BRAC Bank Celebrates the Largest Credit Facility to a Single Borrower Western Marine inks deal with BRAC

Chittagong, 16 June, 2009: The City Bank Limited and Western Marine Shipyard Limited (WMShL) recently entered into a corporate agreement sanctioning a credit facility of BDT 1.62 bln to the country’s leading shipyard WMShL, to export 02 x 5200 DWT ocean going ice-class ships (out of 12 ships) for a German company. This “Agreement Signing Ceremony” was held in a branch of the City Bank at Agrabad, Ctg. Top officials and officers from both sides who are working closely with the project were present in the occasion. These two ships are scheduled to be exported by Dec 2010.

The honorable Managing Director and Deputy Managing Director Mr. A E A Muhaimen and Mr. Syed Mahbubur Rahman from BRAC Bank’s part and Chairman Md. Saiful Islam and Managing Director Md. Sakhawat Hossain, from Western Marine’s side were present amongst others. This agreement was signed by the Managing Director of BRAC Bank Mr. AEA Muhaimen and the Managing Director of WMShL Md. Sakhawat Hossain, said a press release.

Both the organizations hoped that this agreement will prove to be very successful and the timely delivery of the two ships will not only bring prosperity and honor for the nation but will also help in developing the emerging shipbuilding sector of the country. And the tie between BRAC Bank and Western Marine Shipyard Ltd. (WMShL) will grow from strength to strength.

This yard commenced its activities in 1994 and built its modern slipways in 2000. The yard’s areas of specialization are: new building, ship modification, docking and ship repair. From 2003 to 2006 Western Marine constructed 55 vessels for the domestic market, expanding, modernizing and entering the international shipbuilding industry in 2008. Its quality management system is certified according to ISO 9001 2000.

Western Marine presently has orders for five 4,100DWT ice-class container vessels and twelve 5200DWT multi-purpose vessels and a few specialized vessels for a Finnish company. The yard is now ready in all respect to take further orders from overseas.

The speakers in this occasion gratefully acknowledged the various steps and incentives taken by the present government in terms of green channel facility, single digit bank interest and declaring shipbuilding as a thrust sector.

Industry Minister gives a Goodwill visit to Western Marine Shipyard

Chittagong, 16 May, 2009: The Minister of Industries Mr. Dilip Barua during a goodwill visit to Western Marine Shipyard on Saturday (May 16) said that Bangladesh Govt. will do everything that is possible to help the shipbuilding sector for its development. He was addressing as Chief Guest during his Goodwill visit along with the Ambassador of Denmark Mr. Einar H.Jensen and local Member of the Parliament Mr. Shamsul Hoque Chowdhury.

He also said that the efforts of our shipbuilders demonstrate what can be achieved through strong determination. He expressed his satisfaction in Western Marine’s having many foreign orders. He desired that this industry will work not only as the image builder for Bangladesh but will also earn huge foreign currency. He requested our foreign partners to invest in Bangladesh in the form of joint venture, technology transfer as the current has declared favorable investment policy for foreign investors.

Danish Ambassador to Bangladesh Mr. Einar H. Jensen during his speech said that, “Increased growth is not created by unique efforts, but over time & by means of coherent policies at local, regional & international level”.

Managing director of Western Marine, Mr. Sakhawat Hossain said that the shipbuilding industry has brought about a much needed silent revolution in Bangladesh. With proper export & financial policy there is a great scope of having many more shipyards capable of earning huge amount of foreign currencies for our country.

The Hon’ble MP, Mr. Shamsul Hooque Chowdhury said that Western Marine is making us more courageous to look for the better days. He requested the govt. and also the Ambassador to help this sector in terms of technology transfer and bilateral trade increase through the diplomatic community.

Bangladesh Creates another Milestone by Entering International Specialized Shipping Sector

Chittagong, 27 April, 2009: Western Marine Shipyard Ltd (WMShL), today enters international specialized shipping sector through a Keel Laying Ceremony for building one “Floating Reception Vessel,” and one “Pontoon Barge & Gangway with Foundation” for LAMOR Corporation AB, Finland – which will be eventually handed over to CPA (Chittagong Port Authority). The Chairman of CPA, Commodore R.U Ahmed, ndc afwc, psc, BN graced the occasion as the Chief Guest.

The main purpose of this vessel is to collect operational and oily waste from oceangoing ships in the CPA limit and territorial waters of Bangladesh in the Bay of Bengal. The vessel will be suitably designed to work under tropical conditions at high seas and shallow waters. Construction and outfitting of the vessel will be carried out in accordance with Germanischer Lloyd classified society standard.

In the key note speech the Chairman of CPA said that this vessel is intended to use as Floating Reception craft for service in the CPA limit territorial waters of Bangladesh in the Bay of Bengal. The operational area of the vessels is harbor and the adjacent sea within 50 nm from shore. The vessel will be suitable designed to work under tropical Conditions at high seas and shallow waters having facilities.

It is pertinent to mention that, on 26 Nov 2008, CPA signed this contract with LAMOR Corp AB, Finland following a rigorous evaluation of their response to key environmental issues and risk mitigation. LAMOR is a recognized company which is organized to respond to any pollution incident. Its global presence, cooperate expertise professionalism span several decades and is commendable.

Based on Bangladesh govt’s decision on 10 Jun 2002 to proceed to pacify MARPOL 73/78. This is the 1st step by our government in its preparation for the ratification to meet international standards for oil spill prevention. Needless to say that, environment protection facility will surely place CPA amongst one of the major safe international sea ports in the region. Through this project, our government has demonstrated its concerns and initiative to continually mitigate risks to the environment.

The MD of Western Marine in his Welcome address said that, “This is a specialized vessel capable of collecting operational and oily waste from ships, tankers & other vessels for carrying to the CPA treatment site. This special vessel will also be capable of – combating situation due to accidental oil pollution within the port limit and adjacent waters. It will be fitted with fire fighting equipment sufficient to fight her internal and surrounding oil spilled areas.

Goodwill Visit to Western Marine Shipyard Ltd. by the German Parliamentary Friendship Group & Commerce

Chittagong, 21 February, 2009: Western Marine Shipyard’s (WMShL) significant progress has played key role in Bangladesh’s rise to international prominence as a ship-exporting country. On Dec 2008 WMShL has signed a contract to build 12 x 5200 DWT oceangoing vessels for German owners. The keel-laying ceremony for this project was held on 23 December 2008.

The Honorable Commerce Minister Mr. Faruk Khan has given his kind consent to grace the occasion of the “German Parliamentary Team’s Visit” to the shipyard at Kolagaon, Patiya, Chittagong on 21 Feb 2009. This team will be headed by Prof. Dr. Norman Paech, Member of the Parliament (Acting Head of Delegation) along with four other members of the German parliament and His Excellency Mr. Frank Meyke, German Ambassador to Bangladesh.

This visit by the Commerce Minister & the German Parliamentary Friendship Group will play a very important role in the bilateral trade relation between the two countries.

Honorable Mayor of Chittagong City Corporation, Chairman of Chittagong Port Authority (CPA), Commissioner of Chittagong Metropolitan Police, and Deputy Inspector General of Chittagong Range Police are also expected to be present in the occasion.