Northern Marine Group
Northern Marine Group
Fulfilling the growing service demand in the energy market
Northern Marine Group is headquartered in Glasgow and provides technical and maritime services and management to external customers in the maritime and offshore industry, as well as to the Stena companies. NMG provides employment for around 4,800 people around the world, most of whom work on board ships, with the support of experienced shore-based management. www.nmg-stena.com
Summary of 2023
Northern Marine Group delivered a strong operational performance in 2023, strengthened by continued growth in the global demand for LNG shipping and expansion in offshore and renewables.
Global growth in demand for LNG Shipping continued in 2023 and Northern Marine Group (NMG) was well placed to win new business. NMG´s service provision to the gas industry was expanded with agreements signed for newbuild project management support and ship management of LNG carriers for new clients. Further expansion into the offshore and renewables markets also took place with the start of a Technical Management service to an offshore supply vessel and Crewing services to new offshore clients.
Furthermore, 2023 was a seller’s market for ship owners with strong asset values, which resulted in shipping companies capitalising on asset sale opportunities. As a consequence of this trend, the contracted number of vessels in NMG’s fleet temporarily decreased.
“We have balanced the reduction by focusing on a future pipeline of ship management opportunities that are now emerging, most evidently in the LNG and methanol markets”, comments Philip Fullerton, MD, NMG.
MARITIME TRAINING PROGRAMMES
Northern Marine is the UK’s largest provider of maritime Cadet Training. Its international pool of seafarers and offshore industry personnel are trained to the highest industry standards. During the year the company further broadened its global seafarer recruitment with the launch of a cadet programme for the new client Proman, providing career opportunities and support. Furthermore, NMG´s crews were in 2023 commended for several rescue missions at sea, demonstrating their professionalism and care.
ENVIRONMENTAL PROGRESS
NMG believes that meeting market demands in the environmental field as vital for its business development. The company therefore have clear policies and processes in place, and commitment in this area is embedded in the organization.
In 2023, NMG made several improvements in the environmental field. Measures included implementing a new software across its fleet of managed vessels aimed at improving the analysis and evaluation of performance data in relation to fuel consumption and emissions. NMG offers its clients services to fulfill the requirements of MRV (Monitoring, Reporting and Verification), EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator). The purpose of these indicators is to implement measures to decarbonise the shipping industry.
HEALTH AND SAFETY
NMG has a systematic working practice and takes a holistic approach to ensure good health and well-being of all employees. The company puts its industry leading health and safety performance as a top priority, with processes in place for continued improvement and risk mitigation. NMG’s high safety standards are a significant competitive advantage.
DIVERSITY AND EQUALITY
NMG has a large diversity of employees from all around the world. Diversity, equity, and inclusion are key objectives for the whole organisation. The company ensures that employment terms and conditions are competitive and fair and makes strong efforts to achieve above industry retention rates. NMG supports local communities where it operates, providing employment for locals and supporting their families and local schools.
In 2023 NMG joined a pioneering industry initiative; All Aboard Alliance’s Diversity@Sea aimed at making life at sea more inclusive and attractive to all seafarers. NMG aims to drive better gender diversity in the maritime sector and as part of the initiative is responsible for a pilot project on one vessel to test a range of practical measures and document valuable insights into what constitutes an attractive and inclusive career at sea.
RISK MANAGEMENT
The key risks for NMG are the safety of crews, vessels, and the environment as well as cyber threats. To manage these risks the company has management systems and processes in place to mitigate the risks as well as regular training for staff and performance reviews in collaboration with clients and external regulatory bodies.
Sustainability Performance
Occupational accidents, landbased operations
0
Goal: 0 accidents
Workplace safety at sea (LTIF)
0.23
Goal: <0.35
Retention rate
93%
Goal: >90%
The company uses “Retention rate” as a key ratio to monitor its ability to retain seafarers.
2%
Share of Total income
4,800
Employees
1,300
Income, MSEK
600
Capital employed, MSEK