Marine Rebound Strengthens RINA Results

By Mcihelle Howard
Monday, June 09, 2014
Ugo Salerno

International engineering, testing, certification and classification group RINA has reported improved results for 2013. Its performance was strengthened by an upturn in marine activities and a drive to improve efficiency and drive down costs.

RINA turnover for 2013 increased 4% to €294 million, while EBITDA was up 6% to €37.2 million.

Ugo Salerno, RINA Chairman and CEO said, “Returning confidence in the global marine markets and a new management team which took on their responsibilities with enthusiasm at all levels meant the group exceeded expectations in 2013. In 2013 we passed a turning point, both for RINA and for the global economy. We saw confidence returning across almost all sectors and in all regions of the global economy. Crucially, we also saw confidence building in RINA’s ability to take advantage of the opportunities which the improving economy presents.”

In the ship classification sector RINA Services’ classed fleet grew to 4,761 vessels totaling 33.5 million gt. The fleet ended the year well balanced across the bulk, tanker and passenger sectors. 231 new ships built to RINA class totaling 6.1 million gt joined the classed fleet. Shipowners who had experienced RINA’s service moved significant numbers of ships in service into RINA class during 2013. These included 21 Chinese-owned vessels and 79 Greek-owned vessels.

Shipowners responding to better markets began ordering ships again and that strengthened RINA Services’ order book worldwide. The year ended with RINA Services’ newbuilding order book totalling 650 ships of 4.8 million gt. Twenty-five of these are passenger vessels, including some major cruise ships.

Of special interest were new orders for two 620-passenger 40,350 gt cruise ships to be built at Fincantieri for Seabourn Cruises and Silverseas under RINA Class and two 3,500-passenger 124,000 gt cruise ships to be built at MHI, Japan for Costa/Aida, with dual RINA/DNV-GL class.

Salerno said, “Outside the marine sector we had a busy year of growth and diversification. That led to the acquisition of two smaller certification businesses, and at the year end, to taking a major shareholding in CSM, a leading material’s technology company. CSM gives RINA high level skills and technologies in testing, analysis and materials which will serve us across all industries, especially oil and gas. Further growth through acquisition is expected for 2014 following an initial investment of €25 million into the group in 2014 by Intesa Sanpaolo and VEI Capital.”

RINA also bore down on costs and improved internal performance during 2013. Salerno said, “Clarity in our structure is an important component of growth. It enables all our colleagues to see their responsibilities clearly and it enables us to drive the exact services our clients need to where they need them. That is why we made a clear division during 2013 between our E and TIC services. All our consulting Engineering services were consolidated under the D’Appolonia brand and all our Testing, Inspection and Certification services are concentrated under RINA Services and its subsidiaries. That clarity helps us streamline our processes and makes it easier for clients to find the service they need.”

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

People & Company News

Navy Autonomous Underwater Vehicle Delivery Milestone

Commander, Submarine Development Squadron 5 (CSDS 5), Detachment UUV, informs of the delivery of Large Training Vehicle 38 (LTV 38), an unmanned undersea vehicle (UUV),

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

Daihatsu Joins ClassNK Research Project

Classification society ClassNK announced that it will embark on a joint research project together with Daihatsu Diesel Mfg. Co., Ltd. Through the partnership, ClassNK

Technology

Navy Autonomous Underwater Vehicle Delivery Milestone

Commander, Submarine Development Squadron 5 (CSDS 5), Detachment UUV, informs of the delivery of Large Training Vehicle 38 (LTV 38), an unmanned undersea vehicle (UUV),

Policy Uncertainty Threatens to Slow Renewable Energy Momentum

IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The

Ecospeed Fuel and Cost Saving Solutions at SMM

Ecospeed announced it will exhibit its line of fuel and cost saving solutions at SMM in Hamburg. Ecospeed and fuel savings Routine in-water cleaning results

Shipbuilding

Keel Laid for Holland America Line’s New Ship

Holland America Line celebrated the keel laying of its new 2,650-guest Pinnacle Class ship on August 22 at Fincantieri’s Marghera shipyard in Italy. A 680-ton block

Jones Act is Critical to Conn. Economy

Study shows Connecticut shipbuilding industry worth $2.5 billion to state’s economy, supports nearly 23,000 jobs The American Maritime Partnership (AMP) joined

CWind Launches New Vessel

CWind, a provider of integrated services to the offshore wind industry, has launched its new vessel CWind Fulmar in a naming ceremony in Brightlingsea. The CWind Fulmar, built by CTruk Ltd.

Finance

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

US Rail Jams Force Rush to Roads and Rivers

U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low

News

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell, a 1991-built General Purpose Product Tanker “Jag Prachi” (28,610 dwt). The

Tullow Oil Exploration and Appraisal Update in Kenya

Tullow Oil plc announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. Etom-1

Vessels

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell, a 1991-built General Purpose Product Tanker “Jag Prachi” (28,610 dwt). The

Keel Laid for Holland America Line’s New Ship

Holland America Line celebrated the keel laying of its new 2,650-guest Pinnacle Class ship on August 22 at Fincantieri’s Marghera shipyard in Italy. A 680-ton block

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.3301 sec (3 req/sec)