Group pledges further investment
Tug Malta Limited yesterday launched its new 75 tonne bollard pull harbour and escort tug. First Lady Margaret Abela christened the tug St Elmo at the Valletta Waterfront.
The tug is an Azimuth stern drive tug designed by Robert Allan Ltd and built by the Spanish shipyard Astilleros Zamakona. It is fully equipped with fire-fighting Class 1 equipment, towing winches and a deck crane, all necessary for normal tow operations and for emergencies − to provide assistance in life saving, equipment rescuing and environmental protection situations both within and outside the territorial waters of Malta.
The vessel is equipped with two Rolls Royce Aquamaster propulsion units and twin Caterpillar main engines. The MT St Elmo was delivered to Malta from Spain under the command of Master Kenneth Linwood and manned by Maltese and foreign crew members. She will be based in Malta and will be deployed to render harbour towage services, salvage and offshore towage services.
Tug Malta Ltd’s investment outlay of €8 million in the St Elmo now brings the fleet to a total of eight tugs. This latest addition continues to modernise the company’s fleet configuration in terms of type, tug power and capacity as to better meet the local shipping industry’s towage requirements particularly when deployed at the busy port of Marsaxlokk where increasingly larger ships are calling.
Coupled with the introduction of the MT Spinola in June 2009, the investment in the new tug is consonant with Rimorchiatori Riuniti fulfilling its commitment to the government to invest in two new tugs in the initial five years of operations.
The tug investment not only fulfils any investment obligations that Rimorchiatori Riuniti, as shareholders of Tug Malta had pledged to undertake at the time of the company’s acquisition, but also exceeds the technical specifications set out in the Harbour Towage Agreement.
Now that the St Elmo has joined the fleet, Tug Malta is even better equipped to serve the industry as well as pursue its growth strategy, that is, to develop more aggressively offshore activity in the Mediterranean.
In addition to the capital outlay in the two new tugboats, coupled with the recent huge investment made by the Group in a new anchor handling vessel deployed overseas to expand capacity in the off-shore market, last September Rimorchiatori Riuniti committed itself for a further $74.6 million investment in two new bulk carriers – PANAMAXES of 76,500 tonnes currently being built in South Korea by SPP Plant & Shipbuilding Co Ltd.
The investment, which will be made by Bulk Malta Ltd, a newly formed Maltese subsidiary company of the Group, demonstrates Rimorchiatori Riuniti’s commitment to expand its business in Malta.
The first vessel is expected to be delivered in 2013 and the second will be due in early 2014. Both PANAMAXES will be deployed to carry any type of dry cargo anywhere in the world. Bulk Malta Ltd will ultimately own and operate the bulk carriers.