Emarat to buy two VLCCs for $330m
Emarat Maritime, part of UAE's Sharaf Group has placed an order for two VLCCs worth $330 million (Dh1.2 billion) with South Korean shipbuilder, Hanjin Heavy Industries.
The new vessels are expected to be delivered from June 2011. With global growth continuing to drive the international shipping trade, Emarat Maritime has embarked on an ambitious investment programme to meet growing demands with a new building programme.
In a bid to expand its fleet, the company has recently made orders for five Super Handymax bulk carriers and three cape size bulk carriers, three post panamax bulk carrier and eight Aframax tankers.
Emarat Maritime is one of the few UAE shipping companies that operate in the tramp trade and concentrates on international waters, operating a modern fleet of ships, recognised worldwide as the "Dubai Series" and focussing on dry bulk and the energy market.
Emarat Maritime's Managing Director Captain Jitendra Mishra told Emirates Business that the company would continue with its new building program and deploy vessels in lucrative markets.
"Our new building programme will continue and so will our international business model, which has proved successful over the years," he said.