West Asia Maritime Limited

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About

West Asia Maritime Limited (WAM) was incorporated in 1993. The company has been promoted by Emirates Trading Agency (ETA) and Associated Construction & Investments (ASCON) based in Dubai. The ETA-ASCON group of companies has been promoted by the Al Ghurair Group of Dubai and Amana Investments of Hong Kong in 1973. The promoters have a stake of 49.50 per cent in the company. The ETA-ASCON group is a diversified organisation engaged in the following business activities: Engineering & construction Trading Shipping Leisure Manufacturing & assembling Retailing & distribution (of casual apparel, jewellery and consumer electronic goods) West Asia Maritime Limited owns three bulk carriers and has one bulk carrier on bareboat charter. WAM has a subsidiary company viz. West Asia Maritime Overseas Private Limited at Singapore. The company has established a ship management company called ETA Ship Management Company Limited (ETA SML), which manages ships of WAM. It has also promoted ETA Ports and EC Tops which among themselves own a floating crane and two 9,500 DWT self discharging barges. The turnover of WAM for the FY1999-2000 was Rs. 640.88 million. Future plan The company would be acquiring a gearless Panamax vessel for conversion into a craned hopper self-unloader for 10-year contract to Tamilnadu Electricity Board/ Poompuhar Shipping Corporation Limited.

The company presently owns four Handymax bulk carriers and charters about 12 to 15 vessels on both spot and period charter per annum for transportation of cargo for international trading houses. Presently, WAM is concentrating on bulk carrier segment particularly Handymax and Panamax. WAM has highly qualified and experienced shipping professionals in its managing board, and a very committed and loyal work force. The company also offers freight cover to major trading houses through its wholly owned subsidiary West Asia Maritime Overseas Private Limited, Singapore by chartering vessels. The company has secured a 10-year contract for Craned Hopper Self Unloader for movement of coal in the East Coast of India for State Electricity Board. The Company has also shortlisted for 12-year movement of 2.4 million tonnes per annum coal for an Independent Power Project. WAM is promoted by ETA-ASCON Group (www.eta-ascon.com), a large conglomerate, based at Dubai. ETA-ASCON has its head office in Dubai and branches spread over 22 countries worldwide. The Group employs about 10,000 employees and the turnover exceeds US$ 850 million . The Trading & Shipping Division of ETA moves about 7 million tonnes per annum and charters about 150 - 200 vessels every year and controls about 15 - 20 ships at any particular point of time. With financially strong promoters and experienced shipping executives, WAM is ideally placed for giving innovative transportation solutions to its customers.

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