Adnatco set to replace its aging tanker fleet

ABU DHABI — 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, according to company top executives.

By (Wam)

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Published: Sat 23 Jul 2005, 10:44 AM

Last updated: Thu 2 Apr 2015, 4:43 PM

''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 (PMC) for ship acquisition,'' said Sultan Al Muhairi, Adnatco chairman.

''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 said according to Adnatco news magazine.

''We are working to build Adnatco'S capacities, and diversify and modernise its fleet to enable it maintain its sharp competitive edge in markets, ''he added.

A subsidiary of adnoc group, Adnatco owns and manages a fleet of eight product tankers, molten sulphur tanker, bunkering ship and roro ships,'' Mohammed Salim Al Dhahiri, Adnatco general manager, went further to explain that, ''the company has plans to modernise its fleet with the size and type varying between 45,000 dwt to 120,000 tones aframax, from clean product to clean crude tanker. there may be a need for dry bulk ships.

He disclosed that the company had signed a five-year contract to transport polyethylene for Abu Dhabi Polymers Company (BOROUGE).

''But we are planning and researching transportation need for borouge beyond 2010 when they increase production,'' he said, noting that the current contract for 2005-2010 envisages usage of one ship on full time basis and second ship on part time.

In the first quarter of the year, the company transported 2,542,419 dwt of various products from lubricating oil, dry sulphur, polyethylene and rolling cargo totalrose in 2004 to 10.8 million dwt from 9.6 million dwt in 2003.

For the past several years, Adnatco has been actively engaged in the bulk market, i.e. chartering and operating bulk tonnage from market for Adnoc's sulphur business. ''Currently, trading has been in the red sea and Mediterranean area. However, expanding to the Chinese, Brazilian and S. African markets is being explored.''



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