Bahrain-based Arab Shipbuilding and Repair Yard Co (Asry) is set to ride out the global economic storm in 2009 following its record-breaking year in 2008.

Both chairman Shaikh Daij bin Salman bin Daij Al-Khalifa and chief executive Chris Potter are upbeat about the yard’s performance this year after sales in 2008 broke the US $200-million barrier for the first time. 
“Asry is now debt-free for the first time in its history,” declared Shaikh Daij, “and we have a strong cash flow.”
The official said new policies placed in the past year or so had paid off and the shipyard was now competitively priced and getting closer to customers.
In 2008 the Bahrain shipyard had sales of $207.5 million and repaired a total of 133 vessels and offshore craft - 119 in drydock and 14 alongside. Asry’s customer base is traditionally split between vessels owned by Arab operators and the international shipping market. Last year saw 72 vessels repaired from the international market, valued at $112.30 million and 61 vessels from the Arab market, valued at $95.19 million. A total of 20 vessels came from the Saudi Arabia market, 17 from Bahrain and 13 from Kuwait with the latter bringing in the most in terms of revenue. Kuwait’s KOTC is the yard’s No1 customer and repairs to the company’s 284,889 dwt tanker Al Samidoon constituted one of the largest single repair jobs carried out by Asry in 2008. 
Leading the way in the international market was Greece with 19 vessels, Norway with 17, the US with 10 and Brazil with nine. Business from Brazil, however, was the most profitable.
Up until mid-March this year the yard had repaired a total of 42 vessels, 24 from the international market and 18 from the Arab market.
Besides KOTC’s Al Samidoon, highlights of repairs included work on the offshore pipelaying barge PMS 12, owned by Egypt’s Petroleum Marine Services; Drydocking and repairs to the offshore diving support ship Samudra Sevak, owned by the Shipping Corporation of India; Repairs to the offshore barge HLS 2000, owned by Abu Dhabi’s National Petroleum Construction Co, and drydocking and repairs to the Saudi-owned 42,600 dwt ro-ro/containership Saudi Hofuf. 
A significant feature of 2008 was the start of operations of the new company Asry Offshore Services (AOS) while the middle of the year saw the entering into service of the yard’s two new large slipways built at a cost of $20 million.  At the same time, the Asry board gave the green light for a further $188.2-million investment under a facilities expansion plan.