Veem notes AGM

Mark said one of their competitors in Italy went broke, and their main engineer is working down south. Mark was very pissed off when talking about a Chinese company he said Veem was competing with for a decent gyro contract where 12 Coast liners needed gryo’s and the Chinese government said Veem where the best candidate, but they decided to go with this chinse company that copied Veem. Smallest gyros Mark was pissed off and said they installed the wrong gyro’s for that boat, and they can’t sell those gyros anywhere else because of the patient. Mark said Veem sent a representative to china to see what they were doing, and the chinse company wanted Veem to buy them.

Mark said that they have employed one engineer in India to try and get products cheaper but make sure the quality is good because most chinse products they buy are not good he said it’s “ part of their ESG moving away from China movement.

Mark said they will eventually open a facility in Poland so they can be closer to their target market. This will help them with the freight cost. Mark said they might need to raise capital for this, or the family might rent it out to Veem. He said they’re not keen on moving into Poland at the moment because of the cost of energy in Europe, and he could see an energy crisis unfolding.

There are no plans to become just a Gryo company. They want to keep all revenue streams. They’re going to try and take all the excess steal out of the gyro this will help them cut costs and push forward innovation by creating a lighter product that can also be accessed more easily. Mark said most of the time, when they install Gyro’s. They leak straight away because the hydraulic fluid pipes are weaved in and out of the gyro and joint into the steel. He likened the leak to being like when you get a new car, you drive it home, and tiny drops of coolant come out. He said it’s not a problem, but it is just annoying, and they usually always have to look at the new Gyro’s once they have been installed.

They’re trying to carve out a competitive advantage in the gyro field by cutting costs everywhere and ensuring they still have great product quality. He ran me through how they were going to save money on every bolt, so I will leave that out.

He talked a lot about the labour shortage and how it’s annoying. He said they’re trying to work out ways to get people off the mines and into their factors. He said they’re offering engineers a base wage of $50 an hour, but they start at 3 PM and finish at 2 AM, which means they get double time or over time which in turn means they match the miners on 150,000 a year, and they only need to work four days a week.

Mark said that most people don’t understand that freighting companies have gouged consumers with this inflation narrative. That will return to normal as he expects the earnings to be significantly helped if freight costs revert to the mean.