Leading cement carrier operator, CTI Group, is getting a $15m loan from International Finance Corp, an offshoot of the World Bank, to support its continuing growth.
Jordan based CTI owns 10 cement carriers, has another two on bareboat charter and three more on time charter making it one of the leading players in the international trade in this commodity.
The 59,000-dwt Golden Arrow 1 (built 1970) is the biggest vessel in the CTI fleet.
CTI is planning to renew and expand its fleet of cement carriers to reduce operating costs and improve its operation.
CTI chairman, Nader Dajani, said he was planning to invest in upgrading and expanding the shipping fleet as well as in developing new cement markets.
The CTI fleet of bulk carriers equipped with specialised cement loading and discharge gear ranges in size up to the 59,000-dwt Golden Arrow 1 (built 1970).
The newest vessl in the fleet is the 10,400-dwt Queen Arrow 1 (built 2005) which is bareboat chartered under a 10 year deal with Atlantica Shipping, a joint venture company that links Bryn Skaugen of Norway, Egon Oldendorff of Germany and AM Nomikos of Greece.
But the oldest vessels are well into their third decade so are candidates for replacement.
Although based in Jordan CTI manages its fleet through a Piraeus offshoot, Sekur Holdings and has another company in the Philippines, Sekur Manning, to cover its crewing requirements.
CTI also has numerous cement trading and distribution companies around the world.
By Jim Mulrenan in London