Quadrise Marks Move to 24-Hour Per Day Production of MSAR Emulsion Bunkers

Quadrise's MSAR emulsion bunkers unit at Cepsa's refinery moved to 24-hour per day production in January 2017.

Quadrise Fuels International plc (Quadrise), in its interim financial results for the six month period ending December 31, 2016, says its Multiphase Superfine Atomized Residue (MSAR) emulsion bunkers unit at Compañía Española de Petróleos, S.A.U. (Cepsa) refinery successfully moved to 24-hour per day production in January 2017.

As Ship & Bunker has reported, Quadrise confirmed earlier this month that the recent trial of its MSAR emulsion bunker fuel with Maersk has been successful to date, but must be suspended following news the trial vessel is set to be redeployed.

"The performance of MSAR on the marine trial vessel has been positive and we expect the recent interim inspection to confirm this. We are now closely engaged with our partners to expedite the interim LONO," said Mike Kirk, Executive Chairman of Quadrise.

"This should put us in a good position to progress discussions on commercialisation of MSAR within the shipping industry.  At the same time, we are defining the scope and plans for the resumption of the trial to achieve a full LONO and exploring options to accelerate the timetable for commencement of the combustion trial in Saudi Arabia."

The company says that it raised £5.25 million ($6.61 million) in November through a Placing and Open Offer of new ordinary shares, which Quadrise notes was oversubscribed 2.5 times.

Quadrise says it has no debt to report for the period and had £7.0 million ($8.81 million) in cash reserves as of December 31, 2016, up from £6.5 million ($8.18 million) during the same period of 2015.

Meanwhile, Quadrise reports a loss after tax of £2.4 million ($3.02 million) with total company assets of £11.5 million ($14.47 million) as of December 31, 2016, up from £10.8 million ($13.59 million) during the same period of 2015.

"Whilst there remain challenges ahead, we strongly believe that MSAR continues to provide a compelling economic and environmental case for adoption by both producers and consumers and continue our efforts with existing clients and the wider target markets in order to migrate to commercial operations at the earliest opportunity," said Kirk.