Ballast water treatment specialist Optimarin has adopted a novel approach to meet growing demand for flexible financing solutions. The Norwegian company is offering what it believes is the first leasing option within the ballast water treatment segment
Optimarin’s innovation of offering leasing as an alternative to outright purchase of a ballast water management system has been conceived to meet market demand from owners and operators, helping them meet regulatory requirements without large capex outlays.
Optimarin executive vice president Tore Andersen said, “The need to comply with IMO and USCG regulations is not going away. Mandated vessels must have the required ballast water treatment systems to operate, today, tomorrow and far into the future. At the same time shipowners, many of whom were already facing challenging markets, have been plunged into economic uncertainty due to the Covid-19 coronavirus pandemic and the impact on every link within the shipping value chain. The future is unknown and demand is highly unpredictable, and that, understandably, makes it increasingly difficult to invest in new systems and technology. This creates a real danger of owners delaying decisions and eventually facing non-compliance, heavy fines and disrupted operations. That’s the last thing they need.”
Optimarin believes it has the solution to this dilemma. The firm, which currently has around 600 units installed, 40% of which are retrofits, has partnered with a UK-based finance company to offer customers the chance to improve their cash flow by splitting payments into small, manageable monthly amounts.
No payment or deposit is required up front and all servicing and spare parts can be included in a simple, comprehensive package. Interest rates, Andersen says, are in line with competitive bank financing, without the complex requirements and demands.
“There are many, many excellent shipping firms that may struggle to satisfy banking covenants in an investment atmosphere that is increasingly risk averse,” he said. “However, we have the partners and belief to help owners get the market-proven equipment they require to sail with complete peace of mind.”
Mr Andersen remarked, “As a company we’re focused on simplifying ballast water treatment for our customers – with total expertise, systems that are easy to install and operate, global service and support, and proven, long-term performance and reliability. Providing customers with flexible financing options is in keeping with that philosophy, helping owners get the technology they need without the headache of ‘jumping through hoops’ to finance it.
“We want to make ballast water treatment compliance easy for everyone. And this is a major step forward in enabling that ambition.”
Optimarin has been exclusively focused on ballast water treatment technology since its foundation in 1994. The team installed the first commercial system in 2000 and was the first company in the world to gain full USCG approval in 2016. It was also the first manufacturer in the segment to provide a five-year warranty on systems.
Customers include Royal Caribbean International, Fednav, GulfMark, Hapag Lloyd, Matson Navigation, McDermott, the Danish Navy, MOL, Seatruck, and Technip, among others. The Optimarin Ballast System has certification from a comprehensive range of classification organisations including ABS, Bureau Veritas, DNV GL, Lloyd’s Register and MLIT Japan.
BALLAST WATER WEBINAR WEEK
Beginning 18 May we will be holding a series of daily webinars, each meticulously researched and organised in response to a present ballast water related challenge, headache or opportunity. The webinars are free to attend and are designed to strike the right balance between transmission of key information and interaction with the expert panel assembled.
Should you wish to join one of our expert panels please contact Paul Dowling on firstname.lastname@example.org