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Atlantic Navigation secures $236m charters for 10 OSVsAtlantic Navigation secures $236m charters for 10 OSVs

Atlantic Navigation Holdings (Singapore) Limited has won long term charters for 10 OSVs with a combined value of around $236m from a Middle Eastern national oil company.

Lee Hong Liang, Asia Correspondent

May 16, 2016

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Atlantic Navigation, through its country representative in the Middle East, will supply five maintenance/work/utility vessels and five anchor handling tug, supply, safety standby vessels, of which seven will be newbuilds.

The OSVs, on a firm five-year charter with a two-year extension option, will support the national oil firm’s operations in the Arabian Gulf.

The charters will start progressively, with three vessels to be handed over starting from May 2016 and the remaining seven newbuilds to be deployed in 2017 following their deliveries.

“Despite the challenging industry conditions, we continue to pursue our growth strategy together with our regional partners, particularly in our core market in the Middle East,” said Bill Wong, executive chairman and ceo of Atlantic Navigation.

Meanwhile, Singapore-listed Atlantic Navigation saw its first quarter results sank to a net loss of $1.06m as against the profit of $4.39m in the same period of 2015.

Revenue for the first quarter ended 31 March 2016 plunged by 49.4% year-on-year to $6.95m due mainly to reduced charter income.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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