Northern Marine Group
Northern Marine Group
Summary of 2024
Northern Marine Group (NMG) provides ship management and marine services to customers in the maritime and offshore industry. Headquartered in Glasgow, the Group employs around 5,000 people world-wide, most of whom work on board ships with the support of experienced shore-based management. www.nmg-stena.com
Geopolitics played a major role in 2024 as the security situation in the Middle East forced ship owners and managers to decide whether to continue their operations in the Red Sea. Many vessels were re-routed around the southernmost point of Africa, the Cape of Good Hope, which led to longer distances and transit times and affected crew management.
NMG is the world leader in LNG, and the LNG markets continued to be strong in 2024. During the year, NMG was involved in overseeing the production of LNG vessels, the operation of Floating Storage Regasification Units and the management of additional LNG vessels. However, the strong market development and the increasing number of incoming vessels put pressure on the industry’s access to trained personnel.
The recruitment of seafarers is an issue that the entire industry is struggling with. NMG has a multinational workforce and promotes diversity, equity and inclusion, both onshore and offshore, to ensure a positive and productive work environment.
Strength in managing complexity
NMG’s strength is its ability to manage complex assets and operations in a transparent way, building trust among shipowners and other industry stakeholders. Culture is key to maintaining operational and safety performance across a wide range of assets. Excellent safety conditions also help make it easier to recruit and retain employees.
Consistent ways of working, effective safety management systems and clear guidelines create a strong culture, but the human touch is also important. Personal engagement and prioritisation of focus areas sends a message.
High level of safety
For NMG, safety and security are key priorities. These include ensuring that all seafarers arrive and leave their workplaces in good health and that workplace accidents and incidents are avoided. In addition to the consequences for individuals, safety failures can also affect security and operational performance. We had a good safety record in 2024 with zero Lost Time Injury Frequency for the fleet managed by NMG, which is unusual for such large fleets. Staff can be trained, motivated and retrained, but it is the overall company ethos that creates the culture.
Protection of the environment is another important focus area. NMG operates a fleet of oil and gas tankers and therefore it is very important to avoid containment losses (emissions of oil to water or gas to air).
Opportunity in environmental regulations
In the longer term, compliance with environmental regulations is seen as an opportunity. Achieving the goals for reducing carbon emissions, for example, will likely involve the use of new types of fuel, which in turn means new safety regulations. There are also regional and local environmental regulations that can further complicate the choice of fuel. NMG’s strength lies in being able to manage these complexities and increasingly strict environmental and safety regulations.
Sustainability Performance
0
Workplace accidents, land-based operations
Goal: 0 accidents
0
Workplace safety at sea (LTIF)
Goal: <0.3
93%
Retention rate
Goal: >90%
The company uses “Retention rate” as a key ratio to monitor its ability to retain seafarers.
2%
Share of Total income
5,025
Employees
1,042
Income, MSEK
624
Capital employed, MSEK