Quadrise: pursuing opportunities in the shipping space (file image/pixabay)
Quadrise, the UK-based company developing emulsion fuel oil for shipping and power plants, said it is looking to develop opportunities with other shipping operators following the end of the fuel trial with Danish shipping giant Maersk.
Maesk decided not to develop its relationship with the company's emulsion bunker fuel, MSAR, beyond the trial phase but reported a positive experience with the product.
Quadrise said on the basis of that positive experience plus its letter of no objection from Maersk and interim inspection report from Wartsila, it is looking "to develop opportunities with other operators to commercialise MSAR".
In addition, Quadrise reported the successful operation of the MSAR production unit at the Cepsa refinery in Spain.
The company's power generation project in Saudi Arabia is making good progress, the company said.
The firm's annual result for the 12 months to June 2017 posted a £4.1 million $4.7m) loss with £5 million in cash reserves and no debt.