ASRY to ride out economic storm

Bahrain-based Arab Shipbuilding and Repair Yard Co (ASRY) has posted record-breaking figures for 2008. Both Chairman, H.E. Shaikh Daij bin Salman bin Daij Al-Khalifa and Chief Executive Chris Potter were pleased that the yard’s sales in 2008 broke the US$200 million mark.

They said that ASRY would ride out the economic storm. “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.”In 2008 the Bahrain shipyard had sales of US$207.5 million, the best year in its history. The yard performed repairs on a total of 133 vessels and offshore craft; 119 in drydock and 14 alongside. ASRY’s customer base is traditionally split between vessels owned by Arab operators and the international shipping market. Last year saw 72 vessels repaired from the international market, valued at US$112.30 million, and 61 vessels from the Arab market, valued at US$95.19 million. A total of 20 vessels came from the Saudi Arabia market, 17 from Bahrain and 13 from Kuwait.

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