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Two by two: Noah Ship Management sets up in UAE

Two by two: Noah Ship Management sets up in UAE

Dubai: A new company for third party management of tanker, bulker and offshore vessels has been set up in Dubai by ex-Thome and ESM Ship Management senior executive Svein Pedersen and past ITM vice president Thomas Arakal. Noah Ship Management is expected to start trading by the first week of June and hopes to have at least 10 vessels under management this year and up to 30 within five years. Despite its name it remains unclear whether the company will specialise in livestock carriers.

The company has invested in a state-of-the-art IT system which links all segments of the operation, says Pedersen, and has established crew supply and training arrangements with a number of large crewing managers. It has also been in contact with a number of oil majors over vettings and oil company approvals, he says, and negotiations with interested local and overseas owners are now underway.

Noah is one of the first ship management companies in Dubai to specialise in offshore vessels, which have been a growth sector in the UAE over recent years with some 500 now reckoned to be trading off the country.  [12/05/10]