Martek Marine secures another Korea opportunity through deal

Martek Marine has won a series of large orders for its MariNOx Evolution on-board emissions monitoring and engine efficiency system with Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries.

Martek Marine’s managing director Paul Luen said yesterday: “Korean yards continue to choose Martek over other fledgling competitors because of our vast experience and the unique features of MariNOx Evolution.

“More than 100 of our systems have already been installed and have clocked up millions of operating hours.

“Yards are building more fuel-efficient ships which cause less pollution, and so they are turning to our world-class services to help them achieve this.”

Mr Luen set up Martek Marine in 2000 with two former colleagues, Mike Pringle and Steve Coulson, and less than £6,000 in capital.

The Rotherham-based business recorded revenues of £6.9m in its latest financial year, up 32 per cent on the previous year, with pre-tax profits of just over £1m, a fivefold increase.

Martek Marine, which designs, manufactures and supplies environmental and safety-monitoring technology, has benefited from winning new business in Asia Pacific after setting up a subsidiary in Singapore a year ago. The company, which exports to more than 80 countries, is on course to achieve a £10m turnover in its current financial year.