Adnatco to renew its shipping fleet
The Abu Dhabi based company is to renew its fleet as it sells off old vessels in preparation for newer and larger ships.
The Abu Dhabi National Tanker Company (Adnatco) is set to replace its aging tanker fleet with newer ships as part of its strategy to sharpen its competitive edge in regional and international markets.
“The process has already started and we have sold three old vessels. The company is currently in the process of selecting a project management consultant for ship acquisition,” said Sultan Al Muhairi, chairman, Adnatco.
“The expectations are that the ship acquisition and sale of older vessels will now run in parallel, the purchase of dry bulk ships will also be considered,” he added.
A subsidiary of the adnoc group, Adnatco owns and manages a fleet of eight product tankers, molten sulphur tanker a bunkering ship and roro ships. The expansion of the fleet will see the acquisition of ships varying in size and type between 45,000 dwt to 120,000 tonnes aframax, and from clean product to clean crude tanker.
Al Muhairi also announced that the company had also signed a five-year contract to transport polyethylene for Abu Dhabi Polymers Company (Borouge).
“Although the deal is for five years we are planning and researching the transportation needs for Borouge beyond 2010 when they increase production,” he added.