Raysut Cement reports loss of cement carrier

Raysut Cement reports loss of cement carrier
17 July 2018

Raysut Cement Company has announced total loss of its Raysut II cement carrier in the wake of Cyclone Mekunu on 25 May. The vessel is owned by Raybulk Navigation Inc, a subsidiary of Raysut Cement. The vessel ran aground at Fazayah beach, 18 nautical miles west of Salalah Port during storm.

According to media reports, the group is expected to receive OMR4.129m (US$10.7m) against insurance for loss of ship and various cyclone Mekunu claims,” said Ghose Jotirmoy Pratuk Krishna, Chief Executive Officer, Raysut Cement, in a report on the company's initial unaudited, consolidated financial results for the six months ended 30 June 2018.

Earlier, in a filing to the Capital Market Authority (CMA) in the immediate aftermath of the storm, Raysut Cement, which has its flagship plant at Raysut Industrial Estate, revealed that Mekunu had caused some external damages, water logging in the production buildings and stock yard. This had led to a complete suspension of production for about 8-10 days, the CEO stated. In a subsequent filing on 31 May, the company announced that operations were back to normal.

Published under Cement News