Franman was awarded by Yanmar Power Technology Co at its stand during the Nor-Shipping exhibition in Oslo, Norway.
This distinction recognizes the long-standing and successful cooperation between the two companies, as well as Franman’s great performance, with over 3,500 Yanmar diesel engines installed on Greek-owned vessels since 2000.
"During Nor-Shipping, I had the pleasure of receiving this significant award from Akihiro Tomita, General Manager of the Large Power Products Business at Yanmar – the leading Japanese Group we have been proudly representing in the Greek market since 1996. This achievement is the result of a long-standing partnership and the combined efforts of both companies”, states our CEO, Costis Frangoulis.

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RINA has approved in Principle (AiP) a new Ultramax bulker design developed by SDARI (Shanghai Merchant Ship Design & Research Institute) in collaboration with Almi Marine Management S.A. during Nor Shipping. This milestone was achieved through a Joint Development Project (JDP) between RINA, Almi Marine, and SDARI.
The vessel, based on SDARI’s latest-generation Green Dolphin 64 platform, is a dual-fuel LNG/hydrogen-powered Ultramax bulker, featuring hybrid propulsion and advanced energy efficiency technologies. The AiP recognizes the design’s pioneering integration of battery-assisted electric propulsion, wind-assisted systems, and a novel hydrogen-reforming solution that eliminates the challenges of liquid hydrogen storage and supply. To award the AiP RINA verified that the innovative design meets the applicable safety and environmental protection standards.
The new concept redefines propulsion in merchant shipping. Its ultra-modern hull design increases cargo capacity while reducing fuel consumption. Hybrid-electric propulsion enhances adaptability to future innovations, and wind-assisted propulsion contributes further to energy efficiency.

Onboard hydrogen production provides a path to decarbonization without the technical challenges of supply and storage, thereby improving the ship’s Carbon Intensity Indicator (CII) and optimizing its pathway to GHG Fuel Intensity (GFI) compliance. It also provides a fuel pathway toward net-zero GHG emissions by 2050 through the progressive transformation of LNG into hydrogen onboard.

This design delivers the energy savings and reduced emissions needed to meet current regulatory requirements, while also offering flexibility to easily integrate future solutions.

RINA, leading certification and engineering company, provides a wide range of services across the Energy, Marine, Infrastructure & Mobility, Certification, Industry and Real Estate sectors. In December 2023, alongside the majority shareholder Registro Italiano Navale, Fondo Italiano d’ Investimento SGR entered the shareholding structure guiding a pool of co-investors. With revenues in 2024 of 915 million euros, 6,200 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards.

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The former MAN Energy Solutions is now operating under a new name and has become ‘Everllence’. The new brand identity applies worldwide and marks a significant milestone in the company’s strategic development.

A new chapter for a company rich in tradition

CEO Uwe Lauber symbolically unveiled the new company nameplate at headquarters in Augsburg, Germany earlier today. Simultaneously, similar ceremonies were also held at the company's other main European locations in Oberhausen, Berlin, Zurich and Copenhagen. 

Lauber said: “Our name change is the logical next-step in the execution of our ‘Moving big things to zero’ strategy, which focuses on decarbonization and efficiency solutions, especially for those sectors of the global economy that have to deal with ‘hard-to-abate’, climate-damaging emissions. Today, we are no longer known in the market for just engines and turbomachinery, but also as a supplier of large heat pumps, carbon capture and storage, as a driver of climate-neutral shipping, and as part of the hydrogen ramp-up. This is what we want to express with our new name, Everllence.” 
Gunnar Kilian, Chairman of the Supervisory Board of Everllence and member of the Board of Volkswagen Group, added: “The name Everllence underlines the company's current development into one of the world's leading providers of sustainable decarbonization solutions. At the same time, it underlines the industrial pioneering work that it has repeatedly executed during its 250-year success story. With a clear focus on climate protection and as a driver of industrial value-creation, Everllence will continue to drive forward sustainability and the future viability of mechanical engineering in Germany, as well as the global energy transition.” 

Everllence remains part of the Volkswagen Group, and the company’s product and service portfolio also remains unchanged.
The new name

‘Everllence’ is a combination that merges the two English-language terms ‘ever’ and ‘excellence’, two central attributes of the company's self-image.

‘Ever’ expresses over 250 years of company history where the company has written industrial history for as long as industry has existed, but has always looked to the future – to the new and innovative, to the ‘first-ever’. From the first diesel engine to the first diesel-powered, ocean-going vessel; from the first wind turbine to the first gas engine and the world's largest fluvial heat pump – the company has always been driven by innovative strength, engineering and a pioneering spirit throughout its long history.

The term ‘excellence’ refers – on the one hand – to the company's high technological standards as cutting-edge technology is at the heart of the company's DNA. But beyond the technical aspects, Everllence also stands for ‘excellent’ corporate management at all levels: whether in internal company processes; cooperation with colleagues, partners and customers; leadership culture; or corporate citizenship.

Moving big things to zero

The renaming is not the first in the company's recent history: the former ‘MAN Diesel & Turbo’ became ‘MAN Energy Solutions’ back in 2018. At that time, the company had begun to concentrate its business on technological solutions for reducing climate-damaging emissions in shipping, energy generation and industry as a new business area and strategic focus. 

This new strategy proved successful. True to the motto ‘Moving big things to zero’, Everllence now supports key industries in reducing emissions that are difficult to avoid. The company develops marine and power-plant engines, as well as retrofit solutions that reduce CO2 emissions with climate-neutral fuels. The company's large-scale heat pumps decarbonize the heat supply of cities and industrial plants worldwide, while technologies for carbon capture and storage ensure the safe removal of unavoidable CO2 emissions from industrial processes. As a manufacturer of electrolyzers for the production of green hydrogen, the company is also part of the global hydrogen ramp-up through its subsidiary, ‘Quest One’.

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A forum of insight and collaboration, gathering industry leaders to shape the future of shipping Bureau Veritas Marine & Offshore (BV M&O) convened the 26th meeting of its Hellenic and Black Sea Committee in Athens, bringing together influential figures from the Greek shipping community and international maritime experts. The annual forum fosters dialogue on the future of maritime transport, the energy transition, and evolving regulatory frameworks.

Chaired by George Procopiou and hosted by Paillette Palaiologou, Senior Vice President for East Europe, the Mediterranean, Middle East, Africa, and India (EMA) at BV M&O, the event opened with remarks emphasizing the importance of transparent engagement between classification societies and the shipping sector.

Hinda Gharbi, CEO of Bureau Veritas, outlined the Group’s global vision, reaffirming its mission to build trust and support clients in their sustainability transitions. Matthieu de Tugny, President of BV M&O, followed with an update on the organization’s strategic focus—highlighting advancements in innovation, regulatory leadership, and decarbonization efforts.

Dr. John Kokarakis, Technical Director for the SEEBA Zone at BV M&O, delivered a comprehensive technical update on post-MEPC 83 compliance strategies and the implementation of FuelEU Maritime. He emphasized a systems-thinking approach to regulatory adaptation and long-term fleet management.

This year’s Committee featured distinguished guest speakers offering diverse perspectives on global shipping’s transformation. Michal Kurtyka, former COP24 President and Minister of Climate for Poland, explored the geopolitical and technological forces shaping the industry. Araceli Fernandez Pales, Head of the Technology Innovation Unit at the International Energy Agency, discussed energy technology supply chains and their impact on maritime decarbonization.
Vassilios Dimoulas, Director of Technology & Innovation at BV M&O, examined the potential of renewable methane as a successor to LNG, reinforcing the growing significance of gas fuels in the sector’s decarbonization roadmap.
Adding a cultural dimension, Eleni Letoni offered a reflective presentation on the historical and symbolic resonance of St. Constantine and St. Eleni, drawing thoughtful parallels to today’s transformative challenges in maritime affairs.
The meeting concluded with an open forum and closing remarks by George Procopiou, reaffirming the Committee’s commitment to innovation, sustainability, and collaborative progress in shipping.

Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “This Committee remains a vital platform for constructive dialogue with our partners in the Greek and Black Sea maritime communities. I’m grateful to our members and guest speakers for their invaluable insights as we collectively navigate the evolving future of our industry.”

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The Cadet Scholarship Program 2024 - 2025 of SAFE BULKERS Inc., with the Cyprus Maritime Academy (CYMA) – Intercollege was implemented this year for the 2nd consecutive year and the award ceremony was organized on May 16, 2025 at our company's offices in Limassol.

Within the framework of the Program, Safe Bulkers evaluated the newly admitted and existing cadets/students at the Cyprus Maritime Academy (CYMA) and chose to award eight (8) selected students with a scholarship worth 5,000 euros each awarded for each year of study at the Academy (four years of total duration)

Prior to the award, the cadets had the opportunity to meet both the Managers and the experienced executives of our company's Crew Department and discuss the details of their internship on our company's state-of-the-art ships under the Cypriot flag. Also, the specialized mechanical engineers and shipbuilders of the Technical Department of our company presented to the cadets the electronic systems for monitoring the ships and the digital tools for measuring the operation indicators of the company's fleet.

The event was greeted and honored with the presence of the CEO of Safe Bulkers Inc., Mr. Polys V. Hadjioannou, who stressed that "The scholarship program is an important initiative for the creation of new talents and tomorrow's executives in the shipping sector of Cyprus, while strengthening the shipping industry of the country to become more competitive in view of the international challenges it is called upon to face."

As Mr. Hatzioannou stressed, "Safe Bulkers' priority and constant desire is to further strengthen the position of the Cypriot flag in the global arena. A reflection of our will is the Cadet Scholarship Program with the Cyprus Maritime Academy (CYMA) which will help students achieve their academic and professional goals. Cypriot shipping needs competent and qualified executives in order for them to be the future executive of shipping companies based in our city of Limassol.

We warmly thank CYMA and Intercollege for supporting this event and we warmly congratulate the awarded students – cadets!”

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Vafias Group’s three listed companies reported the 1^st quarter 2025 economic results which can be summarized as follows:

C3is

4 ships / $8m net profits q1/ $104m total assets/debt free

Imperial

20 ships / $12m net profits q1/$500m total assets/debt free

Stealthgas

31 ships /$15m net profit q1/ $800m total assets/net debt free

Group figures excluding the two private shipping co’s (Brave Maritime Corp / Stealth Maritime Corp).

In total the three listed companies have a fleet of 55 ships / 35m net profit q1 / $1,404 billion in assets/ zero lending.

More specifically:

C3is’ CEO Dr. Diamantis Andriotis commented: For the first quarter of 2025, we reported a Net Income of $7.9 million, an increase of 109% from Q1 2024, but our Revenues decreased by 32%, due to the drop in TCE rates.

By April 2025, we had successfully fulfilled all of our capital expenditure commitments without resorting to any bank loans.

We have therefore more than trebled the deadweight tonnage of our fleet, which is exclusively non-Chinese built, without incurring any bank debts.

The global economic environment is poised for a year of mixed signals in 2025, with risks and opportunities influencing the shipping sector.

Economic shocks, financial market responses, and evolving policy measures are expected to shape the outlook, contributing to a cautious, yet dynamic landscape.

Whilst global growth may be moderate, and inflationary pressures persist, these challenges also create room for market adjustments and new trade patterns.

C3is will adapt to these evolving dynamics by focusing on diversification and aligning with the growing emphasis on sustainable practices, which are poised to reshape trade in the coming years.

With careful navigation and adaptability, the Company is well-positioned to leverage regional growth drivers and evolving economic dynamics to maintain resilience in the year ahead.

We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the 2^nd quarter of 2025.

C3is Inc. owns four vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.

Imperial Petroleum’s CEO Harry Vafias Commented: Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.

IMPERIAL PETROLEUM INC. owns a total of thirteen vessels on the water - seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers - with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

StealthGas’ Board Chairman Michael Jolliffe Commented: The results that were announced today point to a strong start to the year and underpin our confidence in sustaining the momentum we have built over the last years, throughout 2025. It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive. In this volatile environment.

Stealthgas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over $50 million in debt repayments during this year and having 27 out of 28 vessels unencumbered. At the same time in order to return value to our shareholders, we have begun buying back shares, spending $1.8 million in share repurchases since March. Overall under the current program the Company has spent over $21.2 million in share repurchases since June 2023.

StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

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Aiming to strengthen its relationships and forge new opportunities for co-operation ClassNK, one of the leading classification societies in the world celebrated its 50^th anniversary of Piraeus office.

In his opening speech Hayato Suga, President & CEO of ClassNK said that: “The Piraeus Office was established in 1975 as one of ClassNK’s earliest overseas offices, dedicated to serving our important clients, Greek shipping companies.

As the Greek fleet grew significantly over the years, ClassNK was fortunate to grow alongside it. Today, Greek-owned vessels account for more than 14% of our registered fleet in gross tonnage, making Greece our largest shipowning nation outside of Japan. 

We, however, should remind most important things behind this achievement. They are trust, confidence, and friendship with Greek shipping industries which are built up in longstanding cooperations.  So, Greece is our second home.

To further enhanced relations with technical activities, in this milestone year, I’m pleased to announce the establishment of the Tech Expertise Center in our Piraeus Office.

This center serves not only as a local support hub but also as a key part of our global operations, reflecting our enduring commitment to the industries including GHG issues / Zero emission transition, digitalization, and cutting-edge R&D so on.  Though our center just started with small team, our experts in the center who have been selected for this special purpose must contribute to your further challenges as well as the fundamental issues.

Looking ahead, the next 50 years will bring more remarkable changes to the maritime industry as you can imagine.

In this evolving environment, ClassNK’s mission remains to provide third-party certification services for coming requests in timely manner but we are sure also to contribute the industry in comprehensive services ensuring healthy and sustainable operation by our partners”.

He concluded by extending his gratitude for the longstanding support and confidence in ClassNK.

ClassNK Piraeus office created a video especially for this celebration, a small reflection of its long and valued journey.

The celebration was concluded by performing the “Kagami Barike”, a the traditional Japanese ceremony that involves breaking of the lid of a sake barrel, a practice to usher in good luck and harmony.

The ceremony was performed by Koichi Ito, Ambassador of Japan to the Hellenic Republic, Michael Scufalos, Chairman of ClassNK Greek Committee, Hayato Suga, President and CEO of ClassNK and Nicholas Hadjiyiannis, Chairman of Classnk Greek Technical Committee.

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HPS 2.0 is presented for the first time to the shipping industry at Nor-Shipping in Norway and represents a significant enhancement to the HPS that was introduced in 2011. Included in HPS 2.0 are two new products for different trades and environments, alongside the established and newly speed-loss verified SeaQuantum X200, best-in-class technical service, hull condition management and performance guarantees to deliver a solution that is Tailored to trade™.

"We are thrilled to present HPS 2.0, a testament to our Clean shipping commitment and our focus on innovation that has been ongoing since 1926. This enhanced solution, consisting of products, services, data and our credible performance guarantees is designed to meet the evolving needs of our customers, ensuring optimal hull performance and supporting their ESG ambitions," said Morten Sten Johansen, Global Category Director for Hull Performance in Jotun.

HPS 2.0 will include four elements, that in combination will optimise vessel efficiency: Jotun’s best antifouling technologies - tailored to trade, technical service from the industry's largest team of coatings advisors, intelligent hull condition management and credible performance guarantees.

Jotun’s best antifouling technologies

Solutions tailored to specific needs are crucial as various trade patterns and operating environments each require specific coatings for optimal efficiency.

For predictable trades - SeaQuantum X200 is Jotun’s flagship SeaQuantum antifouling with 15 years track record of maximizing hull performance with close to 2,000 deep-seagoing vessel applications, delivering high performance for predictable trades. DNV has recently verified the average 1.0% speed loss of SeaQuantum X200 based on analysis done as per ISO 19030, which is also presented at Nor-Shipping for the first time to the industry.

For high fouling intensity trades - SeaQuantum XT is Jotun’s newest SeaQuantum antifouling, more robust for high fouling intensity trades. At the centre of this advancement is Jotun’s ActiCore™ technology, building on the unique and patented in-house binder combination and an optimised high-performance biocide package. This technology is designed to deliver consistent, reliable protection against intensified fouling threats.

For unpredictable trades - SeaQuest Endura II is a new high performing, tin-free biocidal FRC giving vessels flexibility in unpredictable trades. At the centre of this advancement is Jotun’s Flexcure™ technology, which delivers exceptional levelling properties, optimized curing speed, and extended repairability.

A recent study, presented by Jotun during Nor-Shipping 2025, showcase the need for various antifouling technologies and that there is still an untapped opportunity for many ship owners and operators when it comes to optimising the hull performance.

“Although various antifouling technologies are available, their effectiveness is dependent on the marine environment, trade patterns and the predictability of the trades. A tailored approach to antifouling, can help ship owners and operators achieve optimised effectiveness,” said Morten Sten Johansen in Jotun.

“However, 1 in 5 ship owners and operators are aware that they are not using the most effective antifouling coating for each vessel in their fleet today. The impact of having optimised hull performance for the entire fleet is massive. DNV recently verified that Jotun coated vessels avoided 11.1 million tonnes CO₂ in 2024, or worth approximately 2 billion USD in fuels, so there are definitely big gains to be made, both on an environmental and economical level, for each operator and for the industry as a whole.”

Unmatchable technical service

With more than 1200 coating advisors worldwide, Jotun provides unmatchable technical service to ensure optimal hull performance. Jotun’s experts will as a part of HPS 2.0 provide on-site support and tailored recommendations to maximise efficiency and longevity and ensure application of coatings is to the highest standard.

Intelligent hull condition management

Through data-driven tools, Jotun help optimise vessel efficiency by analysing key performance data according to ISO 19030. This helps identify improvement areas and minimise fouling, which in turn will reduce fuel consumption. Included for users of HPS 2.0 is the performance analysis service in Jotun’s well-known HullKeeper platform, to synergize intelligence on hull condition with hull performance analysis, enabling operators to make better and faster decision through actionable insights.

Credible performance guarantees

Jotun’s dock-to-dock guarantee ensures continuous performance from one dry docking to the next, maintaining consistent hull efficiency throughout. The guarantees will ensure peace of mind for operators and is a testament to the proven and promised performance that HPS 2.0 is delivering.

With nearly 100 years of experience navigating unknown waters, Jotun remains committed to innovating and developing advanced products and solutions that cut carbon emissions, preserve fuel and protect biodiversity.

"In 2011, we revolutionised the industry with our groundbreaking HPS, moving from promised to proven performance. As the true home of hull performance, we are proud that the industry has jumped on board with this solution and consider hull performance as a core element of vessel efficiency. By introducing HPS 2.0, we will continue our legacy and build on our proven performance and move forward with an even more comprehensive solution tailored to our customers' specific trade requirements,” said Morten Sten Johansen.

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The Cyprus Shipping Chamber held its 36th Annual General Meeting on Tuesday, 27 May 2025, at the “Four Seasons” Hotel in Limassol. The General Meeting was addressed by the President of the Republic of Cyprus, Mr. Nikos Christodoulides, the President of the House of Representatives, Mrs. Annita Demetriou and the President of the Cyprus Shipping Chamber, Mr. Themis Papadopoulos. The event was also honoured by the presence of government and state officials, Ministers, party representatives, Members of Parliament, diplomats, representatives of professional organisations, as well as the resident Shipping Industry.

During his speech, the President of the Republic highlighted the important work carried out by the Shipping Chamber for the continuous progress of Cyprus Shipping, as well as the consistent recognition of Shipping by the Government as a stable pillar of the Cyprus Economy. He also emphasised the Government’s ongoing political support towards the Shipping Industry through targeted mechanisms and necessary measures to further strengthen it.

The President of the House of Representatives, stressed that the fact that the Shipping sector has remained a strong pillar of the Cyprus Economy despite international economic and geopolitical challenges is commendable. On behalf of all Members of the House of Representatives, she reaffirmed the commitment to continue the close cooperation with the Chamber for the advancement of the Cyprus Shipping Sector.

The President of the Cyprus Shipping Chamber, Mr. Themis Papadopoulos, in his speech, gave an extensive overview of the current state of Cyprus Shipping. He pointed out the main challenges facing the Shipping Industry, such as the ambitious decarbonisation agenda by the International Maritime Organisation and European Union, geopolitical developments and complex operational issues. He stressed the need for coordinated actions and closer cooperation to ensure the developmental course of Cyprus Shipping in an ever-changing international environment.

Concluding, he warmly thanked the Chamber’s Associates and all its Member-Companies for their cooperation and steady support over the years.

Following this, the Chamber honoured the former Director General of the Chamber, Mr. Thomas A. Kazakos, in recognition of his long and valuable contribution during his 33 years of service and in assuming the position of Secretary General of the International Chamber of Shipping.

At the conclusion of the General Meeting, and as the term of Mr. Themis Papadopoulos as President of the Chamber came to an end, the Chamber honoured Mr. Papadopoulos with an honorary plaque in recognition of his contribution and leadership during his tenure. The plaque was presented to Mr. Papadopoulos, by the President of the Republic.

Earlier, elections were also held, to elect the new twelve-member Board of Directors of the Chamber for the period 2025–2027.

The composition of the new Board is as follows: Mr. Andreas Neophytou – Marlow Navigation, President, Mr. Themis Papadopoulos – Interorient Navigation, Immediate Past President, Mr. Philippos Philis – Lemissoler Navigation, Vice President, Mrs. Julia Anastasiou – OSM Thome, Vice President, Mrs. Despina Panayiotou Theodosiou – Tototheo Global, Vice President, Mrs. Anna Vourgos – Aphentrica Marine Insurance Brokers, Member, Mr. Andreas Solomonides – Bernhard Schulte Shipmanagement, Member, Mr. Andreas Hadjipetrou – Columbia Shipmanagement, Member, Mr. John Pittalis – Intergaz, Member, Mr. Dieter Rohdenburg – InterMaritime Shipmanagement, Member, Mr. Chrysostomos Papavasiliou – Petronav Shipmanagement, Member, Mr. John Hadjiparaskevas – Uniteam Marine, Member.

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The shareholders’ meeting of RINA, one of the leading global engineering, inspection and certification company, approved the 2024 financial statements, reporting revenues of €915 million and EBITDA of €138 million, up 15% and 22% respectively on the previous year. EBITDA margin improved from 14% to 15%. Net profit rose to €30.4 million, more than doubling from €12.5 million in 2023, while financial leverage decreased further to around 1x.

RINA’s positive growth trend continued into the first quarter of 2025, with revenues of €235 million, up 12% on the same period in 2024, and, notably, a new order intake of approximately €366 million, an increase of 16% year-on-year.

In parallel, RINA is actively implementing its strategic plan to 2030, with increasing investments in innovation and digitalisation initiatives. Key among these are the Open Innovation Hubs - the first of which was announced in late 2024 in Singapore - designed to transform research projects into tangible business applications for clients and local communities. The AI Factory complements this effort, bringing together agile physical and digital spaces dedicated to evolving internal processes and developing a high-tech service portfolio for clients.

In response to a continually evolving external environment, RINA has identified new areas for further investment, including space and defence, mining, the subsea economy, and data centres, as part of its strategy to drive future growth.

Carlo Luzzatto, Chief Executive Officer and General Manager of RINA, commented: “We are very pleased with the results achieved in 2024, which represent a further acceleration of our growth across all core markets. RINA is a knowledge-based company, continuously evolving its value proposition by combining human expertise with digital capabilities to deliver increasingly advanced, high-value-added services. We will continue to invest in talent and innovation, as we believe these are essential to succeeding in a rapidly changing world that demands both execution speed and the ability to adapt - particularly in the current context of global economic and geopolitical uncertainty.”

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