Platinum Yachts merged in cost cutting move

Platinum Yachts merged in cost cutting move

The Platinum Yachts arm of Drydocks World (DDW), a division of debt plagued Dubai World has been merged with the group’s Shiplift business, which deals with smaller sized ships. DDW Shiplift is taking on all the former Platinum branded activities including management of the two large superyachts Dubai, the current world’s biggest, and Dubawi.

In contrast to some press reports that suggested that Platinum had closed, Mohamed Vinalaheg, DDW’s Regional CEO for East Asia and Africa, told SB that “Platinum has not been closed. It has merged with Shiplift as a cost cutting move and all of Platinum’s activities will continue.” Shiplift has been based in the Jadaf area of Dubai where it was able to handle ships up to 2,500 tonnes and its working yard had over 50 dry berths and 630m (2,066ft) of quay. Shiplift is taking over a new facility in Dubai Maritime City including the facility that Platinum was lined up to run. DMC has two shiplift facilities of 3,000 tonnes and 6,000 tonnes respectively.

Platinum itself comprised four separate activities with Platinum Yachts being the newbuild, refit, repair, maintenance and project management part. Platinum Yacht Management is the section that managed the Dubai and Dubawi and the other two business are Platinum Composites, serving the commercial, military and yacht markets, and Platinum Marine Services which did have plans for developing other yacht related activities. Prior to the merger Platinum Yacht Management was talking of expanding this activity and Platinum Yachts was marketing its 88m (288ft) Triton design.

Superyacht Business / David Robinson, 6 January 2010