Western Marine Shipyard Company Overview and Updates

Western Marine Shipyard Company has been a leading player in the maritime industry for decades. Established in 1969, the company has a rich history of innovation and excellence.

With a strong presence in the Middle East, Western Marine Shipyard has built a reputation for delivering high-quality ships and vessels. Their expertise spans various sectors, including offshore, naval, and commercial vessels.

The company's commitment to quality and customer satisfaction is evident in their state-of-the-art facilities and cutting-edge technology. This enables them to meet the evolving needs of their clients and stay ahead of the competition.

Western Marine Shipyard's success can be attributed to their experienced team of professionals who work tirelessly to ensure timely delivery and exceptional service.

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The Western Marine Shipyard operates with a strong focus on efficiency and sustainability.

The shipyard has invested in a range of advanced machinery and equipment, including cranes and dry docks, to streamline its operations and reduce waste.

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With a total area of 45,000 square meters, the shipyard has ample space for construction and repair work.

The yard is equipped with a 450-ton crane, which is used for lifting heavy equipment and materials.

Western Marine Shipyard has a team of experienced engineers and technicians who work together to design and build new vessels, as well as perform repairs and maintenance on existing ones.

The shipyard's commitment to sustainability is reflected in its use of environmentally friendly practices, such as recycling and minimizing waste.

Western Marine Shipyard has had its fair share of financial issues, with the Finance Minister of Bangladesh identifying it as one of the top twenty loan defaulters in 2017. However, the shipyard has since rescheduled its defaulted loans with two banks and has started to repay instalments regularly.

In 2021, Bank Asia initiated legal proceedings against Western Marine Shipyard Limited to recoup a classified loan totalling Tk505.90 crore. This highlights the ongoing financial challenges the company faces.

The company's financial situation can be seen in its export-oriented ocean going shipbuilding sales, which have fluctuated between 2.28B, 839M, 808M, 811M, and 920M over the years.

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Financials can be a complex topic, but let's break it down in a way that's easy to understand. Western Marine Shipyard Limited's sales by activity are a great place to start.

Their export-oriented ocean going shipbuilding sales have been steadily increasing over the years. In 2020, they reached a high of 2.28 billion.

One thing that stands out is the significant drop in sales from 2020 to 2021, from 2.28 billion to 839 million. This could be due to various market or economic factors.

Let's take a closer look at the sales figures for Western Marine Shipyard Limited:

As you can see, sales have been steadily increasing over the years, with a slight dip in 2021.

Western Marine Shipyard Limited has faced some financial issues in the past. One notable instance is when the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, identified WMS as one of the top twenty loan defaulters in the country in 2017.

However, the shipyard has managed to reschedule its defaulted loans with two banks and has started repaying instalments regularly. This indicates that the company is taking steps to address its financial issues.

In 2021, Bank Asia initiated legal proceedings against Western Marine Shipyard Limited to recoup a classified loan totalling Tk505.90 crore. This highlights the ongoing challenges the company faces in managing its finances.

Despite these challenges, the company's financials show some positive trends. For example, the free-float percentage of the company's shares is 71.99%.

Western Marine Shipyard has recently undergone a major expansion to increase its capacity and improve its services. The expansion has added new facilities and equipment to the shipyard, allowing it to handle larger and more complex projects.

The shipyard has also invested in new technology to enhance its efficiency and productivity. This includes the use of advanced software and machinery to streamline its operations and reduce costs.

The expansion and modernization of Western Marine Shipyard are expected to have a positive impact on the local economy and create new job opportunities.

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Western Marine Shipyard is facing a tough time, with its activities coming to a standstill since 2019. The company owes around BDT 20 billion to about 19 banks and financial institutions.

The company's long-time managing director resigned due to internal disputes over loan repayment. This has led to a significant increase in the company's financial struggles.

About 3,000 employees of the company have arrears of salary allowances of around BDT 80 to 100 million. This is a result of the company's inability to pay workers' salaries on time.

The shipyard has not been able to start operations, with only 15-20 employees currently working there. This is a stark contrast to the 3,000 employees who were working there just a few years ago.

Western Marine has also failed to pay rent to the owners of the leased land in their shipyards, leading to legal notices and potential eviction. The company has been unable to pay rent for over a year.

The company's failure to deliver ships on time has also led to a lawsuit from Dubai-based Al Rashid Shipyard, who are seeking $5 million in damages. This is a result of Western Marine's inability to meet their contractual obligations.

Western Marine Shipyard Limited has been making headlines with its recent earnings reports.

The company reported its earnings results for the full year ended June 30, 2024, on December 30, 2024.

In 2023, Western Marine Shipyard Limited reported its earnings results for the full year ended June 30, 2023, on December 20, 2023.

Western Marine Shipyard Limited also announced the appointment of Sohail Hasan as its Managing Director on June 18, 2019.

The company's unaudited earnings results for the third quarter ended March 31, 2019, were announced on May 2, 2019.

Western Marine Shipyard Limited reported its earnings results for the second quarter ended December 31, 2018, on January 29, 2019.

The company's unaudited earnings results for the third quarter and nine months ended March 31, 2018, were announced on April 29, 2018.

Western Marine Shipyard Limited's unaudited earnings results for the second quarter and six months ended December 2017 were announced on January 13, 2018.

Certain shares of Western Marine Shipyard Limited are subject to a Lock-Up Agreement that ended on September 10, 2017.

Here's a list of the company's earnings report dates:

Western Marine Shipyard has been expanding its capabilities to meet the growing demand for ship repair and maintenance services.

The shipyard has invested in new dry docks, increasing its capacity to accommodate larger vessels.

This expansion has enabled the shipyard to take on more complex projects, including the repair of cruise ships and naval vessels.

The shipyard's location on the western coast of the country provides easy access to major shipping lanes, making it an ideal location for a ship repair facility.