Western Marine eyes $250m ship export

FE Report
Local shipbuilding industry has the potential to grab a market of ship export worth US$ 1.0 billion in the next five years on the back of recent recovery of global financial and Eurozone crisis.
Meanwhile, the country's export-oriented Western Marine Shipyard Ltd (WMS) has set its sights on capturing at least 25 per cent of the potential export market.
High officials of the company came up with the figures at a press meet at a city hotel on Saturday.
WMS chairman Saiful Islam, managing director Md Sakhawat Hossain, directors Capt. Sohail Hasan, Mohammed Abdul Mobin and Wali-ul-Maroof Matin were present at the event.
Speaking on the occasion, Saiful Islam said, "Globally, the medium and small-sized ship market is worth around $200 billion. Bangladesh can get a share of more than $1 billion of revenue from the export."
Referring to the USA's economic growth of 3.0 per cent and Eurozone's 2.7 per cent last year, he said positive growth in the global economy has an impact on freight in the first place that opens up an opportunity for the shipbuilding industry where Bangladesh is also a part.
WMS eyes 25 per cent or $250 million of Bangladesh's potential $1.0 billion vessel export in the next five years, he added.
In a presentation, WMS managing director said the company has built 143 vessels for local and foreign clients to date, 31 of which were exported to 12 countries and the remaining 112 ships were manufactured for local market.
Established in 2000, WMS currently has orders for building 30 vessels for local companies and another eight for foreign clients in India, Norway and Netherlands, he added.
Sakhawat Hossain said in the last 10 years, the shipbuilding industry of the country has exported a total of 42 ships worth $170 million while WMS alone has exported 31 ships worth over $150 million. The yard is capable of manufacturing ferries, cargo vessels, passenger vessel, offshore patrol vessel, hi-tech fishing trawler, tugboat, landing craft tank, LNG bunker etc, he mentioned.
WMS chairman said, "We had almost no earning in last five years due to global economic crisis, so we couldn't repay loans to the banks in time."
He said, "We sought more time from the financial institutions to pay back the loans as the international shipbuilding market has started recovering."
Mr Islam said that as the WMS is a publicly listed company, it will issue right shares to collect funds for future investment instead of borrowing money from a financial institution.
According to the Export Promotion Bureau (EPB) data, the country has earned $30.45 million in the first five months (July-November) of the current fiscal year 2017-18, with a growth of 460.77 per cent.
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