Abu Dhabi Shipbuilding profits soar

Abu Dhabi Ship Building , the emirate’s supplier of naval and commercial vessels, doubled its profits in the most recent quarter as it attracted new contracts from navies around the Gulf. Net profits rose to US$13 million led by a 36.8 per cent increase in revenues from new contracts to $118m. Riad Kahwaji, the chief executive of the Institute for Near East and Gulf Military Analysis, said ADSB had established itself as a strong regional competitor in recent years, attracting contracts from a number of Gulf navies, including Oman, Bahrain and Qatar.

Drydocks World announced the launch of the highly versatile, self-contained jack-up construction vessel, Nora, at its Graha shipyard in Indonesia. The self-propelled vessel Nora was built for Master Marine ASA of Norway It was designed by Global Maritime, and classified by the American Bureau of Shipping, Nora is 111.8 m long and capable of carrying up to 260 people.

The government yesterday approved amendments to over 50-year-old merchant shipping Act to bring rules in line with the international convention for removal of wrecks, as India will be acceding to the convention soon. “The Cabinet yesterday approved the proposal to accede to the Nairobi International Convention on the Removal of Wrecks, 2007, and to proceed with the amendments to the Merchant Shipping Act, 1958, which will become necessary, consequent to the accession of the said Convention,” an official spokesperson said.

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