BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry

« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa

BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Quadrise announces cost-cutting initiatives as chairman slashes salary by 50%

Company expects strategy to deliver annualized savings of more than GBP 500,000.

Mike Kirk, Executive Chairman of Quadrise Fuels International plc. Image credit: Quadrise Fuels International

Updated on 10 Aug 2017 09:38 GMT

Quadrise Fuels International plc, the emerging supplier of MSAR emulsion technology and fuel, announced a number of cost-cutting initiatives on Thursday, which included reducing the number of executive directors and laboratory personnel, and lowering the chairman's salary and non-executive directors' fees.

Hemant Thanawala has stepped down as Finance Director and will become a non-executive director, with immediate effect. Quadrise explained that this will enable the board to streamline the number of executive directors from three to two.

The Finance Director functions are to be absorbed within the existing senior team, whilst Financial Controller, David Scott, is to lead the company's "focus on sound cash management, allied with strong project accounting".

Mike Kirk, Executive Chairman, has agreed to reduce his cash salary by 50 percent with effect from 1st September 2017 with an uplift on the deferred element for potential future payment of 25 percent. Furthermore, the non-executive directors of the company will have their directors' fees reduced to GBP 24,000 per annum, with the balance being deferred, for potential future payment with an uplift of 25 percent.

The General Manager roles have been restructured to enable the three segments of Refinery, Power and Marine to be covered effectively by two General Managers. In addition, the laboratory personnel roles at the Quadrise Research Facility have been reduced by one.

Quadrise said its advisers have also agreed to "significant reductions" in fees.

In total, Quadrise expects these actions to deliver annualized savings in excess of GBP 500,000 - around 18 percent of the company's underlying (non-project specific) annualized costs.

Commenting on the changes, Kirk said: "This has been a challenging period for Quadrise and we have made some important cost reductions to ensure that we can still actively pursue the significant opportunities for MSAR in the power and marine markets."

Quadrise said Maersk's decision to pull out of the MSAR fuel trial earlier this year was "clearly disappointing", whilst adding: "It was based on a policy decision by Maersk to use low sulphur fuels, for IMO 2020 compliance and was not based on any issues with the MSAR fuel - with Maersk having confirmed that good progress was made and no issues had arisen with the use of MSAR."

On the issue of ship operators using fuel - such as MSAR - with a sulphur content above 0.5 percent after 2020, the company reiterated: "Quadrise and many market commentators still believe that the use of high sulphur fuels in conjunction with Exhaust Gas Cleaning Systems, or scrubbers, will offer the lowest cost of compliance with the IMO 2020 sulphur regulations. We will continue to use the positive results of the trial, together with the interim LONO and inspection report from Wartsila to actively pursue other opportunities in the marine market."

Image: Mike Kirk, Executive Chairman of Quadrise Fuels International.

Related Links:

Quadrise receives MSAR trial inspection report
Wartsila confirms 'no detrimental effect' on engine during MSAR fuel trial: Quadrise
Wartsila produces draft MSAR interim LONO: Quadrise
Wartsila MSAR fuel LONO expected in May: Quadrise
Maersk pulls out of MSAR fuel trial
United Kingdom

Latest News:

Fuel-saving ferry, LNG-powered ships were 'main milestones' of 2017: Balearia
Puget Sound maritime emissions slashed between 2005 and 2016: report
Carnival posts 20.9% rise in Q1 bunker costs
Brent briefly touched $70 yesterday as bullish news continued to emerge
Oil and fuel oil hedging market update
Bunkara Fuels halts bunkering activities
Cepsa presents South Europe's first multi-product LNG supply vessel
UK bunker firm Geos seeks operations coordinators
Aegean and RBM to try and resolve their differences in HEC case
Arctic ban on HFO: What to expect from MEPC 72
Oil and fuel oil hedging market update
Oil prices heading for $70?

Page Links:

Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Cape Town
Las Palmas
New Orleans
Latest News
Middle East
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Fuel Quality
Lubes & Additives
Oil Spills
Port News
Services, Products, Technology
Statistics & Research
Contact & Terms
Contact Us
Terms & Conditions
Privacy Policy
Upcoming Events