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Eni (E), Fincantieri, RINA Team up to Decarbonize Maritime Sector

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Eni SpA (E - Free Report) , Fincantieri, one of the world's foremost shipbuilding groups, and RINA, a multinational inspection, certification and engineering consultancy, have collaborated to spearhead initiatives for energy transition within the maritime sector.

The trio signed a landmark agreement aimed at driving joint projects to decarbonize maritime transport, which is in line with their strategies, with a collective aspiration of achieving net-zero emissions by 2050.

As part of this collaboration, the partners will explore joint projects and establish a global observatory to monitor technological advancements, regulatory changes and market dynamics influencing the maritime industry. A key aspect of the partnership involves conducting a comprehensive analysis to identify sustainable alternatives for maritime decarbonization. This includes evaluating existing fuels and developing complementary solutions tailored to the unique challenges of the maritime sector. Additionally, the partnership will focus on assessing energy infrastructure and identifying opportunities for investment in new logistical structures to support sustainable shipping practices.

Giuseppe Ricci, chief operating officer for Energy Evolution at Eni, emphasized the strategic significance of collaboration in driving maritime decarbonization. He highlighted the imperative of adopting a holistic approach, leveraging the collective expertise and technological prowess of the partners to deliver effective solutions that meet the evolving needs of shipowners and logistics operators.

Pierroberto Folgiero, CEO and managing director of Fincantieri, expressed unwavering commitment to facilitating the industrial transition toward sustainable maritime energy. He highlighted the initiative's focus on harnessing Italy's formidable expertise in cutting-edge technologies and alternative fuels, emphasizing the importance of operationalizing innovation to propel the industry forward.

Echoing the sentiment of collaboration, Carlo Luzzatto, CEO and general manager of RINA, emphasized the immense value of pooling resources and expertise toward a shared goal of sustainability. He underscored RINA's dedication to leveraging its engineering and technological acumen to drive tangible reductions in the maritime sector's carbon footprint while maintaining an inclusive approach toward diverse energy options.

The agreement sets the stage for future binding agreements, subject to regulatory compliance, as the parties continue to chart a course toward a greener and more sustainable maritime future.

Zacks Rank & Stocks to Consider

E, which is a leading global energy company, currently carries a Zack Rank #4 (Sell).

Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) . Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy) each, and Energy Transfer carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow. 

The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.96. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.

Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.

The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.32. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.

Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.

The Zacks Consensus Estimate for ET’s 2024 earnings per unit is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.

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