We recently reported that SulNOx [AQSE:SNOX], the Aquis-listed, green technology company operating from London had a strong 2024, with its share price appreciating over 125% over one-year, sales up nearly 225% year-on-year, and increasing its volumes shipped by 400% y-o-y.
The company announced a series of new agreements for the adoption of its demulsifying fuel additives, including an agreement with EPS (Eastern Pacific Shipping), a private Singaporean marine logistics firm to use a quarter-of-a-million litres of SulNOx products on 30 of EPS’ container ships, tankers, bulk and gas carriers; and in a Nigerian fuel oil reclamation project to treat ship slops, recovering heavy fuel oil from tanker cleaning.
SulNOx followed this up with an announcement that it is entering the cruise market subsequent to a successful trial by Crystal Cruises, part of the luxury travel group, Abercrombie & Kent who will use SulNOx fuel additives in its cruise ships as part of its decarbonisation plan.
- AIM Market Roundup: Distil, Strip Tinning, Quadrise
- Airline sector bracing for a tough summer on US routes
- Shepherd Neame profits rise, but labour cost pressures threaten growth
Running cleaner during trial period
Crystal Cruises applied SulNOx additives to one of its vessels, the Crystal Symphony, a ship of 51,000 tonnes powered by six diesel engines, and in cruises between Greece, Germany and Italy showed an average fuel saving of 3.4% during the trial period. Crystal Cruises also remarked that it saw: “a significant reduction in black smoke from Symphony’s stacks,” and it was running cleaner during the trial period. The company will now use SulNOx products across its whole fleet.
Eastern Pacific Shipping recently made a significant investment into SulNOx through EPS Ventures, as reported, following an investment into SulNOx by McQuilling Partners, a US-based shipbroker.
SulNOx hopes that this initial deal with Crystal Cruises will provide a foothold in the cruise ship segment of the leisure industry, which it sees as growing from USD9.2bn currently, to USD25.4bn by 2033. The decarbonisation of the leisure cruise sector is also a key growth market for AIM-listed biofuels manufacturer, Quadrise [LON:QED] which like SulNOx had a stellar 2024.
Ben Richardson, SulNOx’s chief executive said: “We are excited to be working with a well-known brand in the fast-growing cruise ship market. The flip side of this increasingly popular leisure activity is the existing and potential level of environmental pollution from some extremely large vessels. SulNOx is pleased to be part of the solution for the industry, helping to reduce emissions significantly, while delivering fuel cost savings and supporting ship operators to meet ESG and CII goals.”
SulNOx establishing itself as a key player
SulNOx shares opened the week at 80.5p, up 126.7% over one-year. The company has a market capitalisation of GBP103m.
With major agreements secured in both commercial shipping and the cruise industry, SulNOx is rapidly establishing itself as a key player in the green fuel technology sector. Backed by strong financial growth and increasing industry adoption, the company is well-positioned to capitalise on the global push for cleaner and more efficient marine fuel solutions. As SulNOx continues to expand its market presence, investors will be watching closely to see how it navigates the growing demand for sustainable fuel additives.
