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May 17, 2018

Newport Shipping and Paxocean partner on ship repair yards

UK-based Newport Shipping has signed a cooperation agreement with Singapore’s PaxOcean for the joint use of three ship repair yards.

UK-based Newport Shipping has signed a cooperation agreement with Singapore’s PaxOcean for the joint use of three ship repair yards.

The agreement includes PaxOcean’s ship repairing facilities in Pertama, Batam, Indonesia, as well as Singapore and Zhoushan, China.

The latest addition will bring Newport’s network of ship repair yards to six, including a total of 13 drydocks.

The company will also be able to provide annual drydocking capacity for more than 1,000 vessels as part of the deal.

Newport Shipping Group CEO Erol Sarikaya said: “These three ship repair yards help to strengthen a growing portfolio of ship repair facilities around the world.”

The company has previously signed cooperation agreements with Zhoushan Longshan and Fujian Huadong shipyards in China, and Cicek Shipyard, in Tuzla, Turkey.

The agreements cover the procurement and delivery of equipment, as well as spare parts for ship repair projects.

“These three ship repair yards help to strengthen a growing portfolio of ship repair facilities around the world.”

Newport also aims to finalise agreements with other yards, coatings suppliers and original equipment manufacturers.

According to the company, its existing yards are capable of handling all ship types and sizes, as well as conducting complex ship repair projects and retrofits.

PaxOcean CEO Tan Thai Yong said: “Newport’s overall strategy to provide shipowners with a standardised drydocking for all their ship repair, maintenance and equipment upgrades complements PaxOcean’s capabilities in executing and delivering quality, reliable and cost-efficient solutions.

“We found Newport Shipping’s unique financing capabilities particularly attractive since vessels repaired at Newport’s docks will be fully paid for before leaving the yard.

“This de-risks any payment problems and reduces considerably the shipyard’s administrative burden.”

PaxOcean primarily offers various services covering vessel newbuildings, offshore engineering, rig building, ship and rig repair, maintenance and conversion.

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