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Jordan National Shipping Lines holds its Ordinary General Assembly Meeting

Jordan: Saturday, May 05 - 2007 @ 12:10

During the event’s proceedings, which was held on April 30th 2007, members of the Board of Directors discussed the company’s financial results for the financial year ending December 31st 2006 and their plans for the year 2007.

Financial records issued by the firm revealed that Jordan National Shipping Lines Company recorded JD 1.62 million worth of unrealized losses. Investors’ equities on the other hand were realized to be JD 13.44 million, and property rights were valued at JD 14.17 million.

Mr. Ahmad Armoush, Chairman of the Board at Jordan National Shipping Lines Company said that the company achieved notable profits during the first quarter of 2007. During this period, profit reached JD 1.2 million, a clear indication to more success for the rest of the year.

The meeting headed by Mr. Armoush, was also attended by members of the board, the management team and representatives of the Corporate Monitoring Authorities. Mr. Armoush stated during the meeting the Board of Directors’ intention to reduce the size of its portfolio; losses incurred having been primarily due to the losses in share price in the market, which affected firm’s stocks negatively. From another angle one of the firm’s vessels required more than three months worth of maintenance; the thing which affected the company’s profits for last year.

During the meeting’s proceedings the firm’s future plans were alluded to in detail. Mr. Armoush affirmed that the Jordan National Shipping Lines Company is planning to construct two new ships. Each ship is to hold a storage capacity of 53 thousand tons. The two new vessels are to be constructed in cooperation with a specialized German Firm in addition to Salam International Transport and Trading Company.

The company is also immersed in expanding its Real-Estate endeavors, as it is currently in the finishing stages of the construction of its headquarters in Aqaba, fully owned by Jordan National Shipping Lines. It is also in the process of completing building of its new location for “Jordan Academy for Maritime Studies” in Amman. The Academy will continue to graduate specialized marine personnel and engineers in the shipping and related deciplines. Also in the real-estate arena, the firm is in the process of constructing a four star deluxe hotel “Domina Aqaba” at one of the prime locations in the tourist area of Aqaba. The Construction is carried out by the company’s affiliate, “Jordan Maritime Complex for Real-Estate Investments” and the project is expected to be completed by the second quarter of 2008.

Mr. Armoush further stated that the company is firmly on course for expanding its operations and that it is currently looking into the possibility of expanding its capital investments, and accepting new and strategic partnerships. That in turn brings it closer to its goal for expanding operations locally and regionally.

In closing Mr. Armoush said that Jordan National Shipping Lines Company currently forms partnerships with Lamnalco, an entity located in the UAE, and with the Aqaba Development Corporation (ADC), whereby it has concluded contract for the management of the Marine Services at the Port of Aqaba over a period of 15 years subject to extension for another term. The construction of 8 large equipment including trailers is in the process for use on port.

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Saturday, May 5- 2007 @ 12:10 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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