Debt-free Asry "set to ride out global storm"

BAHRAIN-based Arab Shipbuilding and Repair Yard Co (ASRY) says it is set to ride out the global economic storm in 2009 following its record breaking year in 2008. Both chairman, HE Shaikh Daij bin Salman bin Daij Al-Khalifa and chief executive Chris Potter are upbeat about the yard’s performance this year following sales in 2008 breaking the US $200m barrier for the first time. “ASRY is now debt free for the first time in its history,’ said Shaikh Daij, ‘and we have a strong cash flow. In the past year or so we’ve put new policies in place and these have paid off. The shipyard is now competitively priced, offers a quality service and we are now getting much closer to our customers.”
In 2008 the Bahrain shipyard had sales of $207.5m, the best year in its history, and repaired a total of 133 vessels and offshore craft; 119 in drydock and 14 alongside.
Up until mid-March this year the yard had repaired a total of 42 vessels, 24 from the international market and 18 from the Arab market.
Chris Potter, ASRY’s chief executive noted that the start to 2009 was “not bad”, but that February was a tough month. “We are receiving a high level of enquiries, but the actual value of individual contracts is down on last year,’ said Mr Potter. The average vessel repair contract in 2008 was $1.56m. In looking at 2009, Mr. Potter said that he ‘would be happy if the yard could achieve the same level of sales as in 2007 ($170m), but it was too early to make a call on that at present.” Containerships launches new Swedish services
FINNISH-based short sea operator Containerships says it is improving connections for the Swedish market by adding links from Gothenburg and Helsingborg. The move is aimed at improving links the industrial centres of Swedenand Russia, the Baltic States, Central Asian Republics and the Eastern Mediterranean are concerned.
A statement says: “Calling both Gothenburg and Helsingborg will improve the service range Containerships offersto the Swedish market and provide competitive transit times to and from new areas such that East Mediterranean which is now served by Containerships vessels following the acquisition of Contaz early March.”
Containerships Group is a Finland based joint venture between Finnish Container Finance and Icelandic transportation company Eimskip. Containerships operates 16 vessels ranging between 250 and 1,000 TEU capacity and a fleet of 14,000 own containers ranging from 20’ to 45’. Containerships recently acquired Turkish carrier Contaz, increasing its shortsea coverage to the East Mediterranean markets.