Financials​ 

Sustainability and Decarbonisation Initiatives

Decarbonisation was a central theme for RINA in 2023. Significant advancements in alternative fuel technologies and services aimed at extending the life of aging fleets were made. Despite industry hesitance towards new building orders due to uncertainties around alternative fuels, RINA increased its market share in new constructions, reinforcing its leadership in sustainable maritime solutions. 

RINA and Eni strengthened their partnership, focusing on sustainable fuels like Hydrogenated Vegetable Oil (HVO), hydrogen, and ammonia. They also embarked on pilot projects for on-board CO2 capture, reinforcing their commitment to sustainable marine propulsion. RINA extended its BIOFUEL Ship notation to yachting applications, enhancing HVO compatibility with yacht engine systems. Additionally, RINA granted the first approval for a dual-fuel methanol engine from MAN Energy Solutions in January 2023, enabling the marketing of methanol-ready engines and providing shipowners with certified, sustainable propulsion options.

This success highlights the trust and reliability RINA holds in the global maritime industry. Despite geopolitical tensions impacting crucial maritime routes like the Panama Canal and the Strait of Hormuz, RINA adapted by relocating services to alternate ports, ensuring uninterrupted service delivery and showcasing its resilience and strategic operational capability.

Digital Innovation
2023 marked significant digital innovation at RINA, integrating advanced digital tools to transform traditional maritime operations. By employing machine learning and artificial intelligence, RINA optimised ship performance and maintenance schedules, enhancing vessel operation efficiency and contributing to environmental sustainability by reducing emissions through optimised routing and improved vessel performance. The deployment of AI in predictive maintenance was particularly noteworthy, allowing for early detection of potential failures, minimizing downtime, and extending the operational life of the fleet. 

RINA SERTICA, a comprehensive suite of solutions to advance operational performance, has been successfully installed on over 2,600 ships. It includes the SERTICA Vessel Reporting System, designed to capture fuel consumption and travel data, enabling the calculation of various regulatory reports, including the Carbon Intensity Indicator (CII) rating. The SERTICA Fleet component is agnostic to data sources, enabling the integration of different applications across the fleet, providing a comprehensive overview of Fleet Key Performance Indicators (KPIs).
Expansion of New Services
In 2023, RINA introduced a range of new services aimed at bolstering decarbonisation efforts and enhancing operational efficiencies. The Life Extension Program was launched to quantitatively and technically assess the lifetime expectancy of ships, helping clients make informed decisions about overhauling or replacing their maritime assets. 
Expansion into new geographical areas with the opening of offices in New Zealand and Japan broadened RINA's service reach, allowing for localized client support and service delivery aligned with regional regulatory and market conditions. These strategic expansions and new services are pivotal in maintaining RINA’s competitive edge and its status as a forward-looking classification society in an evolving industry landscape.

Yachting Excellence

The yachting sector also saw notable success, driven by favourable market conditions and enhanced service offerings from RINA. Through the RINA MAXIMA service line, RINA engaged with major yacht builders, collaborating on specialized services in noise and vibration, prediction, decarbonisation, and integration with SERTICA Yacht. A significant refit project involving a yacht over 40 meters, incorporating methanol and fuel cell technologies, was also undertaken. While details of this confidential project remain undisclosed, its anticipated completion by the end of 2024 underscores RINA's commitment to pioneering innovations in the yachting sector.

401 

new yacht initiatives underway globally

4.3M 

GT orderbook, 20% passenger ships

2,600 

SERTICA Suite installations  

Outlook 
    for 2024

Looking ahead to 2024, RINA aims to continue its journey of innovation and digital transformation. The focus will be on real-time data monitoring, predictive maintenance, and leveraging artificial intelligence to enhance operational efficiency and decision-making processes. Cybersecurity will also be a critical area, with RINA strengthening defenses against the growing threat of cyber-attacks in an increasingly digitalised industry. In summary, 2023 was a year of challenge and success for RINA's Marine business unit. The strategies implemented not only mitigated the impacts of external challenges but also positioned the unit for future growth. As RINA continues to navigate the complexities of the maritime industry, its commitment to sustainability, technological innovation, and client-centric solutions will drive its progress in 2024 and beyond.

PROJECTS

Contribution to WATERBORNE Technology Platform and Zero Emission Waterborne Transport 

RINA has played a crucial role in actively contributing to the WATERBORNE technology platform and the Zero Emission Waterborne Transport co-programmed partnership. This involvement includes updating the strategic research agenda and identifying new proposals and calls within the Horizon Europe 2024/27 framework, in direct collaboration with the European Commission. 

Aasen Shipping General Cargo with Hybrid Propulsion and Battery

Supported by RINA, Aasen Shipping has taken a significant step towards sustainability with the delivery of general cargo ships featuring advanced hybrid propulsion and battery systems. These vessels are optimized for environmental efficiency, incorporating a battery package that substantially reduces fuel consumption by about 400 tons annually. The technology enables peak shaving on the main engine, reducing emissions and fuel consumption. Additionally, the ships can operate in ports using battery power alone, eliminating the need for the main engine and significantly reducing noise pollution. The use of an electric excavator for loading and unloading operations further reduces noise and emissions in port. These innovations contribute to a significant reduction in the ships' environmental footprint, making them among the most eco-friendly vessels in their class.

Approval in Principle (AiP) of an Ammonia Bunker Vessel Design

Meeting forecasted demand for ammonia

In April 2023, RINA issued an AiP for an ammonia bunker vessel design. The design was the result of a joint development project between ship designer SeaTech Solutions, ship owner Fratelli Cosulich Bunkers and RINA. The JDP was initiated in the anticipation of future ammonia bunker demand and addressed solutions for cargo containment and transfer systems, bunker manifolds and propulsion as well as risk analysis of the concept. 

Ammonia Fuel Project
Helping make ammonia a viable fuel alternative

The joint initiative by a global leader in the engineering and construction for the energy and infrastructure sectors and RINA Marine Consulting explores the use of ammonia as an alternative fuel for marine applications. This ambitious project aims to study all aspects related to the installation of ammonia containment systems, refuelling, and distribution on board ships. It focuses on advancements in ammonia fuel cells technology, four-stroke engines, and gas turbines powered by ammonia. The project's goal is to identify practical and efficient uses of ammonia for power generation on ships. This collaboration represents a significant stride towards decarbonizing maritime transport and developing sustainable energy solutions in the shipping industry.
MoU with Pilbara Clean Fuels Pty Ltd and Oceania Marine Energy
Development of low-carbon LNG production and marine vessel bunkering for Port Hedland, Australia

November 2023 saw RINA enter an MoU with Pilbara Clean Fuels to develop a low-carbon LNG production and marine vessel bunkering capability in Port Hedland, Australia. Port Hedland is the world's biggest iron ore export point and providing a solution that allows a more flexible transition while achieving IMO 2050 targets with an existing, available, and affordable fuel will be a massive contribution to the path to West Australia green corridor. The project will include SDARI’s 209,000 DWT Newcastlemax bulk carrier design, incorporating RINA’s pre-combustion carbon removal and hydrogen production concept to meet environmental requirements over the ship’s full operational life.
Approval in Principle (AiP) for ROTOBOOST
Hydrogen production from LNG

In 2023, RINA issued an AiP to China MarinTec ROTOBOOST for Hydrogen production from LNG using Thermo-Catalytic Decomposition technology. The process produces blue hydrogen, which is used as a fuel, and solid carbon, which provides a valuable feedstock for many industrial applications.
Validation of Onshore Power Supply (OPS) and LNG Bunkering in Lübeck Port
Reducing port emissions

In February 2023, RINA was tasked by the Lübeck Port Authority (LPA) to independently verify the high-voltage shore power connection for RO-Pax ships owned by Finnlines, Wallenius, and TT-Line, along with LNG/Bio-LNG bunkering facilities. The project, scheduled for operation between March and May 2024, aims to enable zero emissions in port when connected to OPS and to bunker LNG or Bio-LNG for navigation, potentially enabling a reduction of CO2 emissions by approximately 40%. This initiative represents a significant step towards sustainable port operations, virtually eliminating SOx and particulate matter emissions during port stays.
Research Project V-ACCESS
Shaping the future for the marine industry

RINA actively contributes to the EU-funded V-ACCESS project, focusing on innovative energy storage for marine applications. The project aims to improve energy efficiency using advanced energy storage on electric vessels and assess carbon reduction potentials. It involves preliminary integration and safety studies, emphasizing the importance of risk assessment in energy storage applications. This project highlights RINA's commitment to advancing sustainable technologies in the maritime sector and its involvement in shaping future energy solutions for marine applications.
SERTICA Logbooks for Seamar
Digital transformation of ship management operations

Seamar Management's digital transformation project involved replacing traditional paper logbooks with SERTICA Electronic Logbooks, a move which enhances reliability, efficiency, productivity and accuracy of data records.  RINA's support in implementing electronic logbooks aligns with the industry's digital transformation trends, and the positive feedback received indicates its significance in enhancing operational efficiency. Approved by over 40 flags, these electronic logbooks, supported by RINA, demonstrate Seamar's commitment to innovation, digitalization, and environmental sustainability through reduced paper use.
SERTICA PMS/PROC/HSQE for Attica
Digitalisation supports Attica’s rapid growth

This digital transformation project for Attica, a Greek ferry company, employed SERTICA's fleet management software to enhance efficiency and reliability in maintenance and safety operations. The project includes the implementation of various SWERTICA modules, including Planned Maintenance System, Safety Management System, Inventory of Hazardous Materials, Certificate Tracking, and Electronic Forms. The project highlights Attica’s proactive approach to digital transformation, recognising the limitations of traditional fleet management methods. Benefits include better, faster, and more effective fleet management, which contribute to improved operations and safety.
FSRU BW Singapore Support Services
A detailed and complex transformation project

This project involved converting the BW SINGAPORE LNG Carrier into a Floating Storage Regasification Unit (FSRU) for SNAM, including modifications and refurbishments such as altering the regasification system, pipelines, and manifolds, installing additional safety and control systems, upgrading systems for compliance with Italian Rules, and adapting the vessel's infrastructure for shore regasification. This transformation, requiring expertise in LNG systems, ship modifications, coordination of drydock works, and compliance with regulations, highlights RINA's proficiency in managing complex maritime conversions and supporting clients through detailed project phases.
TRIDENT FPSO LEP: Life Extension Project
Advanced structural and seakeeping analyses extend operational vessel life

During 2023, RINA undertook a life extension assessment for the Sendje Ceiba FPSO, focusing on structural integrity, seakeeping capabilities, and fatigue life. Employing advanced analytical technologies, this project was critical for extending the FPSO's operational life, demonstrating RINA's expertise in assessing and enhancing the longevity of maritime assets.
Propulsion Retrofit Package for SDARI 57K Bulk Carriers
An innovative and practical solution for EEXI and CII regulatory compliance

The aims of this project were to improve SDARI 57K Bulk Carriers' efficiency by over 10% through a propulsion retrofit package, addressing EEXI and CII regulations. This project, involving hydrodynamics expertise and advanced modelling, reflects RINA's commitment to provide innovative and practical solutions to enhance vessel performance and regulatory compliance. The package will provide a cost-effective solution to address the challenges faced by numerous vessels of this type.
RINA-CRN Yacht
Innovative fuel cell system for CRN superyachts

RINA's certification project for CRN Yacht, part of the Ferretti Group, involved implementing sustainable and alternative energy sources, focussing on hydrogen-reformed green methanol fuel cells. This project emphasizes sustainable luxury yacht design and highlights RINA's role in promoting environmentally friendly practices in the yacht industry. CRN Yacht benefits from receiving the Sustainable Powered Yacht certification, enhancing the marketability of their superyachts by meeting the demand for environmentally conscious and sustainable luxury vessels.
RINA-Superyacht Builder Association (SYBAss)
Addressing the need for a coding system tailored to the superyacht industry

RINA’s collaboration with SYBAss is aimed at adapting the coding system for superyachts to their specific operational profiles. By focusing on innovation, digitalization, and environmental sustainability, the project aligns with RINA's commitment to the unique needs of the superyacht industry. The result of this project could mean simplification and adaptation of coding systems for superyachts, ensuring compliance with regulations while considering the unique nature of these vessels. 
Noise and Vibration Analyses for Luxury Yachts
Attaining the highest standards of comfort

RINA has developed specialized services for luxury yacht design, aiming to meet ambitious comfort targets in noise and vibration reduction. The analysis allows for the application of constructional solutions from the design stage to improve structural characteristics and insulation, ultimately achieving or exceeding noise and vibration targets.
Carriage of AFV for Grimaldi Group
Safe carriage of sustainable fuel vehicles

Starting in 2023, RINA is supporting the Grimaldi Group in managing risks associated with transporting Alternative Fuel Vehicles (AFV) on ro-ro ships in Europe and China. The project will ensure new builds have the necessary features to ensure safe transport of any kind of vehicle, including hydrogen-powered, and that mitigating actions are taken on existing ro-ro vessels through the improvement of relevant procedures and equipment.
Fleet Sustainability Assessment - Moby and CIN Fleet
Promoting sustainable shipping

Following the addition of two new ships to the fleet (Moby Fantasy and Moby Legacy), RINA conducted a sustainability assessment for the Moby and CIN fleet, focusing on energy efficiency and compliance with IMO requirements. The aims of the project were to forecast fuel consumption over the next years and evaluate the impact of energy saving technology. The result will deliver an anticipated 40% reduction in CO2 emissions.
FLEXSHIP Project
Sharing knowledge and best practice in vessel electrification

Starting in 2023 and running until 2026, RINA's FLEXSHIP (Flexible and modular large battery systems for safe on-board integration and operation of electric power, demonstrated in multiple type of ships) project aims to innovate in vessel electrification, integrating large battery systems and developing a Green Digital Twin to enable fit-for-purpose electrical grid architectures. The project will enable ship owners to progressively electrify their fleet, covering a large range of sea-going and inland waterway vessels. Part of a broader European Waterborne Transport Synergies Ecosystem led by RINA, this project will bring together five R&D projects relating to battery systems and their implementation on ships and in ports to identify common areas of interest and explore best practices. Ultimately, FLEXSHIP will help ship owners and shipyards to adopt justified, sustainable and cost-efficient electrification solutions in their existing fleet and in the design of new ships.
Sefine NB 54- MV NEREA Gas-Fuelled Battery Powered RoRo Passenger Vessel
Facilitating decarbonisation

Completed in October 2023, RINA oversaw the plan approval and site supervision for a 100 m, dual fuel RoPAX vessel MV NEREA, emphasizing LNG and battery power for decarbonization. This project represents a significant advancement in sustainable ship design.
SCARABEO 5 Conversion
Supporting complex oil & gas vessel conversion

Starting in 2023, RINA is managing the conversion of the Scarabeo 5 unit from a Drilling Unit to a Floating Production Unit prior to its relocation in a new field offshore Congo. The conversion includes retrofit of topside equipment as well as hull and machinery refurbishment. The conversion is taking place in China, with commissioning on location of the coast of Congo.
Finnlines High-end Ro-Pax Project at Jinling Weihai Shipyard
A showcase of advanced features for highly automated, luxuriously appointed, environmentally aware cruise ships

Running from 2021 to 2023, the Finnlines Ro-Pax project involved designing and manufacturing advanced passenger ships (FINNSIRIUS and FINNCANOPUS) with advanced technologies, focussing on comfort and environmentally friendly solutions. Several new systems were installed, including a 5 MW battery system, waste heat recovery, and air lubrication. As well as providing the ability to achieve zero emissions while docked, the technologies incorporated ensure compliance with the latest IMP Energy Efficiency for Ships (EEDI) phase 3 standards. The project epitomises innovation and environmental sustainability. Key aspects of this focus include the vessel's classification by the Italian Classification Society and adherence to the RINA environmental additional class notations "Green Plus," as well as comfort additional class notations "COMF-NOISE" and "COMF-VIB”.
JDP/AiP for Hydrogen-ready MR Tanker/K Shipbuilding
A practical solution to meet the requirements of IMO 2050

In 2023 RINA was involved with and issued an Approval in Principle (AiP) for a Hydrogen-ready MR Tanker. The project takes an innovative approach to decarbonisation, using 4 stroke engine capable of burning hydrogen as propulsion, steam reformer and fuel cell.
Hydromover - Classification of 1st Full Electric Cargo Boat in Singapore
Leading the way in ship electrification

In an ongoing project, RINA is classifying Singapore’s first full-electric cargo boat, Hydromover, powered by swappable lithium-based batteries. This pioneering project places RINA at the forefront of battery-powered ship classification.
Brazilian Navy Life Extension Advisory Services
Digital tools for efficient and safe asset management

RINA provided life extension advisory services for the Brazilian Navy, enhancing hull integrity and maintenance programs. Life extension analysis included condition survey, fatigue analysis and corrosion prediction using advanced hydrodynamic and FEM modelling software. The project provides the client with necessary digital tools to efficiently manage its assets, ensuring reduced risk of structural failures, optimised maintenance costs, and overall increased safety. 
NIOM - New Hydro-Oceanographic Ship of the Italian Navy
A significant step forward for scientific research

RINA is providing classification and statutory certification the new NIOM vessel, which is under construction at the Fincantieri Shipyard and expected for delivery in 2026. Services include project management, plan approval, testing of materials and equipment, survey during construction, and issue of the relevant certification. The project is unusually complex because of the amount of scientific equipment and sensors onboard. Operating globally, the ship will be certified for navigation in icy water and low air temperatures (CE CLASS and WINTERIZATION additional class notations) and for dynamic positioning capabilities (DYNAPOS-DP2-SKC additional class notation). The sensitivity of the equipment onboard also requires minimised noise and vibration, and the ship will also be assigned CONF-NOISE and CONF-VIB additional class notations. Although naval vessels are not required to comply with statutory regulations, NIOM will be compliant to all international conventions for the environmental protection and will be assigned the GREEN PLUS additional class notation.
IGINIA Ferryboat
Increasing sustainability through battery power

RINA's project with the IGINIA Ferryboat focused on innovative hybridisation interventions to achieve Battery Powered Ship and Green Plus Class Notation. Iginia transports trains, passengers and goods between Messina and Villa San Giovanni – Strait of Messina. The conversion works were made at T. Mariotti Shipyard, based in Genoa
CRYSTAL SERENITY and CRYSTAL SYMPHONY Passenger Ships
Huge retrofits of luxury cruise vessels mark the start of a new brand in the sector

RINA was involved in the extensive refitting of both internal and external spaces of the Crystal Serenity and Crystal Symphony passenger ships. The conversion, which was carried out by Fincantieri Shipyard in Trieste, includes aspects that increase environmental sustainability, including wastewater treatment and energy recovery systems.