Eurochem International was established by parent company Eurochem to respond to an increasing demand in the marine industry. Now, four years on, the chemical manufacturer has a portfolio of 60 marine-dedicated products which it is in the process of expanding. CEO Nicki Giannoutsos explained more, in an exclusive interview with Inside Marine. Report by Imogen Ward.
Eurochem International was established four years ago, after parent company Eurochem began investing more heavily into the marine industry.
“Our parent company was already offering products to the marine industry via private label, but they were interested in taking this side of the business even further,” said CEO Nicki Giannoutsos. “We operate from Greece, one the world’s largest ship-owning countries, so it made sense to offer our services to this industry in a more focused manner. Today, 95 per cent of our custom comes from Greek ship owners.”
Since its establishment, Eurochem International has developed quickly, gaining a reputation as a well-respected player in the market.
“We have some of the largest, most prestigious companies in our client portfolio,” Ms Giannoutsos revealed.
“At this point, our international network covers almost all requested ports globally, and we are still growing. We have worked hard to solidify our reputation in the market.
“Our parent company was already well-respected globally for being the
only non-US certified company worldwide to supply aviation and military-grade chemicals to US military specifications. This is a big deal for a European company, and we aspire to continue this legacy.”
Taking a leaf out of its parent’s handbook, Eurochem International is dedicated to producing all of its chemicals in-house. The company acquired several local blended facilities in other countries to accommodate this commitment. This has also had a positive impact on the cost-effectiveness of its operations.
“The average net return profit margin in Greece is anywhere between eight and 12 per cent,” said Ms Giannoutsos. “Our company is achieving around 25 to 30 per cent net profit per year. 20 to 30 per cent of that is achieved through exports, and our return on equity – based on our
net income from last year – is 0.9, which is huge, when you consider most companies are only reaching 0.2.”
The perfect portfolio
With an impressive range of 60 products designed for the marine industry, Eurochem International’s range has been a hit with customers. According to Ms Giannoutsos, its solvent- and water-based tank and cargo cleaners have been especially popular.
“Every time a bulk carrier or tanker has to load or unload cargo, they have to ensure the hold meets IMO standards,” explained Ms Giannoutsos. “Our solvent- and waterbased cleaners abide by all European and international legislations and are the perfect solution to ensure a sparkling finish.”
For those looking to invest in the longevity of their bulk carriers, Eurochem international
manufactures a preload hold barrier that acts as a protective film against dirt and grime. Once the hold is unloaded, the film can be easily washed away with water – taking the dirt and grime with it.
“The preload hold barrier has helped our customers save significant cleaning time, which has had a positive knock-on effect for the time spent at port,” said Ms Giannoutsos. “This has been really helpful for the ship owners, and it is a product that sells out a lot.”
The company also offers an entire product line dedicated to ballast water treatment. With industry trends shifting in favour of these systems, the company has witnessed a significant increase in sales.
Daring developments
The development of Eurochem International’s products is very much a team effort. As a family-run business, this ethos is a priority. The company also continues to abide by its commitment to sustainable practices.
“Even though we have grown a lot, we have tried to maintain the standards that were put in place when our parent company was first established,” Ms Giannoutsos explained. “All our management team are chemists, and we are committed to developing new eco-friendly solutions.
“In fact, we made the conscious decision to avoid using hydrazine-based oxygen scavengers. We have our own dedicated formulas for carbon removers and air cooler cleaners, which we actively promote to our customers.
“We never play with safety, and the toxic alternatives currently available on the market are not environmentally friendly and they are not good for the crews.”
The future looks bright for Eurochem International, with lots of exciting plans in the works. According to Ms Giannoutsos, the company is interested in advancing its welding work – having previously offered this as a complementary service.
“We would really like to invest more into our welding capabilities and have it more available for our customers,” said Ms Giannoutsos. “But I think most importantly right now, we are concentrating our efforts on the 2050 IMO emissions targets. We are trying to develop new fuel treatment chemicals in response to these.”
With the vision of expanding its ecofriendly offering, Eurochem International is developing this line of higher concentrated chemicals that can be used in smaller quantities but achieve maximum results. The line is currently in the research phase and is expected to hit the market by the end of this year.
Encouraging expansion
Having previously developed a strong network coverage in many ports across the globe, Eurochem International is also hoping to establish its own technical teams in the world’s largest ports. Starting with Singapore, UAE and Houston next year, the company believes this move will benefit its customers.
“The teams will be comprised of both engineers and chemists, and will be present in all the big ports, including Houston, Rotterdam, Singapore, UAE, South Africa and China,” Ms Giannoutsos explained. “If a vessel has a problem, these teams will be able to go on board and offer their services, providing a customised solution.
“I am excited to see these projects come together, because I am in love with my job. Aside from my family, there is nothing else in the world I love as much as this job. Whilst in the position of CEO, this job has become like my child: I have watched it grow and develop and I am so proud of everything that has been accomplished thus far.
“We have worked hard to create a company that is successful and that cares. That is what our customers love about Eurochem International: we remain close to them and treat everyone as if they are the biggest customer we have, because we would not be here today without them.” n
