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January 16, 2006

India's ABG Shipyard to buy Fujairah repair unit

According to a Bombay Stock Exchange announcement, the board of ABG Shipyard say it "has decided to acquire the Ship Repair Unit at Fujairah, UAE. With this, the company will have a presence in UAE market and cater ship repair demands from there."

ABG is India's largest private sector shipbuilder.

It's most recent newbuilding order, also announced today, is from Finland's ESL Shipping Oy, a subsidiary of Aspo Plc. It is for two 18,800 dwt geared bulkers built to Finnish ice class 1 A Super. The vessels are schedulked for 2008 and 2009 delivery.

According to ABG Shipyard, the value of each ship is US$ 30,800,000 and the order is "entitled for subsidy as per the prevailing shipbuilding subsidy scheme of the Government of India."