Bureau Veritas has reported an upturn in revenue and profits in its marine & offshore business thanks to a recovery in the shipping markets from the pandemic.
The French classification society said its marine business revenue last year was €375.2m ($418m), compared with €366.7m in 2020'
Operating profit was €84.1m, up from €80.4m.
Bureau Veritas’ classed fleet increased by 0.7% over the year to 11,531 ships amounting to 137.9m gt. Overall, it said it had 3.3% organic growth through 2021.
Bureau Veritas credited a recovery in the shipping markets for the earnings growth.
“In 2021, the shipping market experienced a very sharp rebound, with a more than two-fold increase in worldwide new orders compared to 2020, driven by container ships and the energy market,” it said.
Sustainability also played a role in helping it grow its marine business, as it was able to take advantage of its expertise in using LNG as a fuel.
“The container ship and energy markets showed encouraging signs of recovery,” Bureau Veritas said.
“In both sectors, the shipping lines and oil companies have chosen what is today the best transition technology: LNG propulsion. BV has therefore been able to leverage its leadership position in the LNG field by offering its class services for LNG carriers, LNG refuelling tankers and ships using LNG as a fuel.”
Bureau Veritas is a diverse certification business encompassing a wide range of industries. The group as a whole reported 8% growth in revenue in 2021 to €4.9bn and a 76.4% increase in operating profit to €718m.
