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VEEM Ltd (ASX:VEE) operates as a marine technology company. The Company specialises in propulsion and stabilisation systems, as well as provides repair and dynamic balancing of drive shafts, engines, and other rotating equipment.
The company has recently stated that after successful trials with Damen Ships in the Netherlands, VEEM has received an order to supply the first of its largest gyro stabiliser, the VG1000SD.
The VG1000SD unit produces 1000 Knm of torque which can stabilise a vessel of nearly 700 tonnes. Damen plan to install the VG1000SD in a newly released new high-speed crew transport vessel, the FCS7011, which is under construction at present.
The company in its press release stated that the production of the VG1000SD has commenced, and the final assembly will take place in VEEMâs newly leased purpose build gyro assembly hall due for completion in July 2019.
The press release also highlighted that the VG1000SD was going into production and it is the final model planned for production in the VEEM gyro range. VG120SD, VG145SD, VG260SD and the new VG1000SD are the four models currently manufactured by VEEM. The current phase of the VEEM Gyro design project is nearing completion, and all attention now moves to the manufacture and sales of the existing models.
VEEM Chairman, Mr Brad Miocevich highlighted the features of the product, he stated that the new assembly hall would have an in-built capability to fully test load all the models of the VEEM gyro range. The new hall is expected to ensure the highest quality and reliability, which will then be delivered to the companyâs customers.
The company believes that the sale of VEEMâs new ship gyrostabilisers is expected to be aided by the appointment of Dr Steven Vidakovic as Global Business Development Manager for the Gyro stabilisers product segment. Mr Vidakovic has got an immense amount of experience when it comes to engineering, project management, and sales. He has most recently served as Global Sales Director for Naiad Dynamics, which is an international supplier of marine fin stabiliser and ride control systems until the end of 2016.
VEEM Managing Director, Mr Miocevich has said that this crucial appointment is likely to underpin the prospective growth in sales of the companyâs unique gyrostabiliser products as well as assisting with the incremental of sales of the companyâs patented VEEM Interceptor propellers and VEEMâs Conquest propellers.
Now, letâs have a glance at Veem Ltdâs stock performance and the return it has posted over the past few months. The stock is currently trading at a price of $0.56, up by 14.286 % during the dayâs trade (as on 28 February 2019) with a market capitalisation of ~$ 63.70 Mn. The counter opened the day at $ 0.545 and reached the dayâs high of $ 0.560 and touched a dayâs low of $ 0.545 with a daily volume of ~ 30,000. The stock has provided a Year Till Date return of -7.55% & also posted returns of -13.27%, -15.52% & -5.77% over the past six months, three & one-months period respectively. It had a 52-week high price of $ 0.645 and touched 52 weeks low of $ 0.380, with an average volume of ~ 26,916 approximately. The company has a PE of 23.110 and EPS of 0.021 AUD.
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