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Naviera Elcano orders three more vessels and lowers the average age of its fleet to nine

The orders, two bulk carriers and an oil tanker. Silveira: “We guarantee our consolidated revenue figures for the next ten years”

Elcano shipping group, owned by the Galician business consortium Nosa Terra XXI, already counts with a fleet constituted by 20 vessels after receiving on on 27th March
Castillo de Mérida, devoted to the transportation of liquefied natural gas (LNG). The vessel, 297 metres long, was built in the Japanese shipyard of Imabari. This year, the company headed by José Silveira Cañizares will include Castillo de Caldelas, essentially the twin of the above, and both of them will be chartered for a period of 20 years. Furthermore, they have another three vessels under construction, that will be delivered next year. With these vessels they will reach 24 ships. Currently, the average age of Naviera Elcano’s fleet is nine years. They will add another oil tanker and two bulk carries the upcoming year.

“From a fleet of eight bulk carriers and two oil tankers in 1997, we have evolved into nineteen carrier vessels for any kind of bulk at 31st December 2017”, wrote Silveira in a letter for the shareholders that was included in the annual report of the group, which has just turned 75 years old. “This huge project that was born as an epilogue to a Civil War was developed as a state-owned company til, 20 years ago, a group of partners strived to invest in its growth through its diversification and internationalization”, added.

The thrust in favour of GNL transport is based on a great demand of this product, whose traffic increased 20% in the last two years. In general, the cargo being carried by the fleet chains four years of consecutive increases, up to 47 million tonnes, according to the annual report. In the letter he wrote for the partners, Silveira Cañizares emphasized “this has been the year of the confirmation of the opportunity of the strategic plan we outlined a few years ago, where we focused on the fleet renewal” and that, in his view, “guarantees our figures of our consolidated revenues for the next 10 years”. Elcano closed 2017 with a consolidated result of 24 million euros and a consolidated revenue of almost 600.

Source: Faro de Vigo

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