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ASRY on track for another record year

Bahrain: Arab Shipbuilding and Repair Yard Co (ASRY) reports it is on target for another record annual result after the first half closed on a 'hectic' note with high demand for all the docks and alongside repair services. In all some 4.11m dwt of vessels were repaired during the six-month period.

A total of 31 vessels were booked in the second quarter with 29 repairs completed. Sales revenues were up 23% on the same period last year, roughly the same as contract values.

For the year to date a total of 83 contracts have been confirmed ?" out of some 256 on which it received specifications, a 32.4% success rate ?" and forward orders are confirmed well into the third quarter.

Interestingly ASRY says the number of repairs to tankers of ULCC and VLCC sizes remained the same as last year, but vessels between 70,000dwt and VLCC size showed an 85% increase.

International owners accounted for some two thirds of the confirmed contracts, says ASRY, but Arab owners saw their market share increase to 29 vessels, with multiple dockings from owners such as KOTC of Kuwait, UCO Marine Contracting of Bahrain, and Al-Abdeen Marine Co and NPCC (National Petroleum Construction Co) of the UAE.  [24/07/06]

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