Recycled Bunker Firm Posts Improved Revenues

Vincent Favier, Chairman and CEO of Ecoslops. Image Credit: Ecoslops Image Credit: Ecoslops

Ecoslops, which specializes in recycling ship slops into IFO and MDO bunkers, Wednesday, its financial results for the first half 2017, reported that its revenue has nearly doubled compared to the same period last year, reaching nearly €3 million ($3.54 million).

"This performance was possible thanks to the sale of 100 percent of our production to customers acquired in 2016 and the excellent performance of our Sinès P2R unit during this semester," explained the company.

Ecoslops says its refined products sales now represent 60 percent of the company's revenue, compred to just 30 percent last year.

9,700 tonnes have of refined products have now been sold, compared to 3,700 tonnes last year, added Ecoslops, also noting an increase in the average selling price per tonne.

"The performance achieved during this half- year validated our strategy and particularly the relevance of our process and the quality of our products. Coupled with ongoing efforts initiated last year to reduce costs, the strong increase in sales enables us to report the profitability of our Portugal subsidiary, less than two years after the starting of the industrial unit," said Vincent Favier, Chairman and CEO of Ecoslops.

"Projects in our portfolio are progressing as planned (Marseilles and Antwerp essentially) and the mini-P2R is opening new opportunities regarding mid-size ports. Ecoslops now has every reason to consider the future with confidence, with our unique knowledge and expertise in conjunction with the achievements that we have delivered in the sector."

Earlier this month, Ecoslops announced that it had put forth a formal application to the French competent authorities seeking permission to operate an oil residue waste-processing unit at La Mède, near Marseilles.