Marine fuel emulsification technology firm Quadrise Fuels International (QFI) continued to post losses in its latest financial report for the year ended 30 June (FY) 2018.
It recorded net loss of £3.3 million (USD $4.32 million) in FY 2018, 20% lesser than net loss of £4.1 million in FY 2017.
Revenue in FY2018 was £9,000, 92% lower than revenue of £126,000 in FY2017.
Quadrise notes that the use of high sulphur fuel and on-board exhaust gas cleaning systems (EGCS or scrubbers) will be the lowest cost option to comply with the January 2020 International Marine Organisation (IMO) sulphur emissions regulations.
The economics of its emulsified synthetic heavy fuel oil (MSAR) fuel combined with EGCS installations on vessels are becoming increasingly favourable with the onset of 2020 and the market dynamic is assisting its ongoing engagements with refiners, shippers and engine manufacturers.
The company’s discussions with Maersk “have continued in relation to the Royalty Agreement and other associated issues and opportunities.”
“This has been a significant year for Quadrise, and whilst there was a major setback with our planned project in the KSA when our client could not deliver on its promises to progress the trial, I am very proud of the work delivered by the Quadrise team,” says Mike Kirk, Executive Chairman of QFI.
“After a prolonged period of stasis in the marine bunker market, the developments during the first half of calendar year 2018 provide a very positive outlook for Quadrise. We are using these catalysts to accelerate our business development activities with refiners and fuel consumers in the power, marine and industrial markets to progress MSAR® projects.
“Despite the challenges during the year, we have, through our activities, reduced risk in certain key areas. We realise that the path to success may not always be smooth, but we remain well placed to deliver on the substantial opportunities that we have; both directly and through our collaborative agreements with our partners including Freepoint and JGC.
“We are focused on building a sustainable business through the adoption of MSAR® technology at scale and through this to build investor confidence and value.”
Photo credit: Quadrise Fuels International
Published: 25 September, 2018
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