UW Group unveils corporate restructuring

Cyprus-based ship repair company, UW Group, is celebrating its 25th anniversary by consolidating its brands, UMAC Shipping Services and WSR Services under the Group’s name. Since it was established at the beginning of the century, the company has developed from a small family-owned business in Cyprus to a repair and maritime services business in Cyprus, Greece, United Arab Emirates, Singapore, and representation in China. It now offers a broad range of services, representing leading equipment manufacturers and ship repair companies in key locations.

The corporate restructuring comes at a key moment in global shipping. While new ships are being designed with a range of energy-saving features, tightening regulations will require modifications and retrofits to thousands of existing vessels in the next few years. Without a proactive strategy, shipowners and operators will pay high prices as the IMO’s mid-term measures, likely to be signed off it October, enter force within the next three years.

However, the IMO regulations are just one of the challenges. The European Union’s Emissions Trading System and FuelEU Maritime have introduced a costly regime for many ships trading in, to or from the European  Economic Area. Meanwhile, as of the beginning of May, the Mediterranean Sea has become the latest Emissions Control Area with strict new rules on ships’ fuels.