The principals behind the Navig8 Group have expanded into yet another shipping-related venture as the new majority holder in the former Feen Marine Scrubbers, which has parted ways with founder Bjornar Feen.
Feen has sold his shares in the company he founded in 2017 and turned over management reigns to Navig8 chief executive Nicolas Busch, who will be interim CEO. Buch and partner Gary Brocklesby, Navig8's chairman, are the new majority holders.
John Fredriksen’s Frontline previously has disclosed a 20% stake in the operation.
Frontline said in a release following the close of trading in New York today that it had expanded that stake to 28.9% through a 30.8% purchase of Feen's holding.
The goal is to elevate Feen, now rebranded as FMSI, into the upper leagues of scrubber production. Through expansion of the company’s site in Batam, Indonesia, the company eyes a five-fold increase in output.
“The management team is excited to be embarking on this new venture and to fully embrace the opportunities ahead of us. We thank our shareholders for placing confidence in our potential,” said Terje Bjormemo, FMSI’s global sales director.
He said the Batam site is on track to become a 40,000-square-metre plant, operational from next month and able to deliver scrubbers as early as April.
“At a time when some manufacturers are unable to accept scrubber orders, our capacity will increase and delivery times reduce,” Bjormemo said.
“This is a momentous turning point in our development and the management team looks forward to working with our skilled workforce in Batam and around the world.”
For the Navig8 principals, it is yet another piece in their broad shipping-related portfolio.
Navig8 is the world’s largest commercial tanker manager through an array of pools, and asset owner through Navig8 Chemical Tankers and Navig8 Product 2020 and a supplier of bunker fuel through its Integr8 subsidiary.
Navig8 has committed to installing open-loop scrubbers on the 16 medium-range (MR) and long-range two (LR2) newbuildings it is taking through Product 2020. It has been working with Feen on that project.
Bjornar Feen ceased to serve as an executive and director of the company from 27 December and dropped any connection as of 10 January, the company said.
FMSI said it has taken orders in excess of 150 scrubber systems. The Company specialises in open loop and hybrid scrubber solutions. As of 14 January, it had delivered 45 systems, and fully commissioned 18 ships in top yards.
The company will continue to have research & development and sales representatives in Oslo, Singapore, Athens, China, Korea, Turkey and India. It is supported by a global service network.
