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.