Debmarine to acquire new vessel
The new ship will be slightly larger than the current largest vessel, the mv Mafuta.
OGONE TLHAGE - Offshore diamond mining company, Debmarine, is looking to acquire another vessel.
The announcement was made by its chief executive officer, Otto Shikongo. The planned acquisition will bolster Debmarine’s production efforts by 500 000 carats per annum.
Debmarine’s management, however, still needs to get board approval for the acquisition of the vessel, Shikongo said.
“The purchase of the vessel is not guaranteed. I cannot disclose how much the vessel is expected to cost. I still have to take it to the board,” Shikongo said in a brief interview with Market Watch.
According to him, the vessel is a matter of national importance. “It is not a Debmarine project, it’s a national project,” Shikongo said.
At a length of 176 metres, the new ship will be slightly larger than the current largest vessel, the mv Mafuta (174 metres).
Additionally, the new vessel will be built with the latest marine technology and will have full dynamic positioning capabilities. Similar to SS Nujoma, the new offshore vessel will be an MT 6027 vessel designed by Marin Teknikk, the Namibia Economist reported.
The vessel will be able to repay itself within three years, projections indicate, while offering an internal rate of return of 25% Shikongo said.
Debmarine board member Daniel Kali encouraged the management to go ahead with the acquisition of the vessel.
“Just do it. You’re still going to the board?” he questioned.
Strong position
Debmarine chief financial officer Willy Mertens said the company was in a strong position to make investments.
“We are entering a period of significant capital investments. We think we have a good balance sheet that allows us to invest. We are getting ready for investments,” said Mertens.
According to him, Debmarine’s gearing ratio was low, indicating its low debt levels.
Debmarine currently operates six diamond mining vessels, namely, the Debmar Atlantic, Debmar Pacific, !Gariep, Grand Banks, the SS Nujoma and the mv Mafuta.
Debmarine is the largest miner of diamonds in Namibia, contributing approximately 70% of the total Namibian diamond production.
The announcement was made by its chief executive officer, Otto Shikongo. The planned acquisition will bolster Debmarine’s production efforts by 500 000 carats per annum.
Debmarine’s management, however, still needs to get board approval for the acquisition of the vessel, Shikongo said.
“The purchase of the vessel is not guaranteed. I cannot disclose how much the vessel is expected to cost. I still have to take it to the board,” Shikongo said in a brief interview with Market Watch.
According to him, the vessel is a matter of national importance. “It is not a Debmarine project, it’s a national project,” Shikongo said.
At a length of 176 metres, the new ship will be slightly larger than the current largest vessel, the mv Mafuta (174 metres).
Additionally, the new vessel will be built with the latest marine technology and will have full dynamic positioning capabilities. Similar to SS Nujoma, the new offshore vessel will be an MT 6027 vessel designed by Marin Teknikk, the Namibia Economist reported.
The vessel will be able to repay itself within three years, projections indicate, while offering an internal rate of return of 25% Shikongo said.
Debmarine board member Daniel Kali encouraged the management to go ahead with the acquisition of the vessel.
“Just do it. You’re still going to the board?” he questioned.
Strong position
Debmarine chief financial officer Willy Mertens said the company was in a strong position to make investments.
“We are entering a period of significant capital investments. We think we have a good balance sheet that allows us to invest. We are getting ready for investments,” said Mertens.
According to him, Debmarine’s gearing ratio was low, indicating its low debt levels.
Debmarine currently operates six diamond mining vessels, namely, the Debmar Atlantic, Debmar Pacific, !Gariep, Grand Banks, the SS Nujoma and the mv Mafuta.
Debmarine is the largest miner of diamonds in Namibia, contributing approximately 70% of the total Namibian diamond production.
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