Record income for Asry

Arab Shipbuilding and Repair Yard Company (Asry) reported a record operating income of $92 million for 2004, up from $87 million for last year. During the period, 130 vessels were repaired or booked for repair, most of which were very large crude-oil carriers. This impressive performance was achieved despite severe competition from other yards in the Gulf and worldwide which resulted in a decrease in the prices of ship repair.

The company will be dredging a channel of 1,500 metres in length, 500 metres wide and 15 metres deep in the eastern zone located between ASRY and GIIC in order for the shipyard to be ready for any future expansion. For 2005, the estimated budget forecasts repairing 125 vessels.