Kuwait News

07 Oct 2019

MetalCraft Delivers New Fireboat to Kuwait

Pic: MetalCraft Marine Inc.

MetalCraft Marine (MCM), an aluminum boat manufacturer located in Kingston, Ontario, has delivered their 18th NFPA Type III Fireboat in 14 years.In 2015 the Kuwait Fire Services Directorate (KFSD) ordered their first FireStorm 50’, along with a 50’ STLC landing craft support craft. The KFSD liked the FireStorm 50’ so much, they bought Two more in 2016. The KFSD have now received their Fourth FS50.The new FS-50 has the very latest in technology available for fire fighting and search and rescue. This is the first FireStorm powered by Volvo D13 1000 HP twin diesels.

16 Sep 2019

Oil Price Spike after Saudi Attack Temporary

Graph: Rystad Energy

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million barrels per day (bpd) of crude production, which equates to 7% of the current global crude and condensate production.Rystad Energy says that oil price spike will be short-lived. Bjørnar Tonhaugen, head of oil market research at Rystad Energy said: “The bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage…

30 Aug 2019

McQuilling Mid-Year Tanker Market Outlook

File Image: AdobeStock / © Carabay

McQuilling Services Announces the Release of the 2019 Mid-Year Tanker Market Outlook Update.The Mid-Year Tanker Market Outlook Update provides an outlook on the global tanker market in the context of global economic growth and oil fundamentals influencing tanker demand and vessel supply. The outlook includes a view on future asset values, time charter rates, market freight rates and TCE revenues for 24 major tanker trades and four triangulated routes across eight vessel segments for the second half of 2019 through the remaining four years of the forecast period 2019-2023.

08 Aug 2019

Marad: Send Gulf Transit Plans in Advance

File Image: AdobeStock / © Taras

The U.S. maritime agency has told U.S.-flagged commercial vessels they should send transit plans in advance to American and British naval authorities if they intend to sail in Gulf waters following several incidents over tankers involving Iran.The seizure of commercial vessels and attacks on tankers near the Strait of Hormuz have unsettled shipping lanes that link Middle Eastern oil producers to global markets.The United States, which has increased its military forces in the region…

06 Aug 2019

Khorramshahr Port Throughput Rises

Image: Ports & Maritime Organization

Iran's Khorramshahr Port registered a growth of 59% in general cargo loading operation during the last four months."More than 738,483 tons of non-oil goods were loaded in the port of Khorramshahr, which shows an increase of 59% compared to the same period last year," said Nourollah Asadi, Managing Director of Khorramshahr Port and Maritime.Referring to the major export commodities from Khorramshahr Port, he said that Metals, Building Materials, Minerals, Animal Products, Household Appliances…

24 Jul 2019

Kuwait Ports Authority: Gulf, Arab Countries to Coordinate Maritime Security

The Kuwait Ports Authority manager said on Wednesday that there is coordination between Gulf and Arab countries to secure the safety of maritime traffic in Gulf waters, state news agency KUNA reported.Sheikh Yousef Abdullah al-Nasser al-Sabah also said the impact of the latest developments in the Gulf region, after Iran seized a British-flagged tanker, was "slight on Kuwaiti ports traffic". He added that there are "alternative plans for any developments in the region," KUNA quoted him as saying.Reporting by Nayera Abdallah and Omar Fahmy

08 Jul 2019

Hapag-Lloyd Adds VRS

Image:Hapag-Lloyd

German container shipping company Hapag-Lloyd has decided to implement a global vessel risk surcharge (VRS) following recent maritime incidents in the Gulf of Oman.The container line said that operating costs for its services have increased in the Middle East Gulf region as a result of tanker attacks that took place in the Strait of Hormuz.Other major carriers including CMA CGM, X-Press Feeders, and NYK have already impose a war risk surcharge on cargo destined for the Arabian Gulf or Middle East region due to heightened tensions in the region.As of July 15…

08 Jul 2019

ARC Wins Time Charter from MSC

Image: ARC

ARC, the largest U.S.-flag roll-on roll-off (Ro-Ro) carrier, said that it was awarded a 38-day time charter contract  by the U.S. Navy’s Military Sealift Command (MSC), for the charter of the M/V Resolve.The American Roll-on Roll-off Carrier (ARC) said in a press release that approximately 65,000 square feet of military cargo was loaded on to the M/V Resolve today by the 841st Transportation Battalion in Charleston, South Carolina for onward delivery to Ash Shuaiba, Kuwait.Resolve is 623-foot long…

05 Jul 2019

Maersk, Major Shippers Hike Gulf-bound Box Rates

File Image: Maersk

A.P.

21 Jun 2019

USA to Dominate in LNG Capacity

Photo: © By alexyz3d / Adobe Stock.

The US and India are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively during the outlook period 2019-2023.The US's new-build liquefaction capacity is expected to grow from 26.1 million tonnes per annum (mtpa) in 2019, to 210.3 mtpa in 2023, said a report by ResearchAndMarkets.Of the total capacity expected to come online in 2023, 94 mtpa is expected to come from planned projects…

12 Jun 2019

KOTC Renews Marine Lubes Deal with Lukoil

Image: KOTC

Dubai-based subsidiary of Lukoil, Lukoil Marine Lubricants has reached a renewal agreement with Kuwait Oil Tanker Company (KOTC), a unit of of Kuwait Petroleum Corporation (KPC), for the supply of marine lubricants.For the past three years, Lukoil has supplied KOTC’s full fleet of tanker vessels with its specialized product of marine lubricants. The new deal between the two companies will help to build upon the existing foundation of an already solid business working relationship.As per the contract terms…

20 May 2019

Griffon Hoverwork Wins New Orders

Photo: Griffon Hoverwork

Southampton, UK-based hovercraft builder Griffon Hoverwork has won two new orders for its latest model the 995ED.The 995ED was launched at the Exponaval maritime exhibition in Chile in December 2018 following delivery of the first production craft to the Malaysian Government’s Marine Department which is being used for the maintenance of navigation marks and light houses. And now Griffon’s production line is busy building another 995ED for a private client for use in icy conditions.

14 May 2019

Oil Price Risks Rise

Image: Saudi Aramco

Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply disruptions from the area will only add to the premium of short-dated oil contracts compared to deferred contracts on the futures curve…

23 Apr 2019

IEA Says Oil Markets Adequately Supplied

Image: IEA/Shutterstock

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018.As a result of OPEC’s high compliance rate with the agreed supply cuts in the OPEC+ group…

21 Apr 2019

Grandweld Delivers Four Crew Boats to KOC

Pic: Grandweld

Grandweld Shipyards, fully integrated shipyard based in Dubai, has delivered four crew boats to Kuwait Oil Company (KOC).The UAE Grandweld will build six pilot boats in addition to four crew boats for KOC, under the contractual agreement signed in May 2017.Five boats have been delivered and the remaining five will be delivered in June 2019.The newly constructed four boats were specially designed to meet the requirements of KOC, in accordance with Lloyd's Register’s classification rules in order to provide the highest operational efficiency and safety…

27 Jan 2019

Abadan Ports Records 47% Growth in Exports

Pic: Director of Ports and Maritime Affairs of Abadan

Iran's Director of Ports and Maritime Affairs of Abada, Reza Safari,  announced a 47% increase in exports from Abadan, Arvandkenar and Chouebdeh Ports.During the last 10 months of this year, exports of goods and commodities from Abadan ports has increased by 47%, Reza said.The export volume of goods and commodities in the last 10 months of this year was 27 thousand 735 tons more than in the same period last year.Agricultural products, household appliances and light products, meat and meat products are among the most exported items from the three ports of Abadan, Arvandkenar and Chouebdeh.

03 Dec 2018

MJP Takes Order for First X Series Waterjets

Photo: MJP

Last week Marine Jet Power (MJP) announced in New Orleans that it had taken the first order for its new X Series waterjets.MJP will deliver the first two production units of the 310 X to Metal Craft Marine (MCM) for the Kuwait 50-ft. Firestorm vessel it is building. The fire boat features Volvo D13 735 kW diesel engines and MJP 310 X stainless steel waterjet propulsion.Capable of 43 knots, this vessel is the fourth in a series of boats previously installed with MJP Ultrajet propulsion.

25 Nov 2018

KOTC Orders Three LPG Tankers from Hyundai

Pic: Kuwait Oil Tanker Co. (KOTC)

Kuwait Oil Tanker Co. (KOTC), a subsidiary of Kuwait Petroleum Corporation, has ordered three giant liquefied petroleum gas tankers (LPG) from Hyundai Heavy Industries (HHI), the South Korean shipbuilding giant.According to the government's media outlet Kuwait New Agency (KUNA), the order for very large gas carrier (VLGC) is worth KD 64.8 million (around USD 213.3 million).KUNA quoted CEO of KOTC Sheikh Talal Al-Khaled Al-Sabah as saying that the VLGC-LPG gas tankers are part of a tanker-building contract signed with HHI…

19 Nov 2018

Oman Shipping: Strong Domestic Performance

Debasish Mohapatra (Photo: OSC)

Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.

08 Nov 2018

Higher US Export, Lower Fleet Growth Aid LPG Exports

Pic: Avance Gas

The Middle East is the most active export market of LPG exports on very large gas carriers(VLGC), said Norway-based LPG shipping firm Avance Gas.Oslo-listed Avance Gas said in a statement that traditionally Saudi Arabia was the largest exporter, but though growing LNG production from mid-2000 combined with increased petrochemical use of LPG in Saudi Arabia, resulted in Qatar and UAE becoming the largest exporters.Today Qatar and UAE each export about 10 million tons annually, Saudi Arabia 8-9 million tons and Kuwait 4-5 million tons.

06 Nov 2018

Golar FSRU Golar Freeze Lined Up for Jamaican Project

Golar Freeze. Photo: Emerson

Norwegian shipping company Golar LNG Partners is deploying a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018."FSRU Golar Freeze will shortly arrive offshore Jamaica where she will service a 15-year charter for an energy and logistics company," the partner company of Golar LNG Limited said in a stock market annoucement.From commencement of commercial operations, expected during January, 2019, hire will be receivable at the full daily base rate…

01 Oct 2018

How Refiners Plan to Grapple With Fuel Oil Output After 2020

© christian42 / Adobe Stock

High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year, ships will have to use marine fuel…

28 Aug 2018

Gunvor Halts Refinery Upgrade for New Shipping Fuels

© corlaffra / Adobe Stock

Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, citing market conditions.Global oil and shipping companies are looking at options to cope with the new standards that come into effect in 2020.The U.N. International Maritime Organization (IMO) will ban ships using fuel with a sulphur content higher than 0.5 percent, compared to 3.5 percent now…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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