ASRY Up 7% in 3Q

Friday, October 29, 2004
Following on from the earlier success of the first half of this year, Bahrain’s ASRY, has turned in a successful third quarter series of results with an increase in business and sales, which were up some 7% on the previous quarter. In all some 28 vessels were in the yard for repairs and refurbishment, with 30 percent being in the tanker class with the majority being ULCCs and VLCCs. The yard was also kept extremely busy with other classes of vessels ranging from lpg carriers, livestock carriers through to RoRos, dredgers and general cargo.

During this third quarter over a hundred specifications were received from owners around the world with a contact award success rate of 26%. To date over 96 vessels have now been repaired in ASRY and all indications are that this year will be one of the best for the Yard for a number of years. Dock occupancy rates during this period have reflected the high volume of business with the Graving Dock achieving over 94% occupancy, similarly the two floating docks have been on a par with the previous quarter with rates in excess of 87% for Dock No. 2 and 95% for Dock No. 3.

ASRY has also been successful in securing a significant contract from KOTC for the building of a new service boat to support KOTC’s operations. This contract is the first in a new business for the yard, which it hopes to expand and is now actively talking to a number of other clients about similar projects. During this last quarter the following vessels were repaired by ASRY - Red Sea Marine Services’ 88,726 dwt tanker Al Madinah, Tanker Pacific’s 247,471 dwt VLCC Brilliant Jewel, Livestock Transport and Trading Co’s 39,266 dwt livestock carrier Al Kuwait, Unicom Management Services 154,970 dwt tanker Tropic Brilliance, Vela International’s 301,862 dwt ULCC Suhail Star, Dynacom Tanker Management Ltd’s 238,898 dwt VLCC Progress, two lpg carriers from KOTC, the 47,471 dwt Gas Al Ahmadi and the 35,643 dwt Al Badiyah, Ceres Hellenic Shipping Enterprises Ltd’s 45,655 dwt tanker Bow Pride, National Chemical Carriers' (NCC) 37,449 dwt tanker Jubail, two lpg carriers from Norway’s Bergesen, the 63,254 dwt Berge Ragnhild and the 63,296 dwt Berge Racine, and Odfjell’s 33,695 dwt chemical tanker Bow Viking.

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