VEEM Limited (ASX: VEE) has entered an exclusive global partnership with Sharrow Engineering, LLC, to design and exclusively manufacture Sharrow's award-winning propellers for inboard motor vessels. Sharrow's propeller design has already made waves in the outboard motor market with significant improvements in various performance aspects. VEEM's unique capabilities as the sole global producer of high-performance, CNC-machined propellers make it the ideal partner for this venture.
The market potential for inboard propellers is substantial, estimated at US$2.6 billion, with an annual new build market worth about US$338 million. The project's progress depends on VEEM's assessment of the Sharrow design's performance on their test vessel, with testing scheduled soon. The first SHARROW by VEEM propellers is expected in early 2024, with a full range rollout by year-end 2024, starting production in Western Australia, and potential expansion based on demand.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
