Quadrise PLC (AIM:QED) told investors it is not expecting any delays in its MSC vessel trial programme.
The company, in a statement, said that the signing of a binding project agreement with MSC and Cargill had been anticipated before the end of the first quarter, and it is still pending.
"Continued efforts in respect of our project mean that we do not expect any material delay to the overall MSC vessel trial programme at this time,” Quadrise chief executive Jason Miles said.
“We remain in regular contact with our project stakeholders and Quadrise is focused on the delivery of the Project Agreement as soon as possible."
In mid-March, the company previously noted that it expected to enter a binding agreement for a trial of its MSAR and bioMSAR alternative fuel in the operation of MSC Leandra, a cargo containership.
In the City, stockbroker Shore Capital highlighted the potentially significant scale of opportunity for Quadrise.
“Quadrise’s opportunity in the marine sector with MSC alone could be worth a multiple of its current enterprise value in potential annual revenues if only small percentage of the shipping company’s overall fuel demand was switched to MSAR or bioMSAR,” Shore Capital analyst Tom Fraine said in a statement.
“MSC currently consumes close to 10m tonnes of fuel oil annually and we believe Quadrise could charge c.$50 per tonne for licensing its technology.”