Yara Acquires Majority Stake in Green Tech Marine

Posted by Eric Haun
Monday, April 07, 2014
Image: GTM

Yara International will expand its emissions control business by acquiring a majority 63% stake in Green Tech Marine (GTM), a sulphur oxide (SOX) scrubber supplier to the marine industry.

“New International Maritime Organization (IMO) regulations are being implemented, and combining GTM with our existing Nitrogen Oxide (NOX) portfolio will help the maritime industry cleanse their emissions and be compliant,” said Yves Bonte, Senior Vice President and head of Yara’s Industrial Segment.

Within the next ten years, ships worldwide will need equipment to comply with the latest IMO exhaust gas emission rules. Starting January 1, 2015, SOX Emission Control Areas will be established in the North Sea, the Baltic Sea, The North American Atlantic Coast and in the Caribbean. According to the DNV “Future Development in Maritime Shipping” report, more than 15,000 ships are expected to be equipped with SOX scrubbers by 2020, representing a potential market of roughly €1 billion. GTM, a subsidiary of Marine Global Group, is an independent provider that has developed the smallest footprint SOX scrubber that can be retrofitted into any seagoing vessel.

“The synergies we have with Yara on technology development and market reach for maritime business, as well as their global reach, will allow us to take this business a step further and establish ourselves as a leading player in the global market,” said Peter Strandberg, CEO of Green Tech Marine.

The GTM investment is Yara’s third investment targeting technologies on emissions to air. Adding these technologies to Yara’s global reach and delivery system advances the company’s position in the emissions control business, now targeting the marine sector.

“In combining our existing portfolio of NOX technologies with SOX technologies, as well as with related supply of nitrogen based chemicals and services, we bring a unique total solution to the marine segment. This improves our delivery of a profitable business solution to harmful emissions to air,” Bonte said.

Certified by Det Norske Veritas (DNV), the GTM technology is a single stream technology which can be installed on ships instead of silencers. Easy to retrofit, it also benefits from a small physical footprint, and has already been selected by several companies, including Royal Caribbean Cruise Lines and Norwegian Cruise Lines.

Sulphur oxides cause a wide variety of health and environmental impacts. With asthma being the largest chronic disease of children in the Western world, authorities are addressing this issue through legislation. By using GTM scrubbers, ship owners can continue to operate on heavy fuel oil instead of more costly marine gas oil, while staying below the strict IMO requirements regarding sulphur emission.

yara.com

greentechmarine.com
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Evergreen Upgrades its Intra-Asia Service Network

Evergreen Line announced it will partner with Mariana Express in launching a joint South China- East Malaysia (SEM) Service. The new initiative will give a boost

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Environmental

Ballast Water Leadership

Admiral Paul Zukunft, the new U.S. Coast Guard Commandant, could fill the BWT leadership void. Global efforts to combat the spread of invasive species in ballast

BSEE Conducts Oil Spill Response Equipment Review

Earlier this week, BSEE's Oil Spill Response Division (OSRD) conducted an onsite review of oil spill response equipment listed in DCOR, LLC's Oil Spill Response Plan for platforms offshore Long Beach,

Polar Code Afoot

The IMO is on the verge of adopting the Polar Code, something that is important and long overdue. The International Maritime Organization (IMO), a specialized agency of the United Nations,

News

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Marine Equipment

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

NavStation to Launch at SMM

Touch screen technology has transformed everyday life and now, thanks to Norwegian e-navigation specialist NAVTOR, it is set to revolutionize operations onboard busy vessel bridges.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Mergers & Acquisitions

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Aker Solutions Update on Company Hive-Off

Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1640 sec (6 req/sec)