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Ships worth $30m built in Ukraine:

Mercantile Shipping goes for two new vessels

Mercantile Shipping Company Ltd will own two new vessels by the end of the year. This is the first time that a private company will own ships in Sri Lanka.

The General Manager of the Company Stephan Kuehl said that US $ 30 million was invested to build the two ships. “We have already found a leading European shipping company with whom we have contracted to charter these two ships for a two-year period,” he said.

The ships are currently being built in Ukraine and they would be taken to Germany to fit the engines and for the final touches. “We expect the two ships to be ready by the middle of this year,” he said.

He said that they would employ a 100-Sri Lankan crew for the operations. “Sri Lankan seafarers are highly dedicated and respected. They are also very impressive when it comes to tidiness too,” he said.

The money for the ship was through a grant from the Netherlands government and other financing. At present Mercantile Shipping owns three multi-purpose ships - 3,000 to 12,000 tons capacity. The shipping industry is taking a beating due to the global financial crisis. However, it is expected to recover soon. “We have also noted that used ships were also getting more expensive and this was why we decided to invest on new ships”, he said.

He said that Mercantile Shipping Company Ltd wants to make its footprint internationally and have taken several steps in this regard. “One-hundred per cent ownership of these two companies is another step taken in this direction,” he added.

“We would also make further investments in this regard,” he said.

“The company has decided to name the two ships as Mercs Uva and Mercs Uhana giving them a Sri Lankan identity,” said Director, Hemas Transportation Centre, Dr. Irshad Musheen. “The ships would be a multi-purpose vessel of 7,800 tons dead weight - Length 118.55 m, width 15.20 metres. It has a twin deck and two cranes 60 tons capacity each. The container capacity is 345 TEU and its operating speed is 14 kms,” he added. HHS

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