Atlantic Navigation deploys eight OSVs for Qatar project

Atlantic Navigation is reviewing the addition of two more vessels for the project. The total contract value for the 10-vessel charters is approximately $8m with an average charter period of 4.5 months per vessel.

The group has provided five vessels from its owned fleet and cross-chartered three third-party vessels to undertake these charters.

“Our effort has led us to secure up to 10 vessels of the 12 required for the project. Whilst redeployment of the required vessels from other charters had resulted in some downtime, the project will provide stronger underlying support for our overall fleet utilisation through first quarter of 2015,” said Wong Siew Cheong, executive chairman and ceo of Atlantic Navigation.

Meanwhile, the company also announced that it will sell a new 6,400 bhp AHTS vessel to a related company Bravo Shipping and Trading Co, which it has a 15% equity interest.

As part of the sale agreement, Atlantic Navigation will be given an exclusive management contract to manage the vessel for an initial period of two years, with annual renewal options thereafter.

The AHTS vessel is built by China’s Guangxin Shipbuilding & Heavy Industry Co and it will be ready for delivery by end-October 2014.

Atlantic Navigation currently owns, operates and charters a fleet of 15 OSVs.

Atlantic Navigation subsidiary Atlantic Maritime will be exhibiting at Seatrade Middle East Maritime, 28-30 October at stand G10.