Simatech Shipping commissions third vessel

Dubai's Simatech Shipping yesterday commissioned its third vessel, Sima Pars, at Port Rashid.

The Singapore-flagged 1,200 TeU capacity vessel was built in Germany at a cost of Dh91 million, said M.G. Maghami, chairman of Simatech Shipping.

"This is the first naming ceremony of any ship taking place in Dubai. Our fourth vessel will be commissioned on March 18," he told Gulf News.

"This reflects our commitment to Dubai, the region's shipping hub," Maghami said.

He said the strong demand for additional capacity provides a good opportunity for entrepre-neurs who want to venture into the shipping business.

"There are only three to four shipowners in Dubai. There is a strong demand for additional capacity in the global shipping industry. Commissioning of the Sima Pars will help us to address the regional demand for additional capacity," Maghami said.

"This is the right time for large shippers to invest in new building as there is room for more."

Encouraging shipowners to invest in new building, Jamal Majid Bin Thaniah, chief executive of Dubai Ports, said: "Commissioning of the Sima Pars is a positive sign for Dubai and reflects the growing confidence among the shipping and maritime community in Dubai's advantages.

"The maritime industry will grow at a fast pace during the next five years since oil prices are stabilising and there is peace and security in the region.

"Globally, there is a strong demand for new capacity.

"Supply is currently lower than demand. Globally, the maritime industry is looking for new sources of supply.

"Dubai-based shipowners could benefit from this situation by investing in new building."