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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan firm finds a new business opportunity emerging owing to pirate attacks on ships

Sri Lankan firm finds a new business opportunity emerging owing to pirate attacks on ships

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
A Sri Lankan ship owner and operator is planning to take advantage from a new business opportunity emerging owing to growing attacks by sea pirates on ships sailing in the gulf region and the Indian ocean.
Mercantile Shipping Services Limited of Sri Lanka says, it will provide services such as transporting of crew, security personnel and other logistics for ships wanting of such services.
“International carriers transiting our waters have required a change of crew and security personnel in Galle which has resulted from the threat of pirate attacks on those vessels when operating in the Gulf region and in the Indian Ocean.” added Chairman of the company A. N. U. Jayawardena, in the company’s annual report.
The company has already established a joint venture with Hemas Transportation Limited to capture the opportunity, with both parties having equal stakes.
The new company is named as H&M Shipping Services Private Limited and Mercantile Shipping has invested Rs. 30 million for the task.
H&M Shipping services will operate from Galle Harbor and provide services to and from international cargo vessels passing Galle.
“The company recently purchased two brand-new coastal supply boats to be operated from the Port of Galle”, added Thomas Kriwat, Managing Director of the new venture.
He said the company will operate under the brand name of “MercMas” and aims to become the leading small boat operator in the region within the next five years.
Galle port is located close to the sea route where ships are enroute to Europe and the Fast East.
http://www.news360.lk/business-finance/news-shipping-sri-lankan-13-08-2012-firm-finds-a-new-business-opportunity-emerging-owing-to-pirate-attacks-on-ships-778695

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