(Alliance News) - Shares rose in Quadrise Fuels International PLC on Thursday as it announced the signing of a joint development agreement with MSC Shipmanagement Ltd of Cyprus.
Shares in the supplier of MSAR emulsion technology and fuels were 31% higher at 2.78 pence on Thursday in London.
MSC Shipmanagement is a subsidiary of Geneva-based shipping and logistics firm MSC Mediterranean Shipping Co SA.
Under the agreement, an MSAR operational trial will be carried out on commercial container vessels in the MSC container fleet, starting 2021.
The initial activities under the agreement will include definition, high-level scoping and feasibility activities of the overall trial, and is expected to take three months.
Should the initial results be encouraging, the companies will proceed to phase one in the second half of 2021, which involves the testing of MSAR fuel in a large MAN ME and a Wartsila/WinGD Flex 2-stroke engine so as to obtain letter of no objection approvals from the respective engine manufacturers.
Once phase one is completed, Quadrise and MSC will seek to rollout MSAR fuel and possibly Quadrise's new bioMSAR across the MSC global fleet, which constitutes phase two.
"Quadrise is delighted to have signed this agreement with MSC and we look forward to working alongside them to progress this excellent opportunity. We believe that MSC's large modern fleet installed with electronic engines and, in some cases, exhaust gas cleaning systems is well positioned to realise the economic and environmental benefits of MSAR and bioMSAR and we look forward to realising the project and getting the trials underway in 2021," said Chief Executive Officer Jason Miles.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
