Alex Vainokivi has been appointed Managing Director of SRC Estonia, part of SRC Group - an international ship modernisation and conversion group. The management change reflects SRC’s aim to drive further growth by expanding its portfolio of proprietary products and technologies as well as its project-based services.
Vainokivi, previously Innovation Manager, takes over day-to-day management from SRC Group’s founder and major shareholder, Hannes Lilp, who remains CEO and Chairman of SRC Group. Lilp will focus on SRC Group’s strategic management, international business development and collaboration with the heads of its subsidiaries.
“Alex’s task is to take SRC Estonia to the next level in business volume and profitability,” said Hannes Lilp, CEO and Chairman of SRC Group. “This means strengthening cooperation between sales and project delivery and increasing the contribution of our own products to the company’s results. Alex knows our organisation and our customers, and he has demonstrated his ability to bring technical development projects to international partners and prospective clients.”
Vainokivi will be responsible for SRC Estonia’s day-to-day management and business performance. His remit also covers business generated through SRC Nordic and SRC USA and delivered by SRC Estonia. Initially, he will also continue to lead innovation and the development of the company’s own products.
Headquartered in Estonia, SRC Group carries out repair and conversion projects for vessels and offshore installations, from engineering and procurement through to installation and handover. Its projects cover technical conversions, electrical and automation systems, and interior refurbishment. Work is carried out wherever vessels are located, in ports and shipyards worldwide, as well as during voyages.
“My aim is to grow SRC’s business so that increased workload also brings greater profitability. This requires a systematic approach to sales, well-managed projects and clear accountability. Alongside our services, we also want to increase sales of our own technologies so that our engineering expertise and development work generate more value for the company,” said Vainokivi.
Vainokivi joined SRC in March 2019 and has worked in project management, marketing and innovation. He holds a degree in marine engineering and a Master of Business Administration.
As Innovation Manager, he has led the development of Methanol Superstorage, among other projects. The solution replaces the conventional separation space, or cofferdam, around a vessel’s methanol and ethanol fuel tanks with a compact steel-and-elastomer sandwich structure. Depending on the tank arrangement, this can nearly double the space available for fuel. The solution received the Royal Institution of Naval Architects’ Maritime Innovation Award in 2025.
“The next step for our own products is to turn technical achievements into repeat sales. Shipowners need to understand which problem a solution addresses and what economic benefit it offers. This principle must guide both our product development and the conversion projects we propose,” Vainokivi added.
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