NORASIA SELLS SHIPS TO NEW U.A.E. JOINT VENTURE
Norasia Line, the Swiss shipping line, is selling 10 containerships of
1,400-TEU capacity to a new shipowning joint venture between itself and Abu Dhabi
Investment Company.
Abu Dhabi Investment Company, a government-owned bank headquartered in
the United Arab Emirates, will own 51 percent of the newly-formed joint shipowning
venture, named Abu Dhabi Container Lines Ltd. Norasia will own the remaining 49 percent in
the venture
Abu Dhabi Container Lines is a shipowning company and Norasia Line will continue to
operate, without changes, the services using the ships of the venture, Martin Skaanild,
president of Norasia Line, told American Shipper.
Seven of the vessels have been delivered, while the remaining three
will be delivered between January and July 2000.
Abu Dhabi Container Line will, through Norasia Lines, be providing weekly
services from Asian ports to the Pacific Northwest (Vancouver and Seattle) and the Pacific
South West (Los Angeles and Oakland), the two joint venture partners said.
Hareb Al Darmaki, chairman of Abu Dhabi Investment Company, said that the
bank views its investment in ADCL "as a positive step in an exciting niche market
opportunity."
Abu Dhabi Container Lines is headquartered in Abu Dhabi, the capital
of the United Arab Emirates.
The port of Mina Zayed, United Arab Emirates, will be used as a
logistics and distribution center for the Emirates and other Arabian Gulf destinations,
Norasia and Abu Dhabi Investment Company said.