Tomini Shipping to expand dry bulk vessels fleet

Tomini Shipping is all set to expand with the addition of two dry bulk vessels to its existing fleet of 14 by the end of September, said Numair Shaikh, interim CEO of the company.

Shaikh said Tomini is becoming one of the eminent dry bulk owners in the region and the company intends to explore options to grow its fleet as reasonably as possible, whilst staying steadfast to its own internal rules of financial engagement.

“Opportunities tend to be fewer in a rising market, however we are very much focused on trying to find the right deal to expand our fleet,” he said.

Tomini is listed on the Norwegian OTC market with over $350 million invested in the shipping business over the last 65 years. While shipping is 90 per cent per cent of the business, the group has interests in classic cars and plant machinery.

To a question, he said 2020 was a year unlike any other, where economic growth, and as a consequence, world trade, shrank tremendously. “The biggest challenge was that of uncertainty, as in the initial phases on the pandemic, its true severity, longevity and implications for world trade and economic growth were impossible to know, making every decision a bit like shooting in the dark,” he said.

“As the true devastating economic effect of the pandemic became more understood, our top management team was able to have the foresight to see that we were in a unique situation to take advantage of rock-bottom secondhand asset prices and continue to add to our fleet through some quick and smart acquisitions. This has meant that as the current market continues to impress, not only do we have more ships to capitalise on record freight rates, but the asset values of our 2020 acquisitions continues to increase as well,” he added.

The group announced the appointment of two new board members Tejas Shah as CFO who will replace Nitin Mehta who resigned his position in June, and Adam Shaikh, head of sale and purchase, who is a fourth-generation member of the Shaikh family.

The new directors will provide strategic direction for continued growth around Tomini Shipping’s vision to be the most trusted partner in maritime services to their clients.