Having quadrupled its sales of fuel pump solutions in 2021, Danish firm Svanehøj has its sights set on hitting DKK 1 billion ($152 million) turnover in the next five years.
The company highlighted the record year for new LNG dual-fuel shipbuilding contracts, which it said had had a ‘very positive’ impact on its order books.
The marine pump specialist has reported it is heading for a total order intake for 2021 between DKK 750 and 800 million ($114-$121.5 million) – 50% more than the previous record set in 2014.
Svanehøj’s patented DW fuel pump solution was attributed as one of the main growth drivers. The pump was introduced to the market in 2015 and will account for almost 30% of total orders in 2021. According to CEO Søren Kringelholt Nielsen, fuel pump sales have quadrupled compared to 2020, and the many new orders are spread widely across sectors.
‘We see a significant increase in orders of fuel pump systems for LNG-fuelled boxships, cruise ships and PCTC vessels,’ said Nielsen. ‘Furthermore, we have received a very large number of orders for LPG carriers, where we supply pump systems for both cargo and fuel.’
As previously reported, in June, Svanehøj announced it had secured two significant orders from Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering for LNG fuel pump systems for 22 ultra large container vessels.
More recently, the company signed an agreement with a Japanese FGSS supplier on fuel pumps for six LNG-fuelled Pure Care and Truck Carriers. The end customer is NYK, which, as Svanehøj noted, is positioning LNG fuel as a bridge solution until future zero-emission ships can be realised.
Pointing to statistics released from class society DNV and London-based shipbroker Gibson, Nielsen also highlighted the ‘clear indications’ that many of the ships to be built in the coming years will be built to run on LNG, and added that the company expects ‘further growth in this segment’.
Meanwhile, Nielsen said that a market for new fuel types will emerge, driven by the large-scale investments in Power-to-X.
‘We have already taken this into account with our fuel pump, which is fully compatible with e-fuels such as green ammonia and methanol,’ said Nielsen. ‘In this way, we address shipowners’ uncertainty with a future-proof pump solution. Regardless of the propellant.’
Looking ahead, Svanehøj says it is seeking to double its turnover to DKK 1 billion ($152 million) by the end of 2026. In addition to fuel pumps for LNG, LPG, and future synthetic e-fuels, the company has highlighted the ‘great potential’ in developing pump solutions for the infrastructure to be built around Power-to-X and carbon capture and storage (CCS).