Sulnox shares jump as it unveils new shipping partnership
Shares in greentech firm Sulnox have jumped Monday after it unveiled a new contract with a major shipping business.
The Aquis-listed company, which develops lower emissions fuel technology, said its Sulnox Eco fuel was set to be adopted across the 28-strong fleet of Greek shipping business Spring Marine Group.
It comes after a trial period by Spring Marine showed fuel efficiency was increased by five per cent as well as reducing toxic emissions.
Based on current plans, Sulnox forecast annual Spring Marine product use could reach around 80,000 litres per annum as the rollout progresses.
“The Spring Marine fleet-wide rollout represents another major supply arrangement and further validation for Sulnox Eco, generating significant repeat revenue for the company from a key customer in the influential Greek shipping sector,” Solnox said.
The global shipping industry is facing increasing regulatory and financial pressure to improve fuel efficiency and reduce greenhouse gas intensity, with carbon pricing and emissions reporting expected to play a growing role in operating costs.
Sulnox said it was engaged with as many as 75 shipping companies, with combined fleets of 6,000 vessels, over the adoption of its lower emissions fuels.
The firm’s stock rose 6.2 per cent to 37.7p on Monday.
Shipping emissions in focus
Last month, US president Donald Trump lashed out at fresh plans to charge shipping companies for their emissions, describing the proposals as a “scam”.
The plans was discussed at a four-day meeting of the International Maritime Organisation (IMO) in London, with the Trump administration understood to be putting pressure on smaller countries to vote against the measures.
The IMO has said that the levy, which is expected to raise around £7.5bn annually, would be used to help fund the transition to cleaner ships. Shipping is thought to account for as much as three per cent of global emissions.
“We will not tolerate increased prices on American consumers or the creation of a green new scam bureaucracy to spend your money on their green dreams,” the president said in a post to Truth Social.
The IMO adjourned its session on net-zero commitments in October, with members set to reconvene in 12 months.
“In the interim, member states will continue to work towards consensus on the IMO net zero framework,” the group said.