RE: MSC24 Feb 2024 12:42
To deny the success of Goodfuels is to deny the obvious, good on them getting their technology to market. I do think the hurdles each company faces to get their tech accepted is not readily comparable. Producing, bunkering and approving an emulsion fuel from scratch is way more complex than the Good fuels process so I`d expect them to have a better chance of quick success than we`ve had.
You also cannot ignore the performance of key personnel within the companies. How well have the key team members performed? I don`t think its simply a case of saying Goodfuels have made it to market and we haven't therefore they are better. Again its more complex than that. The main reason QFI, as it was, failed to get where Goodfuels are now, is mainly due to one company....Maersk. They made a fateful decision that turned out to be wrong and the minnow company, us, paid a heavy price. Just imagine where wed be now if they`d followed through to LONO?
I won`t mention KSA as it`s the same story. Had either of these come to fruition the QED team would be lauded as heroes and we`d all be much wealthier now. Thereafter, QFI got lost for a time trying to find a new direction and suitable markets elsewhere, but with little success it has to be said. Was that due to bad management or trying to sell your concept into a stubborn conservative market? Probably a bit of both tbh. The good news is that we did find another way forward.
Goodfuels should be applauded for their success. They are laying the groundwork for the use of water in commercial marine fuels. That has to help our prospects longer term.
There`s loads of space for the two companies to work side by side in the marine sector. Longer term, the QED emulsion platform will be much more versatile than its competitors also more financially beneficial to end users and the environment. With the above in mind, it should be market forces that eventually dictate the path marine fuel users take. I am hopeful and quietly confident the QED tortoise will eventually pass the hare, but each will find its place in the market.