Cravino (Api): "We want to grow in the international river, ferry, and yacht markets."

Founded in 1958 in Mignanego, in the province of Genoa, API built its reputation developing resin flooring for the marine industry, from cruise ships to navy vessels, ferries to superyachts. Since 2011, it has been part of RPM International, an American multinational with consolidated revenues of approximately eight billion dollars. Veno Cravino has been with the company since 2007 and has overseen its transformation from a family-run business to a leading supplier to Fincantieri, with an increasingly turnkey service model. He is currently the Managing Director of the Marine Division.

Cravino, Api has been on the market since 1958, nearly 70 years in a radically changed industry. What has remained the same in your approach, and what have you had to reinvent?

Api was founded by developing innovative products for the marine market: the first successful product was Plastigel 3220 Sealant, for caulking teak decks, which surpassed traditional techniques based on hot pitch and cotton. That guiding principle—replacing obsolete materials with higher-performance solutions—has never changed. The company was family-run until 2011, when it was acquired by RPM International. RPM doesn't buy to dismantle: it buys healthy businesses with a good business model and helps them grow. In fact, since August 2011, Api has tripled its turnover.

Speaking of technical evolution: today's resins are very different from those of twenty years ago. What are the parameters that make the difference?

Over the past ten years, there have been three main areas of focus. The first is aesthetic: we've moved toward highly decorative flooring, both with increasingly realistic and refined teak imitations and with vast scope for customization that was once unthinkable. In these respects, API has been ahead of the market. The second is being constantly receptive, making rapid and efficient changes to product formulations to comply with ever-evolving regulations, such as the transition from aromatic to aliphatic resins.

The third concerns the ever-increasing need for time optimization, which has led to a reduction in on-board assembly activities in favor of prefabricated solutions. This is why we have structured ourselves to be able to manufacture both balconies and elements such as steps, handrails, and gratings in-house directly at our Mignanego facility.

Your catalog ranges from decorative flooring to those intended for technical areas. How do you manage qualitative consistency across such a wide range, and where is research and development focused today?

Diversification is one of the levers we're working hard on. On the R&D front, we're developing new products ranging from lighter underlays to the addition of decorative or functional elements that integrate seamlessly with our floors (heated decks or decks equipped with LED systems), expanding our positioning into segments beyond cruise ships. The goal is to consolidate our strengths and penetrate markets where we're less present.

New buildings and cruise refits: two very different logistics. Where is your application chain most complex?

Newbuilding accounts for approximately 55-60% of our turnover: we're on board immediately after launch and are practically the last to disembark, with an average cycle of about a year per vessel. We have permanent project management structures in the Marghera, Monfalcone, and Genoa shipyards (where we also operate at T. Mariotti), supported by the Alghero production plant. The remainder is handled through drydocking and refurbishment, with seasonality concentrated between September and November and January and April. This is the area where we've grown significantly in recent years: today, we're able to complete a workload in fifteen days that we couldn't have even tackled just five years ago. We've built teams of dedicated project managers supported by teams capable of operating worldwide.

Let's move on to the frame agreement with Fincantieri. It's the third you've signed and the most important: 23 ships between 2026 and 2036. How have you structured the agreement operationally?

Yes, the first was signed in 2015, the second in 2019, and this is the third and largest. It's not an operational innovation, because we've been working seamlessly across all Fincantieri shipyards for years. What's changed is the size: volumes have grown, and the number of ships assigned has increased. The negotiation lasted about a year, but it was desired by both parties: Fincantieri wants to manage the supply chain with established key suppliers, and we need medium- to long-term continuity. We're the supplier that installs the most ships at Fincantieri. This gives us breathing space, but above all, it allows us to plan investments and keep the installation teams consistently busy.

Is environmental sustainability increasingly central to shipowners' specifications?

"The issue is timely, not marginal, and we are working on multiple fronts, both operational and institutional. The first is weight saving: lighter flooring contributes to significant fuel savings, and consequently emissions. Even the replacement of real teak with synthetic materials is a step in this direction.

Institutionally, certifications guide our strategy, which remains attentive and sensitive to managing environmental impact: our Alghero plant has achieved ISO 14001 certification, with the intention of extending it to all our operating sites. Then there's the group dimension: RPM has a structured sustainability program called "Building a Better World," active since 2022 and based on three cornerstones: products, people, and processes.

With such a wide range of products, I imagine the selection of materials is increasingly moving upstream, to the design phase. How do you interact with interior designers and naval architecture firms?

"The decision makers aren't just shipyards and owners, but also interior designers and architects. We have relationships with all the major naval architecture firms in the world, both European and American, and we have a team dedicated exclusively to this. There are two types of interaction: the oversight stage, where we present new products without a specific project underway; and the operational stage, when the firm is developing the general layout of the decks for a specific vessel and requests samples or technical specifications. In that case, communication already involves the internal production department."

The cruise industry is growing, superyachts are showing some slowdown, and the merchant shipping industry is cost-conscious. How do you see the next three to five years, and where do you see the most concrete growth potential?

"In the cruise industry, we're pursuing a strategy of consolidation, efficiency, and process rationalization, but future growth will also come through expansion and penetration of other markets: river cruises, ferries, yachting, and shipping. Then there's China: we've opened a Chinese entity, we have five employees in Shanghai, and after completing Adora Magic City, we're now delivering Adora Flora City. In short, we're consolidating our presence. China is a market where we want to grow with a local approach, while maintaining our identity."

Genoa, Miami, and Shanghai: three locations with very different approaches. What role do your offices play in these hubs?

Genoa is our headquarters, from which we shape API's worldwide strategy. Miami serves as our local representation and hub: having an office there is almost a must for those who work with major American shipowners and allows us to more efficiently manage projects in North America. Shanghai is obviously a strategic city for API China's development: having an operational base in one of the main local construction hubs has contributed to achieving the best year in terms of performance and revenue. We expect the next year to continue with the same figures, also counting on growth in segments beyond cruises.

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