Israel Shipyards 3.59

Israel Shipyards is one of the largest shipbuilding and repair facilities in the eastern Mediterranean. The company also operates the first and only privately owned port in Israel. The company’s facilities are located at the Kishon Port (part of the Port of Haifa complex) include a floating dry dock with 20,000 tons of lifting capacity and a 900 meters long wharf with 12 meters of water depth.HistoryThe company was founded in 1959 by the State of Israel to build both military and civilian ships, and to provide marine engineering upgrade, maintenance and repair services. In 1995, following years of underperformance and continued losses under state ownership, the company was privatized and sold to a group of local investors who, since 1998, have returned it to profitability.Today Israel Shipyards is controlled by the Shlomo Group (TASE:SHLD), a holding group owned by businessman Shlomo Shmeltzer.In May 2013, Israel Shipyard unveiled a new ‘Mini Corvette’ design, the Sa'ar S-72 class; to offer the Israeli Navy a new class, which fits between the Navy’s existing Sa'ar 4.5-class missile boats, and Sa'ar 5-class corvettes. Through the years Israel Shipyards have built 33 Saar 4 and 4.5 class missile boats; 20 were delivered to the Israeli Navy over the years. Last to be delivered were two upgraded Sa'ar 4.5 Hetz-subclass missile boats called INS Herev (2002) and INS Sufa (2003). With the new Mini Corvette the shipyard hopes to expand its offering to meet the evolving requirements, of the Israeli Navy, as well as of international customers overseas.