Israel Shipyard delivered first cargo ship to European buyer

Israel Shipyards (ISL) recently delivered of a general cargo ship to a German customer. The vessel was built under contract to deliver two general dry cargo ships worth $28 million. The single hold 90 metre long and 15.4 metre wide vessel is classified as a 4,750 dwt bulk carrier.

ISL is one of the largest privately owned ship building and repair facilities in the East Mediterranean and was established over 30 years ago and government-owned until April 1995. The yard has specialized in military shipbuilding but that, according to Avi Shachaf, director general of ISL, the increase in shipbuilding costs has opened a strategic opportunity for ISL to enter the commercial ships market. The company successfully competed with other shipyards and proved it can build the ships.