Sojitz Marine & Engineering Invests in Ecochlor

Press Release
Thursday, March 15, 2012

Ecochlor Inc. announced that it had recently completed a $4.1 million equity financing to support its growth into the burgeoning ballast water treatment market.

 

Investors participating in the financing included Sojitz Marine & Engineering Corporation, the shipping subsidiary of the Japanese trading company, Sojitz Corporation, and a number of individual investors.


Sojitz invested $1.8 million. As part of the financing, Sojitz became the exclusive distributor for Ecochlor’s products in Japan and Taiwan and a non-exclusive distributor in China and South Korea.

 

“We are pleased to have the support of Sojitz, both as an investor and as a distribution Partner,” said Charlie Miller, Ecochlor’s CEO. “With the strength of the Sojitz sales and marketing network in Asia, we are better able to take full advantage of opportunities in the emerging ballast water treatment market in that region. Coupled with recent international regulatory approvals, we are well positioned to help shipping companies around the world meet new environmental standards, and protect the oceans and waterways.”

 

Large, ocean-going vessels have long used seawater in their ballast tanks to stabilize cargoes. As ships fill their ballast tanks with water in one region of the world and discharge it in another, invasive plants and animals can be released into new ecosystems with disastrous effect. To address this issue, the International Maritime Organization (“IMO”) adopted certain standards in 2004 which would require ships throughout the world to eliminate invasive species in their ballast water. The long process of ratification of these standards now appears to be reaching an end. When this occurs, approximately 60,000 vessels will be required to install ballast water treatment systems. Some estimates place the size of the market at over $30 billion over the next 10 years.
 

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

People & Company News

Location of New Port Expansion Projects: Analysis

When it comes to port development, many governments now favour letting the market decide where expansion should take place, whereas most other transport infrastructure,

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

GAC North America Passes the Helm to Schensema

GAC says it  has moved Claus Schensema to Houston, Texas, where he will take up the post of Managing Director of GAC North America Logistics. Schensema brings

Environmental

BOEM to Gather Data on Potential Oil & Gas Areas

As part of its commitment to a regionally tailored approach to safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM)

Rosneft Starts Up Field Work in the Kara Sea

On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will

MOL Commended with Quality Ship Awards

MOL Commended for ‘FY2013 Best Quality Ship Award’; MOL president Koichi Muto meets with captain and chief engineer, exchanging views and working to establish a more solid safe operation system.

Mergers & Acquisitions

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

Exxon eyes expanding Texas refinery

Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
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: 0.1349 sec (7 req/sec)