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# # $ $ ! $ # " # " $ $ ! # " $ ! " # " & $ * $ ' ) * # " $ ) ! $ " $ ! $ ( " ! $ " $ * " $ ! % # " ! # " ! # " ! and maintenance work on VLCCs. We have come a long way since then and have invested heavily in technology, now we are a ?one-stop-shop? for all types of ship and offshore repairs. In recent years we have noticed a trend among some shipown- ers, especially those with large newbuilding programs, who are not looking for large steel renewal jobs, but want to re- pair at a yard that can offer the latest in systems and specialist skills in mechanical and machinery repairs. Anticipating this trend, ASRY has beefed up its technical services of late and today we can meet any repair request from our customers. COMPETITION?It is true that ASRY is facing increased competition, but this hasalways been the case since 1977 when the yard opened for business, Today, however, this competition is coming from new yards in the Middle East, notably in Oman and Qatar. But these are brand new yards, without a track record. ASRY is now in its 35th year of continuous operations. We have a fantastic track record, offer a very high quality service, have a loyal client base of owners and managers, both Arab and In- ternational; and a skilled workforce. We also offer exemplary service to all of our customers, with a fair pricing policy. I believe competition is a good thing. If you are afraid of com- petition then shut up shop!HOW HAS THE SHIPYARD FARED DURING THE MOST RECENT ECONOMIC DOWNTURN?Like all other major ship repair yards ASRY has been hit by therecent global economic crisis. We had exceptional years in 2007 and 2008, but were then hit by the global recession in 2009. There was a false dawn in 2010, when the market was supposed to improve, but this didn?t happen and we made a small loss. But this wasn?t the end of the world. We have hit bottom, the only way now is up. 2011 saw the yard make a small proÞ t and I?m upbeat and positive that 2012 will be a stronger year for ASRY and I truly believe that the market will pick up in 2013.IN YOUR OPINION HOW DOES THIS ECONOMIC DOWNTURN COMPARE/ DIFFER FROM PREVIOUS TROUGHS IN THE SHIPREPAIR BUSINESS?Ship repair is a cyclical industry ? it is totally dependent on globaland regional trade. When this slows down, owners don?t spend much money on repairing their ships. Previous re- cessions have been shorter, today?s one has been much longer, mainly due to two reasons: a global Þ nancial recession arriv- ing at the same time as a shipping recession. You could say the ?Perfect Storm? ? but not perfect for ship repairers. ASRY RECENTLY CELEBRATED ITS 35TH ANNIVERSARY. HOW IS ASRY ? TODAY ? MOST SIMILAR AND MOST DIFFERENT FROM THE COMPANY WHICH BEGAN OPERATIONS IN 1977? Today?s ASRY is de Þ nitely not the same yard that started busi- nessback in 1977. Then the yard was looking to undertake run-of-the mill repair work on large tankers, today if you look around the yard you will see all types of ships, from the small- est tug to the largest tanker. You will also see naval vessels and offshore jack-up rigs. What differentiates the old ASRY from the new ASRY is that we have diversi Þ ed in a number of ways. I?ve just mentioned that we are now very much involved in the repair of naval vessels, from the US Navy, the Royal Navy and Royal Fleet Auxiliary, as well as the Bahrain Navy; and are fast becoming the jack-up rig repair yard of choice in the Arabian Gulf. In another recent major diversi Þ cation move, ASRY has entered into a joint venture with Centrax, the Brit- ish power generation packaging specialist, to design and build Power Barges ? ß oating electricity generating stations ? this is a major turning point for the shipyard. Though shiprepair will remain our core business we will not put all of our eggs in one basket and will continue to go for selective diversi Þ cation. www.maritimeprofessional.com | Maritime Professional | 21
