Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

INTERVIEW-Drydocks SE Asia CEO resigns to form consultancy

Published 09/16/2010, 07:49 AM
Updated 09/16/2010, 07:52 AM

* Ex-Drydocks executive says leaves firm in good shape

* Drydocks on track to increase Indonesia workforce by 1,000

* Denis Welch to head new One World Maritime consultancy

By Randy Fabi

SINGAPORE, Sept 16 (Reuters) - The head of Drydocks World Southeast Asia resigned on Thursday to form a new Singapore-based consultancy group, saying he was leaving the shipping arm of Dubai World in good shape.

Denis Welch, who will head the new maritime consultancy One World Maritime, told Reuters his former company had secured a number of new shipbuilding deals and remained on track to increase its Indonesian workforce by at least 1,000 this year.

"I feel I am moving on at an opportune time," Welch said. "(Drydocks) has a good order book ... with additional business in the pipeline."

He would not elaborate on his former company's order book, which is estimated at $1 billion, largely unchanged from a year ago.

Oil rig and shipbuilders such as Singapore's Keppel Corp had few significant orders last year as plunging oil prices prompted major oil and gas explorers to delay or cancel orders placed in the boom years.

Welch said he decided to set up One World Maritime to take advantage of the growing number of maritime companies looking to expand their operations in Asia.

Chinese demand for commodities has become an increasingly pivotal factor driving freight market activity, prompting Deutsche Bank, Howe Robinson and others to increase their presence in the region.

"Confidence is returning, and the general mood is extremely positive," he said. "There is going to be a sharp rise in demand for offshore-related activities."

Welch said there was also growing interest from hedge funds and other investors to grab a large foothold in the shipping sector, which they believe will rebound sharply next year. (Editing by Will Waterman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.