Dry CargoMiddle East

Abu Dhabi Ports zooms into dry bulk shipowning

Abu Dhabi Ports has zoomed into the dry bulk shipping sector, sealing its first bulk carrier acquisition with remote closing via video conference.

The Middle Eastern organisation sealed the deal for the 14-year-old 101,648 dwt ship Niki with Piraeus-based Larus with participants logging in from 11 different locations. All documents were signed electronically, presented and exchanged by video and email in a significant coronavirus-altered departure to how sale and purchase deals are normally concluded. No price for the ship has been revealed.

The Global Lockdown – as the International Monetary Fund has termed this year’s recession – has put the brakes on secondhand purchases. It’s not just that shipowners want to hold on to their cash in this economically uncertain period, it’s also been the difficulties of sealing a deal in these quarantined times – how to inspect a ship, how to get crew in place with April shaping up to be one of the most quiet months on record for concluded ship sales.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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