Colombo Dockyard to Build Two Vessels for Iraq
The leader of Shipbuilding Industry in Sri Lanka Colombo Dockyard PLC (CDPLC) has successfully secured a contract with Toyota Tsusho Corporation (TTC) of Japan to build two vessels; Pilot Station Vessel and Buoy Tender Vessel, for General Company for Port of Iraq (GCPI). TTC and GCPI signed the Prime Contract on 27th April 2018 in Dubai. Subsequent to the signing of the Prime Contract, TTC signed the Sub Contract Agreement with CDPLC as TTC’s preferred Shipyard for the construction of these vessels on 2nd May 2018 in Japan.
APM Terminals' New Gateway to Iraq
New pre-arrival clearance protocols and reduced terminal handling charges for containers in transit, mean that Jordan’s deep-water Aqaba Container Terminal (ACT), located on the Red Sea, is now a realistic alternative maritime gateway for Iraq-bound cargo. Containers imported into Iraq will no longer have to be trans-loaded onto new trucks as they cross the Jordanian/Iraqi border. “The Aqaba Container Terminal has been working hard over the years to develop a competitive gateway to Iraq," says ACT Managing Director Steven Yoogalingam.
Iraq Oil Exports Steady Despite Start of OPEC Cut
Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production. Shipments so far this month have averaged above 3.50 million barrels per day (bpd), according to the loading data tracked by Reuters and by the industry source. In all of December, Iraq's southern exports reached a record high of 3.51 million bpd, Iraq's oil ministry said on Monday. The Organization of the Petroleum Exporting Countries started implementing an agreement to cut production on Jan. 1. Iraq has said it will cut production by 200,000 bpd as part of the deal.
Al-Iraqia Shipping Commences Bunkering Operations in Iraq
Al-Iraqia Shipping Services & Oil Trading (AISSOT) is shortly commencing bunkering operations at Iraqi Ports mainly at Basra, Khor Al-Zubair and Umm Qasr. AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) & Arab Maritime Petroleum Transport Company (AMPTC) to handle plethora of activities ranging from Trading of petroleum products, Ship chartering, Oil terminals, various Marine services, and Bunkering. Iraq ports are growing exponentially as shipping hub over the years and AISSOT is confident to cater to all marine related needs of the shipping lines calling Iraq…
Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says
Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices but it won't return to the level of 2013" when crude exceeded $100 a barrel, he told a news conference. "Oil will not reach a desired level before 2018 or 2019," he added, without indicating Iraq's desired price. Iraq is OPEC's second-largest crude producer, after Saudi Arabia. (Reporting Saif Hameed; Editing by Ruth Pitchford)
Oil Exports From Southern Iraq Down in January
Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday. December's exports from the southern region, where Iraq produces most of its oil, set a record high. Iraq is OPEC's second-largest crude producer after Saudi Arabia. The group agreed in late November to cut production in order to support sagging oil prices. (Reporting by Aref Mohammed; writing by Maher Chmaytelli)
Iraq Plans to Acquire "Large Fleet" of Oil Tankers
Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The nation's tanker fleet was largely destroyed during the U.S.-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Company's website. The company owned as many as 24 tankers in the 1980s. "The ministry is keen to restructure the company and develop its operations by building and buying a large fleet of tankers," Luaibi told the company's management, according to the statement.
Crude Falls Below $114 as Iraq Supply Fears Ease
U.S. Brent crude dipped below $114 a barrel on Monday as worries about disruptions to Iraqi crude supplies began to look overdone given that exports have so far been unaffected by a Sunni Islamist insurgency. Brent was down 90 cents at $113.91 by 1336 GMT, off an intraday high of $115.66. U.S. crude for August delivery was down 54 cents at $106.29, after touching $107.45 earlier in the session. The July contract expired on Friday. Traders and analysts said that the rally had faltered as the market was becoming desensitised to the news out of Iraq.
Iraq Strife Offers Little Upside to Depressed Tanker Markets: Analyst
The situation in Iraq has taken center stage in the oil markets. Iraq is now in a state of sectarian civil war and the most likely situation is that the country will become mired in a protracted Syria-like conflict, with the population divided along ethno-sectarian lines. But this offers little upside for currently depressed tanker markets, considers PIRA Energy Group's Weekly Oil Market Recap. Iraq’s Baiji refinery is likely to be idle for a prolonged period, requiring Iraq to import additional refined products. Possible sources are other Middle Eastern countries, Turkey and India.
Iraq Completes Basra Oil Jetty Repairs
Repair work at a Basra oil jetty damaged by a tanker collision last month were completed on Sunday, two officials at state-run South Oil Company told Reuters on Monday. Crude exports from the Basra terminal were not affected by the collision that happened on March 24, when strong winds caused a very large crude carrier (VLCC) to lurch into berth number 1. A one-million-barrel vessel, the Storviken, was anchored at that berth early on Monday, loading a cargo of light crude, said the two South Oil Co. officials. OPEC's second-largest producer, after Saudi Arabia, Iraq exports most of its crude from the southern Basra region, on the Gulf. The Basra terminal's loading capacity is estimated at around 1.8 million barrels per day (bpd). (Reporting by Aref Mohammed
Iraq's Oil Exports Fall in April Amid Port Work, OPEC Cut
Oil shipments from Iraq's southern terminals have fallen so far in April, according to loading data and an industry source, reflecting a temporary drop in export capacity and Iraqi efforts to comply with OPEC production cuts. OPEC's second-largest producer has curbed output this year as part of an OPEC-led supply reduction deal, although OPEC figures show that until March Iraq had delivered a smaller cut than other members such as top exporter Saudi Arabia. Exports from southern Iraq - the outlet for most of the country's crude - in the first 19 days of April averaged 3.10 million barrels per day (bpd), according to shipping data tracked by Reuters and by an industry source.
Canada Orders Seizure of Oil Tanker
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully misappropriated by the Kurdistan Regional Government and sold to Vitol to be loaded onto the "Neverland." Vitol declined to comment. The court action, dated June 29, is…
Tanker with Disputed Kurdish Oil Reappears off Malta
The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday. The tanker had been heading to eastern Canada to discharge the cargo at the end of June when the Federal Court of Canada issued a seizure order for the cargo at the request of Iraq's oil ministry. Iraq alleges the cargo was unlawfully misappropriated by the Kurdistan Regional Government (KRG) and sold to Vitol. Along with the seizure request made to Canada, the ministry filed a separate claim against Vitol and two subsidiaries for $32.5 million. The tanker appears empty, according to the draft on the ship tracking system.
Hutchison Ports, Basra Port in Management Deal
Hong Kong-based port operator Hutchison Ports has agreed to partner with NAWAH Port Management (NPM) to manage existing and future operations at the Port of Basra in southern Iraq. Hutchison Ports will assume oversight of day-to-day commercial and operational activities at NPM, operating under the name of Hutchison Ports Basra. NPM is a containerized terminal operator at the Port of Basra located along the Shatt Al Arab waterway in Iraq. The company services the shipping needs for a full spectrum of customers across Iraq – from large, multinational companies to local Iraqi merchants.
Maersk Line Establish Iraq Presence
Until very recently Iraq was seen as being too dangerous for Maersk Line to risk opening an office. Thankfully conditions are changing, and Maersk Line is determined to do its bit to both capture business for itself and facilitate growth in the local economy. Positioning itself in a high growth market, Maersk Line opened a branch office in Iraq in January 2012. This strengthened its sales presence in a region where the value of goods and services produced is expected to grow by 8.6% this year. Maersk Line is currently the fifth biggest player in Iraq, having doubled its market share this year to between 10% and 12%. Maersk Line’s new branch is in the port of Umm Qasr, in the Basrah region of Iraq. The port is central to trade in Iraq, with containers arriving from all over the world.
House OKs $70b in funding
With Iraq alone costing about $8 billion a month, another infusion of funds will be needed next spring. Opinion polls show the war continues to be unpopular with voters, but even Democratic opponents of the war generally embrace the Pentagon measure, since it provides funding for body armor and other support for U.S. troops overseas. The House passed the Pentagon appropriations bill Tuesday night on a 394-22 vote, and the Senate could clear the bill for President Bush . The House-Senate compromise bill provides $378 billion for core Pentagon programs, about a 5 percent increase, though not quite as much as Bush requested. The $70 billion for Iraq and Afghanistan is a down payment on war costs the White House has estimated will hit $110 billion for the budget year beginning Oct.
Iraq Plans to Renew Oil Tanker Fleet in S.Korea
Iraq aims to rebuild its ageing fleet of tankers to carry its crude oil exports and is planning to form a joint venture shipping company with a South Korean firm, the oil ministry's spokesman said on Monday. Jihad said ownership of the fleet would be transferred to Iraq's oil ministry after a period that would be specified in the final agreement. Other foreign companies had approached the ministry with offers to help rebuild Iraq's tanker fleet, which was crippled by decades of war and sanctions, Jihad said. Iraq's Oil Shipping Company, which used to transport crude oil from the country's oil terminals in the Gulf city of Basra to refining facilities around the globe, has been out of operation since 1980. Tankers now loading at Basra's terminal are foreign-owned.
Iraq Returns as World's Fastest-Growing Oil Exporter
Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road. Despite worsening violence due to spillover from the war in Syria, Iraq - already OPEC's second-largest producer - is likely to post one of the biggest annual output jumps in its history as BP, Exxon Mobil and other companies tap its southern fields, which are untouched by the unrest. With many export bottlenecks now cleared at the southern Basra terminals - from which almost all of Iraq's crude is shipped - Baghdad is expected to keep up, or even exceed, the rapid pace of oil sales reached in February - at 2.8 million barrels per day (bpd), a 500,000 bpd rise on the previous month.
New Container Terminal Inaugurated in Iraq
International Container Terminal Services, Inc. (ICTSI) formally opened the first phase of its new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq. The official inauguration of the new facility marks the implementation of the first entirely foreign financed development of new port infrastructure in Iraq. The Hon. Minister of Transport for Iraq, Kadhem Finjan al-Hamami was in attendance as Enrique K. Razon Jr, ICTSI Chairman and President…
Iraq's Southern Oil Exports Fall in March
Oil exports from southern Iraq have fallen by 70,000 barrels per day (bpd) this month, according to shipping data and an industry source, suggesting OPEC's second-largest producer is heading for a third month of lower shipments. Southern Iraqi exports in the first 21 days of March averaged about 3.36 million bpd, compared to 3.43 million bpd in February, shipping data followed by Reuters and independent tracking by an industry source showed. The fall suggests there is still no…
Restrata, Agility Partnership in Training at REP, Iraq
Restrata, a global leader in consultancy and training services, has partnered with leading logistics provider Agility to offer specialised training for oil and gas sector employees at the Rumaila Energy Park (REP) in southern Iraq. The REP's new training centre will offer a wide range of courses related to health and safety and oil and gas industry operations. All training courses meet international standards, are accredited, and include transportation, catering and security services.
Desert Ports for Ocean Carriers: New Analysis
ICTSI’s announcement earlier this month that it is investing over $130m in a long term deal with Iraq’s Port Authority to operate and enhance container handling capacity at Umm Qasr illustrates the opportunities ahead for ocean carriers, says Drewry's 'Container Insight Weekly'. Investment by major terminal operators in Umm Qasr shows growing confidence in Iraq’s container growth potential, whilst sanctions continue to bite in neighbouring Iran. Iraq’s sole container port already saw volumes jump by more than 65% in 2013, up to 570,000 teu.
Milaha Rolls Out Qatar-Iraq Direct Container Feeder Service
Qatar-based maritime transport and logistics conglomerate Milaha has announced the launch of a direct container feeder service between Qatar and Iraq. The new service, which will be an expansion of the existing Qatar-Kuwait service that the company launched last year, will follow a Hamad Port-Umm Qasr (Iraq)-Shuwaikh (Kuwait)-Hamad Port rotation, and will be initially served by one vessel with a 1,015 TEU capacity and 110 reefer plugs. The service will have a transit time of 2 days…