Middle East News

23 Sep 2020

Hyundai Discussing Concessions with EU Regulators Over Daewoo Deal

© Genya / Adobe Stock

The world's biggest shipbuilder Hyundai Heavy Industries Holdings Co Ltd is discussing concessions with EU antitrust regulators to allay concerns over its $1.8 billion bid for rival Daewoo, people familiar with the matter said.The deal, in part a response to overcapacity in the sector, would reinforce the South Korean company’s top position with a 21% market share, and comes as rivals in China and Singapore make inroads.The European Commission, which opened a full-scale investigation into the deal last December on concerns it could inflate prices and reduce competition in cargo shipbuilding…

23 Sep 2020

Maersk to Ship Cargo Between UAE and Israel

© Mike Mareen / Adobe Stock

Danish shipping giant Maersk said it will now transport ocean cargo between the United Arab Emirates and Israel, a further sign of business opening up after the two countries established full ties.Earlier this month Israel and the UAE signed an historic agreement to normalize relations, marking a big development in economic collaboration and ending a ban on trade between the Gulf Arab state and Israel.“We have opened up cargo acceptance between UAE and Israel following the lifting of the boycott,” a Maersk spokesman said.Maersk, the world’s number one container line, said any trade would be fo

16 Sep 2020

Grain Shipments via St. Lawrence Seaway Climb

CSL Frontenac loading grain at the Port of Thunder Bay. Photo Credit: Michael Hull, Chamber of Marine Commerce)

Canadian grain shipments through the Great Lakes-St. Lawrence Seaway trade corridor are up 20% in response to continuing world demand for wheat and canola, the latest figures show.Year-to-date shipments of grain (from April 1 to August 31) totaled 5.2 million tonnes, as ships transported Prairie wheat and canola and Ontario wheat and soybeans for both domestic use and for export to markets around the world.The rush of grain, which is carry over from last year’s crops, has helped to offset continuing pandemic-related declines in other key cargoes such as iron ore (down 23%)…

16 Sep 2020

DP World to Partner with Israeli Firm in Bid for Haifa Port

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Dubai's DP World is partnering with an Israeli group to bid for one of Israel's two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.The announcement came a day after Israel and the United Arab Emirates signed an historic agreement to normalize ties, and marks a big development in trade and economic collaboration.Dubai state-owned DP World, which operates ports from Hong Kong to Buenos Aires, signed a series of agreements with Israel's DoverTower including a joint bid in the privatization of Haifa Port on the Mediterranean…

09 Sep 2020

Sanmar Builds Final Tug for Svitzer's Sohar Operations

Svitzer Saham is the final vessel in a series of new tugs for Svitzer in the Port of Sohar. (Photo: Sanmar)

Turkish shipbuilder Sanmar Shipyards said it will soon deliver the fifth and final vessel in a series of new tug builds for operator Svitzer at Oman's Port of Sohar.The newest tug Svitzer Saham is the third 80t bollard pull RAstar 2900SX variant, Sanmar’s Bigacay class, joining sister vessels Svitzer Sohar and Svitzer Shinas, alongside two other earlier deliveries in 2020 of the 50t bollard pull variant of the RAmparts 2200 (named Svitzer Liwa and Svitzer Barka), Sanmar’s Sirapinar…

31 Aug 2020

Alberta Oil Shipped Through Panama Canal to Atlantic Canada

© Amtek Marine / MarineTraffic.com

On July 20, the tanker Cabo de Hornos delivered an estimated 450,000 barrels of crude oil to the Irving Oil refinery’s Canaport storage facilities in Saint John, N.B.What made Cabo de Hornos’s delivery different was that it was the first time crude oil had arrived in Saint John by ship from Alberta. It came via the Trans Mountain pipeline to the Westbridge Marine Terminal in Burnaby, B.C., and then through the Panama Canal.By the end of April next year, a second tanker will arrive at Canaport carrying 350,000 to one million barrels of Western Canadian crude oil.

26 Aug 2020

S.African Court Allows Livestock Ship to Sail amid Cruelty Concerns

© ultrabarqueros / MarineTraffic.com

A South African court ruled on Tuesday that a Kuwaiti firm could ship thousands of sheep to the Middle East, dealing a blow to animal welfare activists seeking to ban such exports on concerns that extreme heat could kill the animals en route.In the high court case, South Africa’s National Society for the Prevention of Cruelty to Animals (NSPCA) sought an interim injunction to prevent Kuwaiti livestock exporter Al Mawashi from sailing a vessel loaded with sheep out of South Africa’s East London port.In papers filed with the court…

17 Aug 2020

China Ramps up US Oil Purchases Ahead of Trade Deal Review

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U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.China had emerged as a top U.S.

14 Aug 2020

US Seized Four Iranian Fuel Cargoes Bound for Venezuela

© Huw Gibby / MarineTraffic.com

The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions.U.S. President Donald Trump said Iran should not be sending cargoes to Venezuela and added that the seized shipments were bound for Houston, Texas, a major U.S. oil shipping hub and suggested they may have already arrived."They're going to Houston. And, they're there," Trump told a White House news conference. "We're moving them, and moved, to Houston."The U.S.

14 Aug 2020

Four Tankers Carrying Iranian Fuel Cargoes to US for Seizure

© Alexander Demin / MarineTraffic.com

Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday.Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S. sanctions. Washington has imposed sanctions on both countries to choke oil exports and deprive their governments of their…

14 Aug 2020

IMSC Issues Statement on Iran Boarding Liberian-flagged Tanker

Wila, a merchant vessel in international waters en-route to the UAE port of Khor Fakkan, in the Gulf of Oman, was boarded by armed Iranian personnel from both an Iranian Sea King helicopter and the Iranian auxiliary vessel Hendijan (1401). (U.S. Navy photo)

The International Maritime Security Construct (IMSC) has issued a statement on Wednesday's boarding of the commercial tanker Wila by Iranian forces in the Gulf of Oman, calling the incident a "blatant violation of international law"."Iran's use of its military forces to conduct an armed boarding of a commercial vessel in international waters constitutes a blatant violation of international law that undermines freedom of navigation and the free flow of commerce," said IMSC, a partnership…

11 Aug 2020

Mahoney Named President and CEO of Westwood Shipping Lines

Jack Mahoney is the new President and CEO of Westwood Shipping Lines (Photo: Westwood Shipping Lines, Inc.)

Longtime Maersk executive Jack Mahoney has been named president and CEO of Westwood Shipping Lines, Inc., a Puyallup, Wash. based independent conbulk liner carrier in the north Transpacific trade. He succeeds Guy Stephenson who is retiring after 13 years in the role. Stephenson will continue in a support role as Executive Advisor/General Counsel.Mahoney’s recent posts with Maersk include three years as President of Maersk in Canada and, more recently, he has been Vice President of the Automotive Industry in Florham Park…

10 Aug 2020

PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite

© Eddy Ulin / MarineTraffic.com

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it tightens restrictions on trade with the South American country.Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member’s oil exports…

31 Jul 2020

Trafigura Offers COVID-19 Premium

(Photo: Trafigura)

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

31 Jul 2020

Cyprus Gets EBRD Loan to Buy FSRU

Illustration only; An FSRU Unit - Credit: Ryuyu Tai - MarineTraffic

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in CyprusThe EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure.The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus.

29 Jul 2020

US-China Cold War Would Redirect Energy Flows

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Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language in which they describe relations with China.China has been labelled a “strategic competitor” for some time but the country is increasingly described as a “strategic adversary” implying a more confrontational relationship.Complaints about unfair trade practices…

28 Jul 2020

LR Names Marine & Offshore President for SAMEA

Mike Holliday - LR's Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA) - Credit: LR

LR has appointed Mike Holliday as Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA).In his new role, Holliday will lead LR’s Marine and Offshore operations across SAMEA, primarily based in Singapore, and be responsible for developing the business in current and emerging markets as well as identifying growth opportunities in the region including key gas, naval and offshore projects.Holliday’s remit will also include LR’s traditional portfolio such as classification…

27 Jul 2020

New Mammoet Crane in Operation in Lagos Deep Offshore Logistic Base

Image Credit: Mammoet

Nigeria's Lagos Deep Offshore Logistic Base, LADOL, serving the country's offshore oil and gas industry, now has a new crane in operation - Mammoet Terminal Crane (MTC 15).LADOL and Mammoet had in January signed a partnership agreement aimed at growing LADOL’s capacity for project cargo handling and logistics for industrial sectors in West Africa. Mammoet then supplied LADOL with its heavy-lift terminal crane - MTC 15 - which has transformed LADOL’s quayside into a heavy lift terminal.

23 Jul 2020

Life on Hold for Many Philippine Seafarers

© yaniv / Adobe Stock

He had a visa and just the job—six months of work at sea and thousands in pay to send home. Then the virus struck.And like millions of other migrant workers who leave the Philippines to work abroad and send their earnings back to a myriad of dependents, a whole family saw its lifeline cut.“I was broke. Things were not easy for me and my family. I badly needed to go back to work at that time so I was looking forward to that trip,” said sailor Carlos Salvador Jr.Salvador was all…

15 Jul 2020

Total Shipping Losses Are Declining, But Challenges Persist -Report

The car carrier Golden Ray sits capsized in St. Simons Sound, Ga. (U.S. Coast Guard photo by Brian McCrum)

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

14 Jul 2020

Turkey's Karpowership in 5-year Power Deal with Sierra Leone

Illustration only - Credit: Karpowership

Karpowership, one of the world's largest operators of floating power plants, has agreed a 5-year deal to provide electricity to Sierra Leone's state power utility, the Turkish company said on Tuesday.Karpowership - part of the Karadeniz Energy Group - already supplies around 80% of the West African nation's electricity via two powerships anchored off the capital Freetown under a contract signed in 2018.The vessels are dual-fuel powered using either heavy fuel oil or liquefied natural gas (LNG).The new agreement will add 5 megawatts (MW) to current production.

13 Jul 2020

Singapore Retains Its Place as World's Top Shipping Hub

© joyt / Adobe Stock

Singapore has maintained its position as the world's top shipping hub for the seventh year straight, according to a report published by the Baltic Exchange and Chinese state news agency Xinhua.The Xinhua-Baltic International Shipping Center Development (ISCD) Index, now in its seventh edition, assesses factors including port throughput and infrastructure; depth and breadth of professional maritime support services; as well as the general business environment in its attempt to…

07 Jul 2020

Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh

© Hayden / Adobe Stock

Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.Market intelligence firm Kpler estimated Iranian average onshore crude storage for June to be around 66 million barrels.That is around 85% of available onshore storage capacity."However…

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