ASRY pOSTS STRONG FiRST hALF
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ollowing on from another profitable year in 2011 in which ship repair sales increased by 13% during tough market conditions, the Kingdom of Bahrain’s Arab Shipbuilding & Repair Yard Co (ASRY) has seen the shipyard equally busy during the early part of 2012. However, continued depressed rates are still the name of the game as owners continue to carry out the least amount of repairs as necessary to keep them within class. From this past January to early May, ASRY repaired a total of 66 vessels, 40 for the Arab market and 26 from the international market. In terms of spend, Saudi Arabian owners led the way, repairing 11 vessels, including three large tankers owned by the National Shipping Co of Saudi Arabia (NSCSA), now renamed Bahri, and technically managed by Dubai’s Mideast Shipmanagement Ltd., a subsidiary of Bahri. In a significant endorsement of the
yard’s capabilities, the beginning of 2012 saw ASRY sign a long-term ship repair agreement with one of the world’s largest shipping companies, Maersk, which is set to boost co-operation and attract more of the shipping giants’ vessels to Bahrain for repair and maintenance work. Maersk has committed to a four-year Fleet Repair Agreement that sets favourable terms and conditions for its vessels to be repaired and drydocked at ASRY until 2016. To date Maersk currently owns, operates and manages 500 vessels, a large portion of which pass through the Arabian Gulf, and could now have more of a regular presence at the Bahrain-based yard. Commenting on the agreement, ASRY’s Chief Executive Chris Potter said: “I’m delighted to welcome such a prestigious owner as Maersk to our growing list of customers with Fleet Repair Agreements at ASRY, especially
as market conditions are so challenging. ASRY’s customer-centric focus recently prompted us to re-evaluate our Repair Agreement terms to offer the best value for drydock availability, prices, and onetime repairs. We understand the downward pressure being faced by owners, and realise our offering must respond to that.” ASRY’s depth of experience, now in its fourth decade of operations, was a contributing factor to the successful signing of the Fleet Repair Agreement, with a total of nine Maersk Line Ltd, USA vessels repaired at the yard in 2011. Maersk Line Ltd, USA (MLL) has been repairing vessels at ASRY for the past eight years. As a consequence of the Maersk Fleet Repair Agreement, MML has placed a four-ship block-booking with ASRY for drydocking and repair work on the 60,000 dwt fully cellular containerships Maersk Carolina, Maersk Missouri,
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