Iraq's Giant Shipping Deal

[BobbyToGo]

Found this on Ali's site: http://www.iraq-busi...-shipping-deal/

More Details on Iraq’s Giant Shipping Deal

Posted on 22 September 2010. Tags: Global Refinery, shipping

We reported on Saturday that Iraq’s Transportation Ministry has bought 66 ships from ‘an international company’.

Further investigation shows that the ships will be leased for a 5-year period from the Swiss company Global Refinery. The Swiss firm will also provide extensive training for the Iraqi workforce, including specialized programs for technicians and engineers.

“There are more than a thousand maritime workers that have no job opportunities due to the lack of ships”, said the Director General of Iraq’s General Company of Maritime Transport, Wekala Ismat Amer [ismat Jiad].

“The ministry of transportation and the General Company for Maritime Transportation are seeking to provide a favorable investment environment and create opportunities for the private sector to enter governmental projects.”

According the Global Refinery, the contract involves “over 80 modern bulk carriers and related vessels. These vessels are all state of the art and none is older than 5 years”.

(Sources: AKnews, Canadian Press, Global Refinery)

[ThePeoplesChamp]

Great Post!

[BobbyToGo]

Maybe someone there is getting their act together.

[cgbrown]

So did they just have these 66 ships docked somewhere waiting to be sold, or will these 66 ship need to be built sometime in the future.

[BobbyToGo]

The article says, according to the lessor Global Refinery, "none is older than 5 years". By that statement I would assume that some if not all of the ships already have been built and will be available in the contract period.

[bear]

So did they just have these 66 ships docked somewhere waiting to be sold, or will these 66 ship need to be built sometime in the future.

It reads there are leasing them and none are over 5 years old.

[gregp]

It sounds like they are expecting their currency to be at a higher value. and like soon!

[bigdog]

It is not cheap to charter a ship, especially if it is a "bare-bones charter", which is when you lease the ship only, and you provide your own crew, pay all maintenance and fuel costs, etc. It is VERY expensive!

[Guest Ratatap]

I have to ask myself, Would I put in an order like this or even supply ships unless I knew something - HMMMMMM Go RV