Franman and International Maritime Industries (IMI) Sign Exclusive Agreement to Promote MRO and New Build Services for MENA’s Biggest Shipyard


Leading shipping industry supplier Franman to become IMI’s exclusive agent for Greece and Cyprus

Athens, Greece, June 06, 2024 – Athens-based Franman, a leading representative and supplier of premium equipment, parts, products and high-quality services to the shipping industry, has been appointed as the exclusive agent for Greece and Cyprus, by Saudi Arabia’s International Maritime Industries (IMI), the largest full-service shipyard in the MENA region.

The agreement makes Franman the sole agent responsible for promoting IMI’s Maintenance, Repair & Overhaul (MRO) business to potential Greece- and Cyprus-based clients. IMI selected Franman for its expertise and long history serving these countries’ maritime sectors.

IMI’s fully integrated shipyard spans more than 11 million square meters and caters to a wide range of commercial vessels, including VLCCs, bulk carriers, tankers, offshore support vessels and offshore jack up rigs. Recognized as the largest and only yard in the MENA region capable of multiple MRO projects and large-scale new build programs including VLCCs, IMI’s tech-led infrastructure for New Build & MRO features state of the art facilities, multiple dry-docks and the largest ship lift facility in the world with a lifting capacity of 31,200 tons, that collectively enable unmatched service capacity and efficiency.

Costis Frangoulis, Founder and CEO of Franman, said: “Our partnership with IMI is a significant milestone in Franman’s 33-year-long solid track record of representing leading international service providers to the maritime sector. This agreement could bring about mutually beneficial opportunities for both Franman and IMI, ultimately enhancing the maritime capabilities across our regions. Franman’s clients in Greece and Cyprus seeking enhanced capabilities, sustainability alignment and a strategic location for their MRO needs now have access to one of the most advanced and sustainability-focused maritime facilities globally located strategically at a key maritime route closer to home. And with IMI’s expertise and the extensive facilities of the shipyard, Franman could potentially tap into a broad range of maritime industries, from commercial shipping to offshore energy, bolstering our position as a key player in the maritime service sector.

Feras Al-Sahan, Acting Chief Executive Officer of IMI, said: “This partnership is another significant step in our journey to increase our geographical reach and deliver best-in-class services to global clients.  We are confident that through our collaboration, as the largest full-service shipyard in the MENA region, and Franman’s expertise and far-reaching market presence in Europe, we can jointly unlock opportunities for the maritime sector and in turn spur economic growth. We recognize the evolving needs of shipping companies to ensure operational efficiency and business continuity. We are excited to support our prospective clients via IMI’s state-of-the-art integrated shipyard, where we not only provide ship and rig building capabilities, but also deliver MRO services. This collaboration will also be enhancing scalability of our operations and offering world class facilities in the region to new global clients”.

About Franman

Established in 1991, Franman provides a wide range of equipment, parts, products, and services to the shipping industry. The company has in-depth knowledge, and well-established relationships, within Greek and International shipping. From the beginning, the company followed the model of a one-stop-shop philosophy. This has fueled its drive to expand its partnerships and hence its offerings to ship owners. During the past 33 years, Franman has equipped more than 5,000 new ship builds. Today, the company connects more than 700 shipping companies with more than 190 suppliers of equipment and services. In 2020 Franman received the Efkranti Shipping Award for “Best Strategic Communication” and in 2021 was the proud recipient of the Lloyds List Piraeus International Centre Award. Franman is committed to leading in the maritime industry by fostering strategic partnerships that enhance technological innovation and sustainability. These collaborations are integral to providing cutting-edge solutions to our clientele, which includes all of the Greek shipping cluster and also extends broader European and Asian markets.

About International Maritime Industries

Located at Ras Al-Khair on Saudi Arabia’s eastern seaboard, International Maritime Industries (IMI) is the largest maritime facility in the MENA region, with global ambitions and reach. When fully operational, IMI’s full-service yard will be capable of building four new offshore rigs and more than 40 vessels per year – including very large crude carriers (VLCCs). IMI also will provide maintenance, repair and overhaul (MRO) services for more than 260 maritime products. State-of-the-art technologies – including artificial intelligence, biometrics and the Internet of Things – are embedded in the yard’s infrastructure, offering customers a cutting-edge advantage in an era of digitalization. IMI is a Saudi Aramco-sponsored joint venture (JV) with partners Bahri, Hyundai Heavy Industries and Lamprell.



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