Marine fuel oil emulsification technology firm Quadrise Fuels International (QFI) on Friday announced a non-underwritten open offer to raise up to £2.16 million (USD $2.75 million) in order to continue operations.
“If the company does not receive additional funding prior to 31 January 2019 pursuant to the Open Offer, or pursuant to a less attractive financing alternative secured thereafter, the board considers that it would need to consider the commencement of an orderly winding down of the business at that time,” it said in a statement.
QFI said it has renewed several existing relationships and signed a memorandum of understanding and MSAR® test programme with a European multinational integrated oil and gas company in the third quarter of 2018.
“Whilst the company has faced a number of challenges recently, and there continues to be some way to go before the company anticipates being able to progress to commercial projects, QFI and its clients believe that there are substantial opportunities in the power generation and marine markets for MSAR® in the near term.
“The recently announced business development milestones, which are further described below, are positive initiatives in this regard.”
QFI as at 30 June 2018, held cash resources of £2.2 million. As at 30 November 2018, the company had unaudited estimated cash balances of approximately £1.2 million and monthly expenses of approximately £220,000 per month.
Related: Quadrise Fuels enter MOU and pilot test programme for MSAR fuel
Related: Quadrise fuel emulsification projects suffer $4.32 million loss
Related: Quadrise: Economics for MSAR projects to improve with IMO 2020
Related: Quadrise: Marine fuel emulsification markets ‘positive’
Related: Quadrise emulsified fuel oil project suffers setback
Published: 10 December, 2018
Top three positive movers in 2021 were Hong Lam Fuels Pte Ltd (+14); Sirius Marine Pte Ltd (+12); and TFG Marine (+11); according to the latest data from the Maritime and Port Authority of Singapore.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.