Live from Posidonia 2018

Live from Posidonia 2018

The Seatrade Maritime reporting team bring you all the key stories in the run-up to, and live on the ground during, Posidonia 2018, the international shipping exhibition with the largest gathering of Greek and international shipowners.

New Saudi mega-yard IMI builds global profile

Making its debut at Posidonia last week was the new International Maritime Industries (IMI) $5.2bn mega-yard at Ras Al Khair on the Gulf coast of Saudi Arabia, 70% jointly owned by Saudi Aramco (50.1%) and its most important tonnage provider Bahri (19.9%), the remainder belonging to UAE-based rig builder Lamprell (20%) and shipbuilder Hyundai Heavy Industries (HHI) (10%) of Korea.

Bahri (The National Shipping Company of Saudi Arabia) was exhibiting separately at Posidonia with an impressive two-storey stand, the show’s most expansive. Pictured visiting the stand is Greek Prime Minister Alexis Tsipras.

In May Bahri took delivery of its 46th VLCC, last in a series of 10, from HHI in May, bringing the company’s fleet total to 93 vessels; it is planned that future VLCCs for the company will be built at IMI.

IMI aims to become the largest full-service maritime facility in the Middle East and North Africa region, competing with the largest yards in Asia. The $5.2bn yard project is headed up by chief executive Fathi K. Al-Saleem, a longtime Saudi Aramco executive with wide-ranging experience across the company’s energy portfolio.

Read more: Revealing the full scale of Saudi mega-yard IMI

As well as new construction, IMI will focus on through-life maintenance of ships and offshore platforms built there, with significant space set aside for rig and ship repair. The rig construction zone is scheduled to come on stream in 2019, followed in 2020 by a ship construction zone. Two more zones – for OSV construction, rig repairs and commercial ship repair – are due to open for business in 2022.

Further information about Bahri and IMI is contained within the Saudi Arabia report in the June issue of Seatrade Maritime Review.

Posted 12 June 2018

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Bob Jaques

Editor of Seatrade Maritime Review

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