The SRC Group, which specialises in ship modernisation, has appointed Alex Vainokivi as the new managing director of SRC Estonia. He takes over from Hannes Lilp, who will continue to serve as the group’s CEO.
With this change in management, SRC aims to drive further growth by expanding its portfolio. This includes its own products and technologies, as well as project-based services.
Vainokivi, previously Innovation Manager, takes over the role of Managing Director from Hannes Lilp, the founder and majority shareholder of the SRC Group, who will continue to serve as CEO and Chairman of the SRC Group. Lilp will focus on the strategic leadership of the SRC Group, international business development and collaboration with the heads of the subsidiaries.
“Alex’s task is to take SRC Estonia to the next level in terms of business volume and profitability,” said Lilp. “This means strengthening collaboration between sales and project management and increasing the contribution of our own products to the company’s results. Alex knows our organisation and our customers well, and has proven that he can successfully secure technical development projects with international partners and potential customers.”
Vainokivi is responsible for the operational management and business development of SRC Estonia. His remit also includes business generated via SRC Nordic and SRC USA and carried out by SRC Estonia. Initially, he will also continue to lead the areas of innovation and in-house product development.
The SRC Group, headquartered in Estonia, carries out repair and conversion projects for ships and offshore installations – from planning and procurement through to installation and handover. The range of services includes technical modifications, electrical and automation systems, and the refurbishment of interiors. The work is carried out worldwide directly at the vessels’ locations – in ports, at shipyards or whilst at sea.
“My aim is to expand SRC’s business in such a way that a higher order volume also leads to increased profitability,” said Vainokivi. “This requires a systematic sales approach, efficient project management and clear lines of responsibility. In addition to our services, we also aim to boost sales of our own technologies so that our engineering expertise and development work create greater added value for the company.
Vainokivi joined SRC in March 2019, where he worked in the areas of project management, marketing and innovation. He holds a degree in marine engineering and a Master of Business Administration (MBA).
As Innovation Manager, his responsibilities included leading the development of the ‘Methanol Superstorage’. This solution replaces the conventional partition – known as the cofferdam – surrounding a ship’s methanol and ethanol fuel tanks with a compact sandwich construction made of steel and elastomer. Depending on the tank layout, this can almost double the space available for fuel. The solution was awarded the ‘Maritime Innovation Award’ by the Royal Institution of Naval Architects in 2025.
“The next step for our own products is to translate technical successes into recurring sales,” he said. “Shipping companies need to understand which problem a solution addresses and what economic benefits it offers. This principle must guide both our product development and the retrofit projects we propose.”
