Drydocks World ( DW), the established player in ship repair, conversion and new building participated in the Sea Japan exhibition organised at the Tokyo Big Sight Exhibition Centre from 18-20 April 2012. Nearly a tenth of the vessels received by Drydocks World belong to Japanese owners and most of these vessels are Very Large Crude Carriers (VLCC). Around 13 per cent of the company’s business comes from Japan. “We are putting intense efforts at developing this market as it is of great significance to us. We have a dedicated team with Japanese and Korean speaking skills to address customer queries and implement our customer service programmes,” said Khamis Juma Buamim, Chairman of Drydocks and Maritime World. “We also have specialised, dedicated highly skilled and experienced team to handle projects. In order to further networking and implement client-servicing, we have an office in the Far East, in close proximity to the client-base to update them on our services, to advance networking possibilities and to assess areas of co-operation with Japanese companies,” he added. Saeed bin Ali Al Nowais, Ambassador of the United Arab Emirates to Japan, received the delegation of Drydocks World and provide unlimited during the exhibition and the several meetings that were held. This had a significant impact on the success of the visit and supported the development of trade relations between the UAE and Japan. Khamis Juma Buamim and the accompanying delegation also held several separate meetings with a number of heads and senior officials in Japan. He met Kazuyoshi Kitamura, Secretary General of the Cooperative Association of Japan Shipbuilders and Kiyotaka Higaki, President of the Cooperative Association of Japan Shipbuilders. Khamis Juma Buamim and the accompanying delegation visited the Ministry of Land, Infrastructure, Transport and Tourism and the delegation was received by Masato Mori, Director —General Maritime Bureau and senior executives in the Ministry where the Chairman of Drydocks World explained the general strategy of the company and global navigation and touched on the capabilities and resources available to service the huge shipbuilding industry and repair and maintenance sector through Dubai Maritime City and Jadaf Dubai. Drydocks World, in 2011, received approximately 300 vessels of various types and sizes including 8550 crew and 174,709 external visitors contributing to the tourism and trade. Buamim said that the Group has developed regulations for operational excellence, security, safety and environment, which helps develop international laws and norms. Drydocks World has repaired 28 vessels in 2011. The company has signed a long term Strategic Alliance Agreement with one of Japan’s leading ship owning companies, NYK. The company has received several VLCCs from leading Japanese companies and has also been addressing the gas carrier market with technical support and workshop capabilities. The company is keen on building strategic partnerships with Japanese companies in Engineering related aspects, especially module-building for FPSO and FSO conversion projects. The company has confirmed recently that overwhelming majority of its lenders formally support its proposals to enable it to successfully implement its restructuring. This process will have no effect upon the on-going operations of Drydocks World, its clients, suppliers or employees. It will be business as usual during the process and going forward once the restructuring is effective. Khamis Jumaa Buamim said, “Drydocks Dubai’s use of Decree 57 to help it conclude its restructuring is ground-breaking and was not a step the business took lightly. It is a pragmatic and sensible solution with the crucial ability of allowing a financial restructuring to take place without adversely impacting the business, its operations or its people.” The business believes strongly in commercial fundamentals of seeking to do what’s right for its customers, suppliers and employees and all its stakeholders. Consequently, the business took the view that the will of the vast majority of its syndicated lenders to support its proposals, should override the disappointing response from an insignificant minority of its syndicated lenders who to date have failed to support the Company’s proposals. This lack of support is not in the interests of the business, its operations, its future or its people. It is a decision they have taken for their own reasons. Their lack of support makes no difference to Drydocks Dubai’s ability to conclude its restructuring.” The overwhelming support Drydocks World — Dubai has for its proposals should enable it to rapidly implement its debt restructuring. Once implemented, the business should be well placed to progress its strategic ambitions, secure in the knowledge that it is on a firm financial footing.