LiqTech International, Inc. (NASDAQ: LIQT), a high-tech filtration company that manufactures and markets highly specialized filtration products and systems for marine, and Danbee Marine, a South Korean-based maritime representative to the shipping industry, entered into a partnership agreement with Danbee to market LiqTech's marine scrubber water treatment solutions within South Korea, the second largest ship building market in the world after China.
Established in 2009, Danbee Marine, has been focused on delivering fuel treatment chemicals to reduce fuel consumption and emissions within the Korean maritime market. Danbee Marine has a strong presence and foothold with major ship owners and shipyards with a deep insight into marine engineering and equipment. The addition of LiqTech's compact and efficient marine scrubber water treatment system offering is a synergistic extension of their existing product offerings.
LiqTech's marine scrubber water treatment system for both closed-loop and hybrid scrubbers outperforms discharge limits regulated by the IMO Marpol VI. LiqTech's solutions remove unburned fuel oil, soot particles, ash, and heavy metals from marine scrubber wastewater and take an active role in reducing world pollution. Since LiqTech's first marine installations in 2017, the Company has successfully installed retrofit and new-build marine scrubber water treatment systems on more than 170 large commercial ships for many of the world's largest global ship owners. Furthermore, ship owners have gained tremendous fuel savings leveraging LiqTech's water treatment units, providing for enhanced ROI.
"We are excited to expand our presence in the Korean ship building market through this partnership agreement with Danbee Marine who has strong network in the South Korea marine market," commented Fei Chen, CEO of LiqTech International. "As the second largest ship building market in the world, we have had a presence with a small number of key customers, including Hyundai Merchant Marine over the years, but have lacked the large-scale presence across a wide variety of ship builders that Danbee can provide. I look forward to working with the capable team at Danbee to deliver our advanced and proven marine scrubber water treatment solutions to help ship owners and ship builders in South Korea fulfil regulatory requirements."