Tomini Shipping set to expand dry bulk vessels fleet

Dubai - The group announced the appointment of two new board members.

Numair Shaikh, Interim CEO, Tomini. — Supplied photo
Numair Shaikh, Interim CEO, Tomini. — Supplied photo

Sandhya D'Mello

Published: Wed 7 Jul 2021, 10:18 PM

Last updated: Wed 7 Jul 2021, 10:19 PM

Tomini Shipping is all set to expand with the addition of two dry bulk vessels to its existing fleet of 14 by the end of September, said Numair Shaikh, Interim CEO, Tomini.

Shaikh said: “Tomini is becoming one of the eminent dry bulk owners in the region and we intend to explore options to grow our fleet as reasonably as possible, whilst staying steadfast to our own internal rules of financial engagement. Opportunities tend to be fewer in a rising market, however, we are very much focused on trying to find the right deal to expand our fleet.”

Tomini is listed on the Norwegian OTC market with over $350 million invested in the shipping business. The group has interests in classic cars and heavy machinery (cranes, backhoes, shovels) to be used on construction projects.

Shaikh said: “2020 was a year unlike any other, where economic growth, and as a consequence, world trade, shrank tremendously. The biggest challenge was that of uncertainty, as in the initial phases of the pandemic, its true severity, longevity, and implications for world trade and economic growth were impossible to know, making every decision a bit like shooting in the dark. As the true devastating economic effect of the pandemic became more understood, our top management team was able to have the foresight to see that we were in a unique situation to take advantage of rock bottom second-hand asset prices and continue to add to our fleet through some quick and smart acquisitions. This has meant that as the current market continues to impress, not only do we have more ships to capitalise on record freight rates, but the asset values of our 2020 acquisitions continue to increase as well.”

The group announced the appointment of two new board members Tejas Shah as  CFO who will replace Nitin Mehta who resigned from his position in June 2021 and Adam Shaikh, head of sale and purchase, who is a fourth-generation member of the Shaikh family.

The new directors will provide strategic direction for continued growth around Tomini Shipping’s vision to be the most trusted partner in maritime services to their clients guided by their values and commitment to safety, corporate social responsibility, and sustainability.

“We are excited to expand our board with new members who will bring diverse expertise and insight. Each of them provides our board with a unique background and perspective and we look forward to their expertise and guidance this year,” concluded Shaikh. —

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