German Ship Repair Jamaica Limited eyes expansion, considers IPO

 

Chief Executive Officer, German Ship Repair Jamaica Limited (GSRJ), Lieutenant Colonel Martin Rickman, says the company has plans to expand GSRJ’s operations at its Harbour Head shipyard, with space earmarked for two additional floating docks.

German Ship Repair Jamaica Limited, GSRJ is a joint venture involving Jamaican, German and Turkish interests. As outlined on the company’s website, The GSRJ shipyard offers dry-docking of vessels of up to 230 meters length, 33 meters width and 20,000 tons weight.

The expansion will enable the entity to accommodate more vessels and recruit additional staff. 
Colonel Rickman also told the Jamaica Information Service (JIS) this week about prospects of establishing ship repair operations in the eastern end of the island.

The company is also considering going public. “We have plans to launch an Initial Public Offer (IPO) in the medium term, which will allow us to finance some of these projects,” he disclosed.

He says that GSRJ been making significant strides in generating employment and facilitating training opportunities for Jamaicans since its establishment in November 2023.


Next to general drydocking services, hull treatment, engine and mechanical works, steel works and electrical works on various types of commercial vessels, the team is specializes in servicing and repairs of thrusters for the offshore tonnage in and around the Gulf of Mexico.



The company is led by Chief Executive Officer (CEO), Lieutenant Colonel Martin Rickman, who recalls “As the first of its kind in Jamaica, we encountered various obstacles along the way. From sourcing skilled labour to establishing efficient operational processes, every step was a learning experience,” he tells JIS News.

GSRJ initially employed about 45 expatriates to train locals. However, Colonel Rickman says this number has decreased to 13, pointing out that part of the entity’s goal is to grow and upskill local workers.

“On a daily basis, there are about 100 workers on the ship repair site, including consultants, experts, locals and [expatriates],” the CEO says, pointing out that he is proud of the GSRJ’s progress in providing job opportunities.

Currently the repairer specialises in repairs of merchant ships. Services include the cleaning and painting of the hull, inspection of outboard valves, repairs of the propulsion, shaft lines, tunnel, and azimuth thrusters.

Employees repair both main and auxiliary engines, boilers and heat exchangers and carry out a variety of works, like the replacement of steel, replacement of pipelines, overhauling and repairs of electric motors and generators.


GSRJ has executed partnerships with institutions such as the HEART/NSTA Trust and Caribbean Maritime University (CMU) to facilitate training opportunities for employees.

“We have introduced a brand-new certification programme which will make our employees internationally marketable,” Colonel Rickman informs.

Chief Executive Officer, German Ship Repair Jamaica Limited (GSRJ), Lieutenant Colonel Martin Rickman.

The programme admits skilled workers, such as welders and mechanics who are already familiar with smaller engines and tools and trains them to apply their existing knowledge to larger engines requiring cranes for repairs.
Colonel Rickman, who refers to the training opportunities as “brain gain,” says these will redound to Jamaica’s benefit.

“I’m not worried about brain drain. My goal is to train way more professionals than I’ll ever need, so I’ll always have a steady workforce,” he states.

Regarding maintenance and repairs, during its inaugural year, GSRJ serviced 13 dry dock and 17 wet dock vessels, setting a high benchmark for operational efficiency and quality service delivery.

With approximately 16,000 vessels operating daily in the Caribbean, of which repairs are sought for some 3,000, Colonel Rickman notes that Jamaica currently services less than two per cent of these.

“My top priority now is to drastically improve efficiency so that we get to a place where we are servicing at least 24 dry dock vessels per year,” he states.

The turnaround time for repairs is also high on the CEO’s agenda.

“We will have weather and climate-related events from time to time. But one of my goals right now is to ensure that we meet the timeline we give to our clients,” he said.

The CEO expresses gratitude for the support received from government agencies such as the Jamaica Special Economic Zone Authority (JSEZA).

“It is through such partnerships and shared vision that we have been able to navigate challenges and thrive in this competitive industry,” he states.

GSRJ currently has the unique advantage of being able to receive parts on behalf of clients and clearing them through customs to effect repairs. “That’s a significant benefit of the freezone designation,” Colonel Rickman points out, adding that Jamaica is the sole regional country offering such advantages.”

Information source: JIS

Photo: JIS. Chief Executive Officer, German Ship Repair Jamaica Limited (GSRJ), Lieutenant Colonel Martin Rickman, stands in front of the entity’s floating dock at Harbour Head in Kingston.

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