ETA-Ascon to Buy Ships Worth $2.72B

Monday, January 09, 2006
Reports indicate that the Dubai-based ETA-Ascon, a diversified group, plans to buy 76 new ships to expand the size of its fleet to 100 in five years, a report said. The total investment involved in this order will amount to $2.72 billion. The company is negotiating with a number of ship builders for signing major orders. These include orders for four tankers with Japan's Universal Shipbuilding Corporation, he said. The new orderbook will range vessels from Panamax to very large crude carriers (VLCCs) that will require investment in billions of dollars, the report said. Reportedly, the plan will make it the largest fleet owner in the Middle East. Currently United Arab Shipping Co (UASC), which is owned by the governments of the GCC countries and Iraq, operates the largest fleet in the region, the report said. The shipping division owns 16 vessels and eight on order. It charters over 200 vessels every year, carrying more than 15 million tons of cargo. Its ship-broking offices in Shanghai, Hong Kong and Bangkok meet the affreightment and transportation needs of clients worldwide. The company's clients companies involved in the cement industry, construction industry, power utilities, steel industry, fertilizer and chemical industry, flour mills in the Middle East, North/South America, Europe, Indian sub-continent and Australia. The division has entered into a joint venture with Mitsui O.S.K. Lines (MOL) for operating VLCC vessels. The Project Department is involved in development and implementation of innovative concepts for onshore and offshore bulk handling.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Romica Manufacturer Secures DNV GL Approval

U.K. winch maker Romica said it is to “redouble its exports drive” after its Romania-based manufacturing partner successfully acquired accreditation with DNV GL.

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0964 sec (10 req/sec)