This Award recognizes Cryostar for their unrelenting efforts to offer a wide range of solutions for LNG cargo handling applications for LNG carriers, thus providing a one-stop-solution.
Cryostar is recognized as a preferred solution provider for LNG cargo handling equipment due to its strong expertise in the design and engineering of cryogenic equipment. Further, Cryostar has demonstrated unparalleled efforts to offer products and systems that are the most reliable and robust, thus maximizing the up-time for its customers.
“Cryostar has driven better value for its customers by fostering superior technologies that not only minimize the initial cost, but also decrease the operational costs,” says Frost & Sullivan Research Analyst Deepthi Pamadiparthi. “The company’s activities are a perfect illustration of a customer-focused approach through its value added services and solutions, thus consistently increasing its market penetration.”
While increased awareness of clean energy technologies offers LNG an immense business opportunity, it also necessitates the need for sophisticated, reliable equipment for LNG carriers. With recent developments in propulsion systems for LNG carriers Cryostar’s experience and know-how in thermodynamic processes of cryogenic liquids has enabled it to offer superior systems and equipment for LNG carriers.
To meet the technical needs and challenges customers frequently require, Cryostar maintains close contact and develops good relationships with owners, operators and shipbuilders. Cryostar offers a wide product portfolio for LNG carriers including boil-off-gas compressors, gas heaters, vaporizers, cryogenic pumps and re-liquefaction systems.
Without question, the selection and arrangement of the cargo handling and fuel gas supply are key to vessel design and Cryostar frequently assists in this process, ensuring the overall configuration provides customers the most benefit during operation. Cryostar’s “product matrix” allows for quick selection of appropriate equipment and customers consider Cryostar both a solutions provider and a specialist who can partner with them to design the optimum system.
“The company’s increased market penetration is shown by a consistent annual growth rate of more than 20 percent for the past five years, far exceeding the industry average of 14 percent (in 2007),” notes Pamadiparthi. “More than 70 percent of LNG carriers worldwide have Cryostar equipment on board.”
Since reliability of on-board LNG equipment is of paramount importance and downtime directly affects the profits of an LNG carrier, Cryostar has set the benchmark for reliability of equipment due to its strong engineering capabilities and stringent performance tests. The result is clear, equipment that is able to operate reliably for periods of up to 5 years between routine vessel maintenance.
Technological innovation in the cryogenic industry is further challenged with the need for precise manufacturing capabilities and superior product testing. Cryostar’s additional expertise in industrial gases has ensured better safety of on board LNG equipment as well as improved performance of equipment. Cryostar’s specially-developed high speed shaft gas seal technology, where the seal is mounted on the gear box, eliminates leakage problems and ensures a high degree of safety while improving performance.
In short, Cryostar’s customer-centric approach to offer simpler, customized equipment drives maximum value for its customers. Cryostar has shown constant focus in addressing the requirements and challenges of customers of LNG carriers by providing integrated solutions, thus helping it increase its market penetration.
For their undisputed leadership in LNG process control equipments for LNG carriers, Cryostar is the worthy recipient of the 2008 Frost & Sullivan Company of the Year Award for this market.
Each year Frost & Sullivan presents this Award to the company that has emerged as a significant participant within its industry, exhibiting outstanding management, superior market growth, exceptional customer service and the ability to combine technology and successful strategic initiatives.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
Cryostar, founded in 1966 is a pioneer in the design and manufacture of cryogenic equipment. First producing pumps for industrial gas applications, then turbines used in air separation units. Progressively, Cryostar entered other business markets providing compressors and heat exchangers for use on LNG ships, turbines for hydrocarbon applications, L/CNG filling and fuelling stations, and turboexpander-generators for clean energy projects. From an equipment manufacturer, Cryostar has also developed their expertise for processes in the field of industrial gases, LNG and clean energy. Today, Cryostar employs over 500 people with a sales volume of over €200 million to all continents worldwide.
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