Bureau Veritas Shows Growth

Monday, April 28, 2003
Bureau Veritas has improved financial results for the 2002-2003 financial year. Strong growth in both revenues and profits confirm BV's absolute leadership in this sector. Turnover, at EUR 1.145bn, was up 13 per cent on 2001. Consolidated operating profits grew by 22 per cent to EUR 121m. Group post-tax profits surged by almost 45 per cent to EUR 86m, while total equity is now almost 250 per cent greater than it was five years ago, thus emphasising the extent to which the Group has grown and the resources that shareholders contribute to ensure increased future growth. BV's marine activity grew by a further eight per cent last year as part of a continuing upward trend. During 2002, BV's classed fleet grew to a record 6,600 vessels totalling 40m gt, and its share of the world newbuilding orderbook also grew to over ten per cent, with an especially strong performance in technology-led sectors such as LNG, passengerships and chemical tankers. Bernard Anne, managing director of BV's marine division, says, "These results are very satisfying, and I am proud of the Marine Division's contribution to our global growth. Being part of such a strong group allows us to bring major resources to bear on specific problems in a way others simply cannot afford. During last year - and it is still ongoing - we have focused heavily on bulk carrier safety, and on finding practical, workable solutions within IACS which will have global application and behind which the industry can unite." Anne says BV will shortly publish a set of guidelines for bulk carrier construction. They are aimed at helping owners to decide on structural configuration and to assist them in negotiations with yards. "We are concerned that, in the rush towards demanding double hulls for everything, our political leaders may have lost sight of practicality," continues Anne. "Double hulls for new tankers are now a fact and have become the standard design. This concept is now beginning to be applied to bulk carriers. But we all know that double-hulls are not a panacea and they have pros and cons. Single-hull bulk carriers can be just as robust, and there are many good robust ships out there today with a useful life. I would much rather see a single-hull ship built to high standards and then well maintained by a quality owner, than have a double-hull ship built down to shipyard minimums, then maintained at minimum levels. "We simply don't believe that you can design every problem out of a ship's structure, as maintenance will always be the key factor in how safe a ship is as it grows older. Let's take the example of single hull tankers built between 1986 and 1996 which under the proposals the EU is pushing forward will face early scrapping in 2010, the youngest being only 14 years old. Most of them are well built and well maintained by quality owners. We as an industry should be able to propose new techniques and methods including FEM calculations and fatigue analysis for assessing the capacity of these ships to operate in safe conditions up to their normal lifespan. What makes the real differences between the strength of ships is much more often a matter of build quality and maintenance than a matter of design. “In BV, we trust in the development of new technologies. Whatever will be the future design of ships, double or single hull, these developments will contribute to make safer shipping and this is why, using our financial strength, we will continue to invest heavily in this field."

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No.

Hapag-Lloyd Buys Back US Bonds

German container line Hapag-Lloyd  Hapag-Lloyd settles a high-yield dollar bond partly prematurely. The carrier would seek to pay off $125m in principal on its

NY/NJ Port Authority Sees Debt Issuance of $1.2 bln in 2016

The Port Authority of New York and New Jersey sees consolidated debt issuance of $1.2 bln in 2016 compared with $1.5 bln this year, according to its $7.9 billion 2016 budget released on Monday.

Fuels & Lubes

Ship Spills Oil in Whangarei Harbour

A Hong Kong-registered ship, Ning Po, has leaked some fuel but it is unclear how much has been spilled or what the cause of the leak was, say local media reports.

Stern Tube Lubricating Options from PANOLIN

PANOLIN America, Inc. announced it is now offering customers more stern tube lubricating options.    With the success of STELLA MARIS stern tube lubricant, PANOLIN

Europe-Bound Diesel Diverted to Asia

At least two tankers redirected to Singapore; Vitol floating storage vessel also heading East. Diesel cargoes which had planned to discharge in a heavily-supplied

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.0897 sec (11 req/sec)