TORM A/S on Tuesday (16 August) said it has purchased an ownership stake of 75% in ME Production (MEP) manufacturer and developer, a Danish developer and manufacturer of Marine Exhaust Gas Scrubbers (EGCS).
The new partnership builds on a year-long collaboration between TORM and MEP with the two companies working closely together, especially in relation to TORM’s substantial exhaust gas cleaning (scrubber) commitment.
MEP has gained expertise in developing and producing components for the maritime industry, including scrubbers for the shipping industry.
With this, the two parties have formed a successful JV partnership to produce scrubbers and other energy reduction equipment. Due to this, TORM has been able to install scrubbers on more than 50 vessels developed and produced by MEP or the JV.
TORM acquired 75% ownership from the present owner and founder, Jens Peter Faldt, with him maintaining 25% ownership of MEP. MEP will continue as an independent, stand-alone entity and will continue to serve its existing and loyal customer base.
The current management and production team at MEP will continue without any changes, and Jens Peter Faldt will continue as CEO.
Jens Peter Faldt, MEP’s CEO, said: “With the new ownership structure with TORM, MEP will have a stronger foundation to support the development of the business.”
“Our mission is still to create cleaner air by developing more green solutions and helping our customers to reduce their environmental footprint. That ambition is strengthened now that we are able to combine MEP’s capabilities in research and production of emission-saving equipment with TORM’s shipowning and ship management experience.”
Jesper S. Jensen, Head of the Technical Division at TORM, said: “We are delighted to enter into a further integrated partnership with MEP to continue our journey towards decarbonisation.”
“I am convinced that combining the experience and engineering resources at MEP with the operational excellence at TORM will help us in achieving our environmental targets, where we have decided to push fast forward to deliver a 40% reduction by 2025 and 45% by 2030 compared to 2008.”
Photo credit: TORM
Published: 18 August, 2022
‘Reaching project number 500 is a significant milestone for Corvus Energy and for the maritime community,’ says Corvus Energy CEO.
To write off amount owned by four counterparties due to ‘improperly accounted’ transactions.
Acquisition part of EMF’s preparation for 2020 to reach further up supply chain and operate as a more robust marine fuel logistics provider, says Director.
Assessment of technology readiness for zero-carbon solutions aims to provide an insight into current barriers to market uptake and identify new approaches, says LR.
It is also encouraging to see some innovative pilot projects hitting the order books including cruise ships run on liquid hydrogen powered fuel cells, says DNV’s Martin Wold.
High Court of Hong Kong ordered NewOcean to appoint liquidators from FTI Consulting (Hong Kong) Limited for New Ocean subsidiary Sound Agents Limited.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
