Business

Prime Meridian Docks and Manteniship Spain S.L sign repair and maintenance deal

From left to right, Mr. Ahorlu , Mr. Rabadi, Mr. Juan Carlos Pajin, Mr. Ernest Nyarko, Director, Investments at ARM-Harith Infrastructure Investment Limited.

As part of moves aimed at enhancing its operations in Ghana, Takoradi-based Prime Meridian Docks has signed an agreement with Spanish ship management company Manteniship Spain S.L to provide repair and maintenance services for ships under the management of Manteniship.

The agreement was signed on November 24, 2021, in Accra.

Speaking to the media ahead of the signing, the CEO of Prime Meridian Docks Mr. Stanley Ahorlu said the company is ready to deliver world-class ship repair services from its base in Takoradi Port, where it is set to commence the construction of a US$127 million ship repair facility in the first quarter of 2022.

“This project will offer the market quality of service, competitive pricing, and proximity. That is not all. The project will also help create jobs for hundreds of Ghanaians,” he said.

Providing some details on the project Mr. Ahorlu said the shipyard development project will comprise of dredging, reclamation, and the construction of a 200 meter long and 20 meter wide jetty, as well as quay length of approximately 500 meters.

He added that the site will also have about 20,000sqm in paved operational areas within its concession area located in the Takoradi Port.

“Other key elements include the newbuild of a 13,500-ton lift capacity floating dry dock to be built in the Peoples Republic of China. This floating drydock will be capable of servicing ships with lengths of up to 230m and widths up to 32.4m,” he said.

Mr. Ahorlu explained that Prime Meridian Docks services to vessels under Manteniship management will include the provision of steel, carpentry, piping, electricals and paint works. In addition, Prime Meridian Docks will supply ship spares and parts to Manteniship.

On his part, the CEO of Manteniship Jesus Rabadi Sambar said the company is responsible for the operations and technical management of over a dozen vessels including VLCCs, tankers, gas carriers, bulk carriers and fishing vessels.

He is optimistic the agreement will cut down the financial cost in going to Europe or Asia to repair and maintain ships.

“Moving a ship all the way to Europe or Asia is very costly. With this agreement, Manteniship would reduce the cost of deviating from trading routes to procure repair and maintenance services, he said.

Mr. Rabadi also noted that the agreement will improve and enhance efficiency in the operations of the company since it will optimize the turnaround time for vessels to reload and head to their destinations. 

Benefits of the deal

Under the deal, Manteniship undertakes to use Prime Meridian Docks’ upcoming shipyard facility in Takoradi for its planned maintenance and drydocking needs.

For Prime Meridian Docks, the deal enables the repair and maintenance provider to secure the business generated by vessels in Manteniship’s fleet.

With budgets of up to US$6 million per vessel, the revenue potential from servicing the vessels goes to significantly reducing market risk and improve the project economics for the new shipyard.

For Manteniship, the fact that the new shipyard will be in the Gulf of Guinea means that their vessels will have access to a cost-effective high-quality yard along their trading route and they can therefore avoid long and expensive deviations in search of repair and maintenance.

This development will therefore contribute positively towards enabling the shipowners lower their carbon emissions.

About Prime Meridian Docks

Prime Meridian Docks was incorporated in Ghana in 2014 with the objective of providing world-class ship repair in the Gulf of Guinea. The company aims to offer a cost-effective port-call option for planned and unplanned maintenance, repairs, inspection & recertification, offshore project mobilisations, as well as asset preservation, stacking and reactivation. The company is a free zones service enterprise and is also registered with the Petroleum Commission, Ghana. It boasts of strong partnerships with its technical and commercial management company, Rigmar Services UK, with the Ghana Free Zones Authority and with the statutory operator of ports, Ghana Ports and Harbours Authority.

About Manteniship Spain S.L.

Manteniship Spain S.L. operates out of Asturias, Spain where its team has accumulated more than 20 years of experience in ship management. The company provides ship management solutions to shipowners whose business model doesn’t involve in-house management of vessels. The company is currently managing at least ten VLCCs, tankers, gas carriers, bulk carriers and fishing vessels.

In carrying out the complex management of these vessels, Manteniship allows its client shipowners to focus on delivering on the expectations of charterers/cargo owners while being assured of operational and cost efficiency of their own fleet. The company has recorded noteworthy growth in recent years, in both customer base and revenue. It boasts of blue-chip European and American customers which contributed to huge sales revenue of in 2020.

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