily, building a strong reputation almost entirely through word of mouth, becoming a go-to partner for charterers needing to ensure a vessel was safe, compliant, and reliable. The business reached a pivotal moment in late 2024. After more than 25 years at the helm, Cullen orchestrated a management buy-in to steer the company into its next phase of growth. The deal, backed by a significant loan from Frontier Development Capital, brought in a new leadership team led by James Stairmand and Alan Duggan. Cullen stayed on as Managing Director, retaining a key stake in the company he built. With fresh capital and a new team focused on scaling the company’s digital platform and sales efforts, ShipVet is now poised to expand its reach. The transition marked the beginning of a new chapter, building on a quarter-century of maritime expertise to navigate the future of vessel compliance.