IRClass Appointed RO for Iran; opens office in Tehran
Indian Register of Shipping (IRClass) has received authorisation as a Recognised Organisation from Iran’s maritime administration – Ports and Maritime Organization (PMO). Strengthening its presence further in the Middle East, IRClass has also set up an office in Tehran to offer its services to the Iranian maritime sector. This move is the latest in a series of steps taken by IRClass to enhance its global footprint. The RO agreement was signed on Sunday, 5th February 2017 at a ceremony held in Tehran, Iran by Mr.
Yacht Industry to Reach $51bln by 2020
In 2014, the global yacht charter market was valued at USD 35 billion and is projected to reach USD 51 billion by 2020, growing at a CAGR of 6.5% during the forecast period, according to Market Report. Region wise, Eastern Europe is expected to see the largest growth of 7.2% annually with other regions growing at an average rate of 6.5%. The emerging markets including the Middle East and China are expected to continue growing consistently. The Middle East yacht market has been experiencing an approximate annual growth of 5-10%.
LR Demand Difficulties
There has always been a compelling story being told about how larger product carriers are the future, in particular the LR2s, says Gibsons Weekly Tanker Report. However, the sector has had a particularly challenging few months, with little optimism regarding a sustained recovery in earnings. The LR2 story centered around the expansion of refining capacity in the Middle East, capacity reductions in Europe and wider product imbalances driving long haul trade. In some regards that story delivered.
Asia, Mideast Product Tankers Idled on Oversupply
Lower product shipments from India, Mideast; diesel comes off floating storage, frees up ships. Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of last year's level, shipbrokers and traders said. Shipping data in Thomson Reuters Eikon shows around 50 product tankers currently floating idle off Singapore and Fujairah, United Arab Emirates. Besides…
Asia Tankers-VLCC Rates to Hold Steady
25 MidEast cargoes still to be fixed; VLCC rates fall to 4-month low. Freight rates for very large crude carriers (VLCCs), which hit a four-month low on Thursday, are likely to hold around current levels or nudge higher as charterers fix the final charters in February's loading programme from the Middle East. Brokers however said an oversupply of tonnage from a raft of new vessel deliveries and older tonnage coming free after being used for floating storage are expected to cap any gains in rates.
Strategic Marine, Abu Dhabi Ship Building Sign MoU
Strategic Marine, one of the world’s leading specialist shipbuilding, fabrication and engineering companies, has teamed up with Abu Dhabi Ship Building PJSC (ADSB), a renowned provider of construction, repair and refit services for naval, military and commercial vessels, to develop the Middle East’s growing market of aluminium vessels. Strategic and ADSB have signed a Memorandum of Understanding (MOU) to create tenders for a variety of aluminium vessels using Strategic Marine’s…
Singapore Fuel Oil Trading Heats Up
Singapore fuel oil trading volumes have soared after the 380-cst front-month time spreads widened by around $1 per tonne from the previous day's close, in what could develop into an aggressive trade strategy that occasionally rattles this market. The 380-cst March/April time spreads on the Intercontinental Exchange (ICE) saw about 700,000 tonnes in contracts trade after physical trading in the S&P Global Platts Market-on-Close (MOC) price assessments concluded at 0830 GMT on Tuesday. The flurry took the spreads to about $1.70 a tonne in post-European trade by 0400 GMT on Wednesday, from around plus 70 cents a tonne previously. Traders…
Middle East Gulf Exports Soar in January 2017
During January – a month when all eyes were on oil production cuts – exports leaving the Middle East Gulf (MEG) region hit the highest level in at least two years, according to Genscape. At the end of November 2016, the Organization of the Petroleum Exporting Countries (OPEC) addressed the perceived global oversupply of oil and consequent low prices. OPEC members agreed that all countries, except Iran, would cut total production by 1.2 million barrels per day (bpd), starting on January 1.
Hamburg Süd Opens Dubai Office
Hamburg Süd has opened its first proprietary agency in the Middle East. On February 1 Hamburg Süd Shipping LLC commenced operations in Dubai, United Arab Emirates. The company-owned agency coordinates Hamburg Süd’s business in the Persian Gulf and has taken over all the tasks and activities for commercial operations as well as container logistics from the long-standing local agency partner Inchcape Shipping Services LLC. Vessel and customs clearance in the Ports of Jebel Ali and Khor Fakkan will continue to be handled by Inchcape Shipping Services. Several of Hamburg Süd’s liner services connect the Middle East with the shipping company’s global network. One of the key commodity sectors in which Hamburg Süd is strong in the region is the transport of temperature-controlled cargo.
McDermott bags Middle East pipelay contract
McDermott International, Inc. was awarded an offshore pipelay contract in the Middle East. The pipelay contract includes the engineering, procurement and installation of two oil pipelines offshore. Work on this contract is expected to be completed by the end of the second quarter in 2018. “This contract marks another example where our clients in the Middle East recognize our integrated customer-driven solutions that are consistently delivered with outstanding safety and within cost and schedule,” said Linh Austin, McDermott’s Vice President, Middle East and Caspian.
LOC Group Acquires SCUA Middle East Consultancy
LOC Group is pleased to announce the acquisition of SCUA Middle East Consultancy with effect from April 1, 2013. This acquisition combines LOC Middle East and SCUA Middle East to form a team of nearly 30 staff, including marine engineers, master mariners, naval architects and civil/structural engineers with wide-ranging skills and knowledge. SCUA Middle East will become part of LOC Middle East, which will continue to respond to all types of marine insurance claims, casualty, loss prevention, engineering and energy issues in the shipping, oil and gas markets.
CMA CGM Improves India Middle East – East Africa Links
Swahili Express service will be dedicated to Kenya and Tanzania markets with very fast transit times. Mombasa will be reached from Mundra in 12 days and Dar Es Salaam in 14 days. Noura Express service will have an improved transit time to Somalia by 4 days. Mogadishu port will be reached in 7 days from Jebel Ali and in 17 days from Mundra. SWAHILI service: As from m/v CHIEF at Nhava Sheva on February 24th, 2017, Swahili service will be operated with 4 vessels. We will add Mombasa direct call in complement to the current Dar Es Salaam call.
WSS Middle East Wins World Cargo Alliance Award
Wilhelmsen Ships Service (WSS) has won the prestigious title of ‘Best Partner 2011 - Middle East,’ which was presented by the World Cargo Alliance (WCA) at their annual conference in Bangkok earlier this month. “We are honored to have taken this title, and I would like to extend my sincere congratulations to the maritime logistics team in the Middle East for their splendid work throughout 2011,” said Flemming Andersen, Area Logistics Manager Middle East at WSS. WSS currently works with more than 2…
Maritime Expo Reports Big Rise in Exhibitors
“While the economic downturn has taken its toll on the global shipping industry, the Middle East market for workboats of all kinds continues to show vigorous growth,” said Christopher Hayman, Chairman of Seatrade, organiser of the Middle East Workboats exhibition and conference from 5-7 October 2009 at the Abu Dhabi National Exhibition Centre. Workboats include tugs, ferries, supply vessels; police, fire, patrol, pilot, rescue and oil spill boats; along with, dredgers, barges and floating cranes. More than 2,000 such vessels are estimated to be docked or repaired in the Middle East.
Schottel Expands in the Middle East
Andrew Bull was appointed managing director of SCHOTTEL Middle East FZE in Dubai. He is responsible for all sales and service activities in the Middle East region. Bull is a Sales, Business Development and Operations Professional with 22 years in the marine industry. Having held a range of global and regional roles, he has broad experience working with shipowners, operators, shipyards and regional distributors across the Middle East. With SCHOTTEL Middle East as the regional hub and being close to customers, the company will further enhance its commitment to customer service and excellence.
SPE Awards DNV GL For Its Contribution To Asset Integrity
DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi. "It is a great honor and a privilege to have been given this SPE award for the best ‘Company Contribution to Asset Integrity in the Middle East’. Asset integrity is in the DNA of DNV GL, and this award is proof of our Middle East team’s dedication to integrity excellence” said Moss Daemi…
Geodis Wilson Appoints Middle East Managing Director
Global freight management company, Geodis Wilson, said it plans to continue growing its Middle East network and has announced the appointment of Sascha Geiken as new Cluster Managing Director for the Middle East region. Sascha Geiken joined Geodis Wilson in 2009 as Managing Director of Geodis Wilson United Arab Emirates. In his new position as Cluster Managing Director, he will be responsible UAE, Qatar, Saudi Arabia and Bahrain. Sascha Geiken, who started his freight forwarding career in 1995, has many years of experience in the Middle East working for major logistics companies.
Barloworld Logistics Ramping Up Middle East Ops
Middle East contract logistics market to sustain 6.9 percent average growth to reach over USD 3.7 billion in 2015; Barloworld Logistics intensifies growth plans in Middle East, anchored on integrated smart supply chain solutions. Barloworld Logistics, a provider of logistics and supply chain management solutions, has announced that it is intensifying its growth plans in the Middle East as the region’s contract logistics services market expects to sustain a 6.9 per cent compound annual growth rate (CAGR) from 2011 to 2015, according to a study by Transport Intelligence.
Teignbridge Propellers to Set Up Shop in Dubai
UK’s Teignbridge Propellers score Middle East first with launch of new manufacturing arm; targets Africa, Asia and the Arab world In a first for the region, UK-headquartered Teignbridge Propellers International today unveiled plans to establish a manufacturing base in Dubai in order to support its existing operation and tap into new markets across the region and beyond. The UAE’s geographical location and established infrastructure is attracting high profile international maritime support companies looking to capitalise on first mover access to growth markets across Africa…
ABS Management Changes in Asia, Middle East
Changes in the management of ABS activities in Asia and the Middle East have been announced by the class society. Veteran Middle East District Manager Joseph Brincat has been promoted to Vice President for the entire Middle East region, including Egypt and Libya, and Pakistan. Brincat replaces Stephen Auger who has been transferred to Busan, Korea as Vice President for the North Pacific region within the Pacific Division of ABS that includes Korea, Japan and the Philippines. Concurrently, the ABS Middle East regional administrative office will relocate from Doha, Qatar to Dubai, United Arab Emirates (UAE). Responsibility for the society’s activities in Qatar will be handled by Martin Hruska who has been promoted to the position of Country Manager, stationed in Doha effective 1 September.
UAE to Generate 9.4 Billion by 2014
UAE to generate logistics revenues in excess of USD 9.4 billion by 2014 to lead growth of regional logistics and supply chain sector. Barloworld Logistics, a provider of logistics and supply chain management solutions, recently revealed its strategic growth plans for 2013, focusing on growth opportunities in key Middle East markets such as the UAE, which is projected to generate logistics revenues in excess of USD 9.4 billion by 2014. Barloworld has pointed out that the UAE remains…
Hiab's Distribution Partnership in the Middle East
Hiab, part of Cargotec, and Gavelås Förvaltning AB have signed an agreement regarding a long-term distribution partnership in the Middle East region. As a part of the transaction Hiab will sell its current sales company Hiab Middle East LLC, which employs 19 persons. The parties have agreed not to disclose the value of the transaction which occurred on 24 September 2014. The transaction supports the implementation of the strategic business targets of Hiab to set the industry benchmark for customer satisfaction, improve profitability and grow faster than the market.
Shell: LNG Demand Strong to 2030
Shell launches LNG Outlook Global demand for liquefied natural gas (LNG) reached 265 million tonnes (MT) in 2016 – enough to supply power to around 500 million homes a year. This included an increase in net LNG imports of 17 MT. Many expected a strong increase in new LNG supplies would outpace demand growth during 2016. Instead, demand growth kept pace with supply as greater than expected demand in Asia and the Middle East absorbed the increase in supply from Australia, according to Shell’s first LNG Outlook. “Global LNG trade demonstrated its flexibility time and again in 2016, responding to shortfalls in national and regional gas supply and to new emerging demand,” said Maarten Wetselaar, Integrated Gas and New Energies Director at Shell.