International Maritime Industries (IMI), the largest shipyard in the MENA region, has launched Global Maritime Fund (GMF), which aims to provide up to 100% financing for ships and platforms built at the IMI yard in Ras Al Khair, Saudi Arabia.
The independent fund, managed by Pelagic Partners, aims to become the largest maritime fund in the world, by providing “innovative, globally competitive, scalable and adapted financing solutions”, while emphasizing ESG financing .
Based in Cyprus, GMF will raise capital through regional and international investors, as well as long-term agreements with clients such as Bahri and ARO that will generate stable revenues. It is expected to manage assets worth $1.25 billion by the end of 2023, growing to $10 billion over the next 10 years.
“The launch of the Global Maritime Fund has created a unique and unprecedented value proposition in the maritime industry. It is the first independent maritime fund offering innovative, globally competitive, scalable and fit-for-purpose financing solutions, with a focus on ESG financing to support key regional and international clients of IMI, as well as other companies operating in the Saudi maritime industry,” Non-executive Chairman of the GMF Mr. Doras Al-Sahansaid.
“As a relatively small and young fund management company, we have a combined experience of over more than 60 years of ship responsibility, ship management, ship financing and investor management behind us. IMI and Pelagic Partners will navigate the underworld of this venture together. But togathere we successful and now we have taken the first big step, successful GMF certification and registration,” The founder of Pelagic Partners, Dr. Niels Hartman said.
At the Saudi Maritime Congress, which took place earlier this week, IMI signed long-term agreements with Seatrax UK Limited to support offshore rig manufacturing, and Jotun Saudi, which is part of the paint and Jotun coating, for cooperation on supplying paint products and services for offshore platforms and vessels.
“Through these agreements, IMI will leverage the expertise of Seatrax and Jotun to fabricate and paint four rigs and six VLCCs with the potential for two additional offshore rigs,” Imi said.
“The agreements will boost IMI’s localization efforts, supporting maritime activity in Saudi Arabia by creating jobs for the Saudi workforce and facilitating the transfer of technical knowledge.”
The congress also enabled IMI to sign a long-term agreement with Bahri Logistics, a business unit of Bahri, to improve its supply chain through warehousing and logistics services.
Under the agreement, IMI will leverage the expertise of Bahri Logistics to operate and manage three warehouses and a total of 33 stores at its yard in Ras Al Khair, Saudi Arabia. In addition, Bahri Logistics will arrange transportation of materials required for new construction and maintenance, repair and overhaul (MRO) operations from local and international suppliers to IMI’s premises, including inland transportation and clearance.
IMI is a joint venture between industry partners Saudi Aramco, Bahri, Lamprell and HHI. The yard is expected to become fully operational by the end of 2023, providing construction, repair, maintenance and overhaul services for commercial vessels, including tankers, bulk carriers, offshore support vessels and platforms. -jacukp forms. The shipyard is currently working on capacity building, training the workforce and creating partnerships with companies throughout the supply chain.
IMI’s full-service yard is expected to be capable of building four new offshore platforms and more than 43 vessels, including VLCCs, per year, as well as providing maintenance, repair and overhaul (MRO) services for more than 260 maritime products. The developers said the yard will be equipped with advanced technologies including artificial intelligence, biometrics and the Internet of Things.
In May this year, IMI partnered with Keppel Letourneau to design and build offshore drilling units. The partnership should facilitate the transfer of technical knowledge and contribute to the growth of the local maritime industry.
During the same month, the yard marked the loading and afloat of the first of the two jack-up rigs under construction with its Lamprell, a historic milestone for the yard.
In October last year, the shipyard completed its first project to build Very Large Crude Oil Carriers (VLCCs). The ‘gas-ready’ vessel, named ‘Rayah’, was built for Bahri by IMI and Hyundai Heavy Industries (HHI) at HHI’s shipyard in Ulsan, South Korea, under a $371 million contract of SAR (about $98.9 million) signed in September. 2019.
The project provided more than 50 IMI engineers with valuable hands-on experience working alongside HHI engineers in South Korea.
The shipyard is also exploring opportunities in the naval sector after signing cooperation agreements with French shipbuilder Couach, Hyundai Heavy Industries as well as SAMI Defence.