Middle East

Pancore aims to quadruple fleet size

Dubai: One of Dubai’s newest shipowners has plans to quadruple the size of its fleet. Speaking to our sister site, Maritime CEO, Mudit Paliwal, ceo of Pan Asian Commodity Resources (Panacore), said that the four kamsarmax orders placed in May 2012 were just the start of a significant fleet build up. Founded 20 months ago, Panacore aims to place orders for another 12 to 16 bulkers in the coming 18 months.

Panacore has built up a global network of offices. From its Dubai headquarters it views the Middle East as a highly exciting area for shipping. Paliwal said opportunities in the region are “immense”.

“I am surprised at the level of activity here,” Paliwal said. Pancore’s focus in the Middle East is to be an industrial player instead of a service provider. It is working alongside the Abu Dhabi government and has been allocated 250,000 sq m of land and 50MW of power to set up Panacore Steel & Alloys with two submersible arc furnaces.   [30/06/13]

 

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