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Drydocks World Confirms Restructuring Remains on Track

Drydocks World - Dubai adjourned its scheduled Directions Hearing Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the "Drydocks World - Dubai") filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its restructuring remains on track for completion in Q3 2012.On 7 May, Drydocks World - Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support Company Voluntary Arrangement ("CVAs") restructuring proposals."Today the re-scheduled Directions Hearing was effective, and the Tribunal granted Drydocks World - Dubai permission to convene the meetings of those creditors and equity interest holders who will be affected by the Company Voluntary Arrangement (CVAs) which only impacts the impaired lenders under the Group's historic syndicated facilities of 2008, to vote and approve the Company proposal on July 10th 2012," said Khamis Juma Buamim, Chairman Drydocks World and Maritime World.If the Company Voluntary Arrangements (CVAs) are approved by the required majorities, the Tribunal will be asked to sanction the Company Voluntary Arrangement (CVAs) at the post arrangement hearing scheduled to take place in Dubai in late August ...

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UAE DMCA Increases Safety and Security of Cruise Ships

To ensure the safety of cruise ships arriving in Dubai Dubai Maritime City Authority (DMCA), the maritime government entity charged with regulating, coordinating and supervising the maritime sector in Dubai, has announced the establishment of a cruise ship task force in line with its continued efforts to ensure the safety of cruise ships arriving in Dubai and to reinforce Dubai's preparedness to deal with potential maritime accidents.The cruise ship task force has been established in collaboration with Dubai Tourism & Commerce Marketing (DTCM).DMCA further revealed that it is intensifying maritime inspections to ensure that cruise ships comply with maritime standards and to create awareness among ship owners and cruise operators about the need to improve the performance of cruise ships according to best practices in the industry.Hamad bin Mejren, DTCM Executive Director for Business Tourism, said:"Dubai is keen to adopt best practices related to the safety of cruise ships, in line with international standards and norms. DTCM has partnered with DMCA as part of our commitment to ensure that cruise trips from Dubai will set a global standard in terms of safety and readiness to handle various eventualities, as well as to provide world-class logistical and technical support to the ...

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Dubai Maritime City operations double in first half

A total of 318 vessel docking and undocking operations were carried out till end of June 2011 The Industrial District of Dubai Maritime City, the purpose-built enclosure for maritime related businesses, reported a twofold increase in number of operations from last year, at the half year mark of 2011.A total of 318 vessel docking and undocking operations were carried out till end of June 2011. The facility recently recorded 50 vessels berthed in its wet and dry berths in a single day.The District was officially opened earlier this year and accommodates 3000-tonne and 6000-tonne ship lifts."We are proud to announce that the Industrial District has been on a strong business footing since its opening. Our efforts to promote our services among the small to mid-size vessel owners have been very well-received. We are looking to expand and diversify our offerings in the near future to further supplement the available services so that we become the a one-stop shop for all repair needs.Heightened demand"Meanwhile, our business partners have also recorded improved business over the year and we hope that the heightened demand will encourage other maritime service providers to set up base at the facility," said Khamis Juma Bu Amim, Chairman ...

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