Reflections on 2024

As we close the chapter on 2024, I am proud to reflect on what has truly been an exceptional year for Stanford Marine Group, a year that has pushed boundaries, delivered results, and reaffirmed our position as a leading force in the offshore marine services sector.

This year has been defined by steady, strategic growth and operational resilience that have strengthened both our capabilities and our reputation. From record-breaking financial achievements to successful project execution across the GCC and beyond, we have consistently delivered value to our clients, partners, and stakeholders.

At the heart of this success is our team, the dedicated individuals across our offices, yards, and vessels who bring their expertise, passion, and professionalism to everything they do. It is through their efforts that we have managed to adapt, evolve, and outperform in a competitive and dynamic market.

Robust performance

Our offshore chartering business delivered exceptional results in 2024, effectively managing a fleet of 120 offshore support vessels operating across the GCC and beyond. We achieved a fleet utilisation rate exceeding 80%, a notable accomplishment in a dynamic and highly competitive environment.  The outstanding performance highlights not only the strong market demand but, more importantly, the effectiveness of our commercial strategy and execution.

This momentum has laid a strong foundation for 2025, where we expect continued growth, driven by a robust project pipeline, deepening client partnerships, and a positive outlook in the offshore marine sector.

Grandweld has demonstrated remarkable growth, securing a record number of shipbuilding and ship repair contracts across the GCC region. In 2024, a total of 12 new build vessels were successfully delivered to a range of local and international customers.

Health, Safety, and Environment

Our offshore chartering business proudly completed another LTI-free year in 2024, a testament to our unwavering commitment to safety at every level of the organisation.

2024 saw the successful rollout of a dedicated software application for observation reporting which will enhance early reporting and enable timely intervention— both critical to maintaining a safe working environment. Our crew has widely embraced the new platform, resulting in higher reporting rates, more accurate data, and improved trend analysis—all supported by integrated AI functionality that enhances our ability to predict and prevent potential issues.

In 2024 Grandweld was recognised by the Dubai Maritime City/DP World Authority as the ‘HSE Champion of the Year’, a fantastic achievement considering the increased activities during the year.

Sustainability & Corporate Social Responsibility (CSR)

At Stanford Marine Group, our sustainable operations are guided by internationally recognized Environmental, Social, and Governance (ESG) principles. These frameworks influence our strategies and daily practices, helping us create long-term value while protecting the environment, people, and communities.

In 2024, we focused on reducing our environmental footprint through enhanced fuel efficiency, eco-friendly hull coatings, energy-saving devices, and LED lighting across our fleet. Onshore, we implemented green policies like recycling stations, reduced single-use plastics, and water-saving measures.

We remain committed to social responsibility through active community engagement with organizations such as Al Noor Training Centre and Rashid Centre for People of Determination. Additionally, we partnered with the Mission to Seafarers to support abandoned crew members in UAE waters.

Looking Ahead to 2025

With the continued support of our clients, partners, and employees, Stanford Marine Group (SMG) is well-positioned to build on the momentum of 2024. As we move into 2025, our focus remains on enhancing operational efficiency and maintaining financial discipline. We are committed to identifying opportunities to reduce costs, streamline operations, and maximize revenue across the Group.

We are optimistic about the opportunities that lie ahead for Stanford Marine (SM) and Allianz Middle East (AME). Market indicators point to sustained growth in offshore activity, particularly across the Middle East, Africa, and Asia. We intend to capitalize on this upward trend through targeted fleet expansion, investment in new technologies, and the deepening of long-term partnerships with key clients across our core markets.

At Grandweld, our current shipbuilding backlog reflects client’s confidence in our ability to build vessels tailored to meet the evolving needs through constant innovation.

Elias Nassif
CEO