Myanmar Shipyards was formed in 1970 as a state-owned enterprise and it has carried out construction and repairing processes of vessels as commercially since the beginning of 1976. “We built 528 newly vessels and repaired 1,596 ships from 1970 to this year August. Starting from October last year, 15 ships were docked and repaired at the shipyards as well as three 400 Ton Working Barges were built for the Ministry of Construction,” said an anonymous officer from Myanmar Shipyards.
U Thar, a vessel owned by Myanmar Five Stars Shipping Line, was built at Shikoku Dockyard in Takamatsu, Japan and repaired at the Myanmar Shipyards (Hsinmalaik) and started seafaring in September.
The vessel is able to carry more than 18,000 tons of cargo. Myanmar Five Stars Line used U Thar for its ongoing shipping services around Asia.
Under the permission of Myanmar Investment Commission, Myanmar Shipyards had signed a joint-venture agreement with Dong A Shipbuilding Industry-JSC from Vietnam in January of 2015 aiming for establishment of Myanmar Shipyards Dong A Joint Venture Companay Limited. (Source: Eleven Myanmar, 5 October 2018)
As Asean countries prioritise on improving connectivity within and beyond the region, Myanmar has planned to take advantage of its strategic location between the two mostpopulated nations – China and India – to become a hub of maritime trade in Asia, transport authorities say. For the development of ports, 37 waterfront land plots (a total of 15 hectares) were allocated in the form of a BOT (build, operate and transfer) system and joint ventures. In Thilawa, 10 plots were developed and an additional 20 plots are under construction.
Myanmar would encourage both private sector participation and cooperation with international finance institutions. Financial assistance from foreign countries and national level development projects like the Dawei special economic zone would drive Myanmar’s port development to a large extent.
New opportunities come from the many offshore blocks developed in Myanmar by foreign investors. The demand for basic offshore support vessels will logically grow. Opportunities include dredging support, supply bases, logistical support, coast guard investments, search and rescue equipment, capacity building and QHSE analysis and related services.
Myanmar is endowed with vast fishery resources in its coastal waters, rivers and inland lakes. Myanmar’s re-emergence in the world of commerce offers exciting opportunities to address the issues of sustainability and conservation, as well as to boost its export potential. According to data provided by the Department of Fishery (Yangon region), the country has earned US$535 million through the export of marine products in the 2017-2018 fiscal year. In the latest report of the Department of Fishery, the export of marine products reached $535 million, registering an increase of more than $97 million compared with last year, through the export of 38,000 tonnes of products. The export value is expected to reach up to $700 million in the remaining three months of the 2018-2019 fiscal year.