New York-listed tanker company Frontline Ltd. (FRO) on Wednesday (16 January) increased its ownership interest in exhaust gas cleaning systems (EGCs) manufacturer Feen Marine Scrubbers Inc. (FMSI) to 28.9%.
“FMSI has gained market share since our initial investment, and we are pleased to see our ownership stake in the company increase,” said Robert Hvide Macleod, CEO of Frontline Management.
“Setting aside potential financial benefits, our ownership in FMSI has allowed Frontline to source high specification scrubbers on short notice, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches.”
FMSI, formed in 2017, has a presence in Batam, Oslo, Singapore, Athens, Mumbai, Shanghai and Seoul and has received orders for more than 150 EGCs systems since sales efforts were initiated.
As of 3 January 2019, FMSI had delivered 45 EGCs, and fully commissioned 18 systems.
In response to market demand, FMSI is increasing its production capacity through constructing a 40,000 square meter facility in Batam, Indonesia.
The new facility, which will commence operations in February 2019, will see production capacity increase five-fold at a time when some manufacturers are unable to accept scrubber orders due to capacity restraints.
Related: Frontline reiterates commitment to scrubbers
Related: Frontline acquires 20% stake in Feen Marine Scrubbers
Photo credit: Feen Marine Scrubbers
Published: 16 January, 2019
Write down based on mid and long-term prices, refining margin outlook post COVID-19, related macroeconomic energy market demand and supply fundamentals.
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