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 May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

FedEx Completes Takeover of TNT Express

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately.   The

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Fuels & Lubes

ABB Saves 700,000 tons Fuel for Marine Vessels

ABB’s environmental friendly Azipod propulsion system brings greater fuel efficiency to diverse shipping segments ABB today announced the total fuel savings

First Cruise Company Fined under Australia’s New Fuel Rules

Australia’s NSW Environment Protection Authority (EPA) has fined Carnival PLC $15,000 after one of its P&O Cruises ships, the Pacific Jewel, breached new low sulfur fuel regulations in Sydney Harbour.

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0904 sec (11 req/sec)