• 2020 May 31 16:57

    RINA: shareholders’ meeting approves the financial statement for 31 December 2019 and appoints a new Board of Directors

    RINA’s shareholders met May 29 in Genoa and approved the financial statements for the fiscal year ending 31 December 2019 showing an improvement when compared to the 2018 results.

    Net revenues for the year ending 31 December 2019 were 476 million Euros - an increase of 7.5% compared to the 443 million Euros in 2018. Net profits for the period surged to 3.6 million Euros (pre IFRS 16) compared to 2.6 million Euros for 2018.

    2019 saw growth across all RINA Group businesses and a continued international expansion with 60% of revenues coming from outside Italy and an order book of nearly 400 million Euros.

    Despite a static market both the marine and certification businesses grew with certification recording above-average growth for the sector. Consulting engineering further confirmed its excellence, particularly in the project management for the new viaduct in Genoa. The industry and energy sectors also returned to growth.

    Growth in the business was underpinned up by marginality improvement. The contribution margin rose by more than one percentage point, reaching 20%, thanks to continued focus on process and internal efficiency improvements and digitization.

    Financial performance was positive with net financial position at -127,8 million Euros, as of 31 December 2019, supported by an improvement in collections and working capital.

    Appointments

    The shareholders also confirmed the appointment of the members of the Board of Directors who will remain in office until the next shareholders’ meeting to approve the financial statements for the period ending December 31, 2022. The shareholders confirmed the reappointment of all seven previous members: President Ugo Salerno; Vice-Presidents Marco Cerrina Feroni, and Giorgio Drago, Directors Nazareno Cerni, Emanuele Grimaldi, Donatella Gavioli and Paolo Pierantoni. They also reconfirmed all the members of the Board of Statutory Auditors Francesco Illuzzi, Giovanni Grazzini e Antonio Guastoni.

    Following the shareholders, the new Board of Directors appointed Ugo Salerno as CEO, confirming the previous mandate.

    Ugo Salerno announced the appointment of Nello Sulfaro, former CEO of RINA Services, as General Manager of RINA group. Mr. Sulfaro will have overall responsibility for the coordination and optimization of all operational and design activities across the organization.

    Paolo Moretti, former Commercial Director of RINA’s Marine sector, will become CEO of RINA Services and Giosuè Vezzuto will oversee RINA’s shipping business. In addition to the position of CEO of RINA Consulting, Roberto Carpaneto will also become Chief Strategy Officer for RINA group.

    “I am proud to announce today these important changes in the organizational structure of RINA, which are part of our broader strategy for medium-term growth. The new team has all the skills necessary to guide the company’s development through the next phase" said Ugo Salerno, President and CEO of RINA.

    2020 1st quarter results and outlook

    Although March marked the beginning of the COVID-19 lockdown, the first quarter of 2020 confirms the pattern of growth started in 2019: as of 31March 2020 revenues and EBITDA grew by 21% and 8% respectively, compared to the same period of 2019.

    Given the uncertain current economic scenario due to the COVID-19 health emergency, the company cannot exclude possible negative impacts on its economic and financial performance in the coming months. RINA is taking all the necessary steps to minimize the impact.

    Ugo Salerno stated that, “The current economic situation due to the global health emergency is probably the most challenging and demanding of recent years. Fortunately, RINA has a solid financial base which we must maintain. Current projections, which are continuously updated, do not allow us to give full guidance to our year forecasts. For now, we are focused on long-term global business continuity and, at the same time, on the safety and well-being of employees and clients".

    To this day, RINA has guaranteed operational continuity thanks to the decisive and early implementation of smart working practices and other measures. This allowed RINA to safely provide constant support to its customers in full compliance with government guidelines for each country in which it operates.

    However, the impact of the health emergency on the global economic system and consequently on business activity, has forced RINA to take preventive measures and resort to social safety nets to safeguard the company's employment levels. These measures, which will cover the period May 2020 to August 2020, have been organized so as to guarantee the continuity of services and operations.

    About

    RINA provides a wide range of services across the Energy, Marine, Certification, Transport & Infrastructure and Industry sectors. With a turnover in 2019 of 476 million Euros, over 3,900 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards.




2020 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident
16:20 Throughput of Rostov-on-Don port in 6M’2020 grew by 10% Y-o-Y
16:13 Maritime industry calls for EU political leadership on seafarers
15:23 Port of Antwerp total throughput down by 4.9% in H1 2020
14:03 Wärtsilä introduces the system, designed to reliquefy boil-off gas onboard gas carriers and LNG bunker vessels
13:45 RF State Duna adopts a package of laws on privileges in the Arctic
13:12 PD Ports wins major pipeline contract with Global Manufacturer at Hartlepool
12:44 DCSA publishes standards for digital exchange of operational vessel schedules
12:18 Germany takes over HELCOM chairmanship
12:11 Seanergy Maritime announces agreement to acquire a Capesize vessel with prompt delivery
11:55 Russian Fishery Company fleet renewal to reduce carbon footprint by 50%
11:29 Pella Shipyard delivers patrol boat of Project 03160
11:04 Austal delivers first of two 118 metre trimarans to Fred. Olsen Express
10:43 Barcelona Cruise Port obtains the 'Safe Travels' Stamp, as safe infrastructures preventing COVID-19
10:32 Throughput of Rosterminalugol in HI’2020 grew by 10% YoY
10:04 ESPO says EU Taxonomy should align with already defined sectoral sustainability criteria
09:40 Oil prices continue decreasing
09:37 MABUX: Bunker market this morning, July 08
09:23 Bunker prices rose at the Port of Saint-Petersburg, Russia (graph)
09:08 Baltic Dry Index as of July 7

2020 July 7

18:06 ZIM unveils new digital services
17:49 Great Arctic Regatta started in Saint Petersburg
17:27 Crude exports via Kozmino in HI’2020 grew by 5% YoY
17:02 Deepsea Atlantic drilling rig returning to Johan Sverdrup
16:35 Optimarin successfully completes IMO G8 and USCG test programme
16:12 Alfa Laval takes its service offer to the next level through remote service guidance
15:56 New ferry line Baltic Link launched at the port of Riga
15:28 RF Government allocates RUB 320 million to subsidize shipping companies
15:02 ABP delivers project cargo using North Lincolnshire’s waterways
14:32 Air Liquide and the Port of Rotterdam Authority launch initiative for hydrogen road transport
14:02 Konecranes to deliver mobile harbor crane to new terminal in Trieste
13:46 Bunker prices rise at the Far East ports of Russia (graph)
13:32 KNOT concludes long-term charter contract with PetroChina for shuttle tanker
13:11 CMA CGM announces GRR from Asia to West Africa
12:49 Throughput of Vostochny Port in HI’2020 grew by 6% YoY
12:30 GTT Training and Wavelink Maritime Institute in collaboration to deliver LNG training in Singapore
12:23 Tom Hautekiet becomes new CEO Port of Zeebrugge
12:01 IMO endorses guidance on ensuring seafarers’ access to medical care onshore
11:58 NRP facilitates long-term financing for a newbuilt arctic container vessel
11:00 The CMA CGM Group simplifies its trade network on the Transpacific trade
10:52 First jacket successfully installed at Moray East, Scotland’s largest offshore wind farm
10:52 Aker Arctic joins ePIcenter project
10:14 MABUX: Bunker market this morning, July 07
10:08 Zvezda shipyard starts steel cutting for nuclear-powered icebreaker Rossiya, Project 10510
09:31 Oil prices are decreasing
09:13 Baltic Dry Index as of July 6
08:40 Klaveness Combination Carriers secures the first sustainability linked bank financing in Norwegian shipping

2020 July 6

19:07 Equinor awarded framework contract for engineering and installation services on Statfjord
18:27 CMA CGM to launch Round the Africa service
18:07 APM Terminals Buenos Aires facilitates first ever export of lemons from Argentina to China
17:31 Northern Sea Route cargo traffic in 6M’2020 reached 14.8 million tonnes
17:30 Kloosterboer starts construction of Cool Port II at City Terminal Rotterdam
17:06 ArcelorMittal issues invitation to tender for heat network in North Sea Port
16:45 Damen delivers five zero emissions propulsion ferries to Arriva in Copenhagen
16:12 Kvaerner improves financial results and outlook
15:32 Average wholesale prices for М-100 HFO fell to RUB 9,623 in RF spot market