RE: MSC LEANDRA V SCHEDULED ARRIVAL14 May 2025 17:21
I've heard different versions of the Maersk incidents from different Quadrise people over the years. So I think it's probably not entirely clear which is the true version.
In many ways, it doesn't matter, just that they had likely already made their decision due to their fateful and erroneous decision to go with ULSFO and eschew scrubbers (although some still criticise open loop scrubbers on environmental grounds, and perhaps for good reasons). That was driven entirely by what became known as IMO2020, which had a greatly accelerated implementation than was expected.
At the time, we didn't have a well-prepared "MSAR ULSFO" story, and so the writing was on the wall, it seems. For example, we had no integrations into a refinery that had ULSFO resid (which is still a relatively rare and challenging thing, as sulphur tends to accumulate more in the residue).
Yet we have another shake at it now. That's the turn of luck we needed.
And to credit the Quadrise team, they were much more responsive this time: building a credible low-carbon story as it became clear that carbon reduction was going to be the next IMO2020-style event with the introduction of EU's ETS and FuelEU.
And then, in another echo of IMO2020, during the recent MEPC meeting, a more ambitious and rapid schedule than anticipated was adopted for IMO's own CO2 reduction initiatives.
Thankfully, due to the company reacting (in small part) to our demands to push on the green side of the technology — which resulted in bioMSAR — we find ourselves extremely well prepared and with a strong GHG compliance story (and subsequently bioMSAR Zero).
Consequently, in 2025, we are in exactly the opposite situation than when IMO2020 struck.
Credit to Jason and the team for pushing ahead with GHG-reduced MSAR products, even when some said it was smoke and mirrors, etcetera.
Imagine the counterfactual and we had done nothing, and it were 2025 without bioMSAR and MSAR Zero. Given what has happened with the EU ETS, FuelEU, and IMO GHG regs, we would be absolutely screwed.
Nothing is guaranteed and Quadrise is always very high risk. Our partners could ditch us at any time, and they've done it before. But, in my humble opinion, we're in a stronger position today than any time in the last 5 years.
I continue to wait impatiently...
Sign In
Follow the stocks
