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.”

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