RINA Grows Through Diversification

Italy-based classification-society RINA has reported strong growth in
both turnover and net returns for 2007. Turnover for the 2007 year was
Euro156m, up 20 per cent on 2006, and EBITDA was Euro25.2m, on a net
return growth of 25 per cent compared to the 2006 financial year.
Ugo Salerno, ceo of RINA says, "Throughout 2007 RINA has expanded its
expertise, expanded its services, expanded its client base and expanded
its international outreach in every business area. That performance was
built on a constant endeavor to enrich and adapt our competencies to
the needs of the market. In some areas, such as power generation and
civil engineering, we have bought companies with good track records and
expertise. In other areas, such as managing the consequences of global
warming, we have hired keen and qualified experts and worked with
administrations and businesses to develop workable standards.
At the end of 2007 RINA's classed fleet reached 3,360 vessels totalling
21.5m gt. That was an increase of 8 per cent on 2006. Much of the growth
came from newbuildings, which lowered the average age of the fleet. But
there were also significant transfers in of good modern tonnage.
RINA's focus on quality was demonstrated by excellent Control
results, with the Paris MOU naming RINA as the 2nd best performing
classification society in the world.
Over the year the order-book grew at a faster rate than ever before, and
now it has reached about 50  per cent of the present classed fleet. Much
of this increased order-book came from shipowners new to RINA in ,
, , and .
New Marine Offices were opened in , , ,
and the . At the same time the Plan Approval Centres in and
were substantially strengthened, a Marine Equipment Office was
opened in and moves began to set up a dedicated Plan Approval
Centre in . That entered service in early 2008, providing the
Greek owners who now make up more than 15 per cent of RINA's fleet with
a local design support facility.
At a meeting the Registro Italiano Navale, Rina's sole shareholder, confirmed the results for 2007 and also confirmed the directors of the board in their posts for a further three year term.