DP World downplays Trade Tensions as Profit Soars
DP World, one of the world's biggest port operators, said on Thursday its business could weather international trade tensions, after reporting a 10.2 percent rise in 2018 profit."Current year has started with trading in line with expectations and whilst the near-term outlook remains uncertain with the trade war and geopolitical headwinds, we expect our portfolio to remain resilient and see increased contributions from our recent acquisitions and investments,” Sultan bin Sulayem, DP World chairman, said in a statement.The Dubai state controlled firm said it made a profit attributable to owners
India Box Trade Grew 6% in Q4 2018: Maersk
India’s containerised trade with the world has grown steadily, recording an overall import-export trade growth of 6% according to the Q4 2018 trade report released by Maersk, the world’s largest container shipping company.Increasing demand for refrigerated cargo from India coupled with improved trade relations with China with introduction of favourable trade policies, has driven exports to grow a healthy 3% in Q4.The demand for India-made goods such as vehicles, cereals and rice…
New Container Port Opens in Costa Rica
The inauguration of APM Terminals Moín, Costa Rica yesterday will enable products to be shipped on transatlantic routes to European and Asian markets without transshipment.The new terminal will also move Costa Rica to number one for connectivity, out of 139 countries ranked by the World Economic Forum, said a press release from the international container terminal operating company headquartered in The Hague, Netherlands."At APM Terminals we partner with governments to become the best port operator in the world and Moín is a great example.
Ferretti strengthens Middle East Presence
Ferretti Group, player in the international boating industry, Group aims to further strengthen its position with the start of a new partnership with Ocean 360.Ferretti considers the Middle East market as an excellent breeding ground for high-end motor yachts. Through this agreement, Ferretti wants to give a boost to the marketing of its boats and brands in the United Arab Emirates, Oman, and Egypt.The strategic move is destined to strengthen the Italian yachts producer’s position in the Middle East…
UAE Eases Qatar Shipping Ban
The United Arab Emirates has eased a ban on the shipping of goods between it and Qatar enforced under a political and economic boycott of Doha, according to port circulars and an industry source.The UAE, Saudi Arabia, Egypt and Bahrain severed diplomatic, trade and transport ties with Qatar in June 2017 over allegations it supports terrorism, a charge Doha denies.An Abu Dhabi Ports circular dated Feb. 12 cancelled previous directives that banned cargoes of Qatar origin from UAE waters and ports and those of UAE origin from Qatar.It maintained a ban on vessels flying the Qatar flag…
GasLog: LNG Demand Grew 9% in 2018
Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.
Suez Canal Terminal Boosts Efficiency
APM Terminals announced that its Suez Canal Container Terminal (SCCT) at Port Said, Egypt has achieved major efficiencies in yard and quay operations after fine tuning the Navis N4 Expert Decking Module, the system which automates yard planning.According to the Hague-headquartered international container terminal operating company, the system is used to automate planning by distributing containers throughout the yard based on predefined rules."Typically yard planning is extremely time-consuming, costly and inaccurate.
Egyptian Ports Reopen After Sandstorm Clears
Egypt reopened five ports on Thursday that it had shut due to bad weather as conditions improved and winds stabilized, the Red Sea Ports Authority said.Several Egyptian port cities and the capital Cairo were hit by a severe sandstorm on Wednesday, which prompted the closure of several ports.The ports of Alexandria and Dekheila on the Mediterranean in the Alexandria governorate, which had been shut since Sunday, reopened at 1330 local (1130 GMT), Reda Ghandour, a spokesman for the Alexandria Port Authority, said.He said the decision to reopen the ports was made after wind speed, wave height and
Suez Canal Revenues Plunge in November
Egypt's Suez Canal revenues fell to $461.5 million in November, down around 8.8 percent from October's $506.1 million, data from the cabinet's website showed on Tuesday.The canal is the fastest shipping route between Europe and Asia and one of the government's main sources of foreign currency.Reporting by Ahmed Tolba
UPDATE: Egypt Egypt Reopens Four of Six Ports Shut Due to Bad Weather
Egypt had previously closed four ports on the Red Sea and two on the Mediterranean due to bad weather, officials said on Sunday.Over the weekend, the ports of Suez and Zeitiyat were shut in Suez governorate, the Red Sea Ports Authority said. Adabiya and Ain Sokhna ports, in the same governorate, also closed, a source at the General Authority for the Suez Canal Economic Zone said.Today, Egypt reopened four ports on the Red Sea on Monday, a day after they were closed due to bad weather conditions, authorities said.
Jan de Nul Completes Umbilical Installation Offshore Egypt
Marine engineering firm Jan De Nul Group Jan De Nul Group has completed the installation and burial of the two main subsea umbilicals for the exploitation of new gas fields in the West Nile Delta concessions, located in the North Alexandria region, offshore Egypt.According to the company release, specifically for this project, Jan De Nul Group reconfigured its multi-purpose vessel Willem de Vlamingh into an efficient Umbilical Installation Vessel.The two umbilicals, with a total length of 69 km, were loaded in Norway in May 2018 and transported to Egypt.
Egypt Reopens 5 Ports, 2 Remain Closed Due Weather
Egyptian authorities reopened five ports on the Red Sea on Monday, a day after they were closed due to bad weather conditions, the Red Sea Ports Authority said.The two major ports of Alexandria and Dekheila on the Mediterranean Sea remained closed, said Reda al-Ghandour, spokesman for the Alexandria Port Authority."Strong winds and high waves do not allow the safe passage of speedboats and the ascent and descent of the guide onto ships," Ghandour said on Sunday, adding it affected the arrival and departure of ships in the two ports.By Lena Masri
IRClass Opens Office in Saudi Arabia
The classification society Indian Register of Shipping (IRClass), has made significant inroads into the Middle East market, following the announcement in October on its plans to further strengthen its footprint in the region.IRClass said in a press release that it has received authorisation as a Recognised Organisation (RO) from The Hashemite Kingdom of Jordan – opening doors of opportunities of shipping companies to the classification society.Further, IRClass has also received authorisation as RO from the Kingdom of Bahrain’s Port and Maritime Authority.
Great Ships 2018: BP's British Partner
BP Shipping took delivery of British Partner, the first of a half dozen new 173,400 cu. m. capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea. BP Shipping, which launched a fleet rejuvenation program in 2016 that includes 32 new vessels for delivery over a three-year period, said the six new Partnership class ships will increase its ability to transport LNG in emerging new markets, such as Pakistan, Jordan, Egypt and Bangladesh, in addition to established markets, such as India, China, the U.S.
Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession
Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent…
Höegh LNG Takes Delivery of Ninth FSRU
Bermuda-based floating liquefied natural gas (LNG) company Höegh LNG Holdings took delivery of Höegh Gannet, its ninth floating storage and regasification unit (FSRU).Höegh Gannet has regasification capacity of 1 Bcf per day and storage capacity of 170 000 cbm of LNG, combined making it the largest FSRU built by capacity, said a release from the company.The unit has been constructed by Hyundai Heavy Industries in South Korea and is equipped with a reinforced GTT Mark III membrane…
Naval Group Launches Egyptin Subsidiary
French shipbuilder Naval Group officially opened Alexandria Naval for Maintenance and Industry, its Egyptian subsidiary which will be responsible for the maintenance of Egyptian Navy vessels built and delivered by Naval Group.Alexandria Naval strengthens Naval Group sustainable footprint in Egypt for current and future naval programs.Naval Group’s long term partnership with the Egyptian Navy and the Egyptian industry has reached a new milestone with the opening of a subsidiary dedicated to the in service support of Naval Group’s vessels and future naval programs.
Global LNG Trade Jumps by 7.1%, Says Höegh LNG
The global floating liquefied natural gas (LNG) trade reached 236 million tonnes in the first nine months of 2018, up by 7.1% from the same period of 2017 on a combination of robust Asian demand and new supplies of LNG from Australia and the USA, said Höegh LNG.The provider of LNG transportation and services said that for the full year, LNG trade is expected to reach around 320 million tonnes, up by more than 7% from 2017.Increasing Chinese demand continues to be a key driver for expanding LNG volumes.
HullWiper Expands into Gibraltar with SCAMP
HullWiper, the hull cleaning solution provider, in partnership with global provider of ship fuel conservation and underwater services SCAMP, is offering an affordable, safe and eco-friendly hull cleaning solution for vessels transiting the Strait of Gibraltar.The agreement marks the latest expansion under HullWiper’s global leasing program, introduced in 2017, to work with partners worldwide to offer ship owners and operators a cost-efficient, brush- and diver-free alternative…
TechnipFMC Wins EPC Contract with Egypt's MIDOR
Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit…
BIMCO: US soya bean exports to China down 97%
The trade war and particularly the Chinese tariffs on imports of U.S. soya beans can now clearly be seen with the start of the soya bean peak exporting period in the U.S. In the first eight weeks of the 2018/19 marketing year accumulated U.S. exports are down 39%, from 12.2 million tonnes on 26 October 2017 to 7.5 million tonnes on 25 October 2018.“While weekly exports this season have been consistently lower than last season, the week to 18 October marked the single biggest decrease, from 2.5 million tonnes in the corresponding week last year, to just 1.1 million tonnes.
Costa Rica Grants Green Light to Moín Terminal
APM Terminals’ Moín Container Terminal (MCT) in Costa Rica has been granted permission by the National Council of Concessions (CNC) to start commercial operations at its first deep-sea berth. This is a key step for the terminal, which is on schedule to be fully operational in February 2019.The permit, which is subject to meeting all safety and service requirements, will enable the transfer of all commercial container ships currently serviced at Puerto Limón and Puerto Moín to the MCT.
IRClass Boost Presence in Middle East & Africa
Indian Register of Shipping (IRClass), a leading international classification society, plans to further expand its operations into the Middle East and Africa (MEA) region with new offices in Saudi Arabia, Qatar, Egypt, Lebanon and Nigeria.The expansion plan underlines its commitment towards the growing number of customers from this region and enhances the classification society’s proximity to flag administrations, ship owners, shipyards and other stakeholders in the MEA region.Promoting its new strapline - ‘Your Partner in Maritime Risk Management’…