Bahrain’s Asry inks cooperation agreement with Greece’s Onex

Greek Prime Minister Kyriakos Mitsotakis was guest of honour in Greece at a recent virtual ceremony co-located at Onex’s yard on the island of Syros, and Asry Bahrain and Onex Groupsigned the MoU

Athens - Greek Prime Minister Kyriakos Mitsotakis was guest of honour in Greece at a recent virtual ceremony co-located at ONEX’s yard on the island of Syros, and Asry Bahrain, as Panos Xenokostas, President and CEO, Onex Group, and Mazen Matar, Asry Managing Director and board member, signed the MoU: “The Onex Group is one of the leading Greek business groups with a wide range of specialised companies such as Onex Shipyards, whom we look forward to working with soon,” said Matar.

The Gulf ship repair industry has become increasingly competitive in recent years, with the entry of International Maritime industries (IMI) Saudi Arabia, which could emerge as the region’s largest shipbuilding and repair yard. The UAE’s Dubai Drydocks World, and Oman Drydocks Company, in Duqm, are also jockeying for position.

IMI intends to transfer construction of VLCCs to its Ras Al Khair yard, after seeing 50 staff members help build its first such vessel in Ulsan, Korea, in collaboration with jv partner, Hyundai Heavy Industries. In October 2020, Rado Antolovic, CEO of Dubai's Drydocks World, told S&P Global Platts that its yard had returned to almost full capacity as it emerged from the Covid slowdown, and that the five-year outlook was positive as shipowners adapted to changing environmental rules.

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