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Newport Shipping offers 12-month repayment plan for repair services

SDI Logistics Co.,Ltd | Updated: May 30, 2018

UK-HEADQUARTERED Newport Shipping Group has appointed a new executive team and shifted its business focus to providing drydocking, repair services and financing to the global shipping industry.

A key element of the company's new service portfolio is a ship repair financing proposition, whereby shipowners opting to repair their ships at one of the company's 13 drydocks can stagger 60 per cent of their drydocking payments into 12 or more equal monthly installments.

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."

COO Roy Yap added: "Our credit payment system covers all maintenance costs in addition to drydocking costs, such as spare parts, paint, specialist works and equipment retrofits such as a ballast water treatment systems (BWTS) or scrubbers, which can in some cases comprise the majority of a vessel's total maintenance budget."

The company said that deferring the majority of ship repair costs reduces cost pressures that often hinder needed repair works during weak freight rate environments and preserves liquidity for other needs.