UK-headquartered Newport Shipping Group has appointed a new executive team and refocused its business proposition to provide comprehensive drydocking, repair services and financing to the global shipping industry.
A key element of the company’s new service portfolio is a unique ship repair financing proposition, whereby shipowners opting to repair their ships at one of Newport Shipping’s 13 drydocks can stagger 60% of their drydocking payments into 12 or more equal monthly installments.
With only 40% of total maintenance costs due upon the vessel returning to service, the company’s financing solution is an undeniably attractive proposition to shipowners and shipyards alike, as Newport Shipping newly appointed Chief Executive Officer Erol Sarikaya explained; “We offer a comprehensive ship repair service enabling shipowners to minimise working capital outlays and take advantage of our global network across the Pacific and Atlantic trading zones. The benefits are clear as 60% of total drydocking and associated maintenance costs are paid through subsequent vessel operations".
Traditionally, when a vessel drydocks, up to 50% of drydocking costs are paid over a two or three-month period. Sometimes, shipyards may require all drydocking costs be paid before the vessel returns to service, while spare parts suppliers and equipment manufacturers are usually unable to extend such credit terms.
