ASRY shows strong first half performance
VLCC ‘Alphard Star’ in drydock at ASRY being converted into an offshore oil storage vessel
Despite the continued shipping recession Bahrain’s Arab Shipbuilding & Repair Yard (ASRY) showed a strong first half year performance in 2011, demonstrating the yard’s resilience.
During this period, ASRY repaired a total of 107 vessels coming from both the Arab and international markets and representing a wide variety of ship types ranging from ULCCs to offshore support vessels. Although the mainstay of business came from the Arab market with 72 vessels (67.3%), the average value of repairs per vessel was much higher from the international market.
Owners from Saudi Arabia repaired a total of 29 vessels during the first half of 2011, with Vela International Marine drydocking three large tankers: the two 317,129dwt sisterships Aries Star and Pisces Star and the 301,862dwt Alphard Star, the latter being converted into an offshore oil storage vessel. Meanwhile, the National Shipping Co of Saudi Arabia drydocked two 1996-built, 300,361dwt sisterships, Ghawar and Ramlah. The vast majority of work came from the offshore sector, both for jack-up rigs and support craft, with operators such as Hercules Offshore, Zamil Offshore, China Harbour Engineering Arabia, Ensco and the Saudi Arabian Oil being regular visitors.
ASRY’s main customer, Kuwait Oil Tanker Co, returned to the yard for repairs to its VLCC fleet with major repairs being undertaken on Al Salheia and Kazimah III. US owners once again led the way for the international market, repairing a total of 12 vessels, the vast majority of this work coming from offshore jack-up rig operators such as Ensco International, Hercules Offshore, Pride International and Rowan.
The most demanding job was the refit of Rowan’s 224-C Super Gorilla XL class jack-up rig Bob Palmer, one of the world’s largest jack-ups, which underwent modifications and upgrading work before starting a three year charter to Saudi Aramco at the end of June. Meanwhile, Maersk Line drydocked two 61,454dwt containerships, the Maersk Iowa and Maersk Ohio, during the early part of 2011. Both vessels form part of the US Maritime Administrations (MarAds) Maritime Security Programme Fleet.
An encouraging trend during the first half of 2011 at ASRY was the return of VLCC/ULCCs to the Bahrain yard. Besides the Vela International and KOTC vessels drydocked, ASRY also drydocked and repaired the 302,789dwt Olympic Legacy and the 303,184dwt Olympic Loyalty, both owned by Greece’s Springfield Shipping.
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