Middle East News

15 Oct 2019

US Crude Exports Expected to Double by 2022

Graph: Rystad Energy

The U.S. could see its crude oil exports nearly double by 2022, according to energy research firm Rystad Energy. US crude exports could grow from current levels of 2.9 million barrels per day (bpd) to nearly 6 million bpd by 2022.With US production expected to increase by 1.2 million bpd year-over-year (y/y) in 2020, and with domestic refineries already maxing out capacity to absorb shale growth, Rystad Energy expects exports to balloon and reach 4.7 million bpd by the end of…

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

14 Oct 2019

Grandweld Shipyards Completes 35 Years

Image: Grandweld

Grandweld, a fully integrated shipyard providing shipbuilding, ship repair, and engineering solutions to serve the offshore and marine industry, has celebrated its 35th anniversary, which marked their continued excellence since its inception in 1984.The ceremony was attended by major industry key players, who have trust in the company’s outstanding deliveries and designs. Grandweld owns the most selling vessels, selling more than 60 Crew Boats of its GW42M design.In addition, the company employs over 800 professional engineers and technicians in shipbuilding and maintenance…

14 Oct 2019

Iran Urges Diplomacy, but Decries Tanker Incident

The M/T Sabiti (creditMarineTraffic.com / © Patrick Lawson)

Iran on Monday urged regional powers to use diplomacy to reduce tensions including Yemen's war, but cautioned that an Iranian tanker damaged in the Red Sea last week had been hit by rockets and there would have to be consequences.Addressing a news conference, President Hassan Rouhani reiterated policy towards the Trump administration, ruling out bilateral talks unless Washington returns to a landmark nuclear deal and lifts crippling U.S. economic sanctions.Tensions in the Gulf have risen to new highs since May 2018…

13 Oct 2019

Hapag-Lloyd Opens New South Europe HQ

Pic: Hapag-Lloyd

German cargo container shipping line, Hapag-Lloyd AG, officially opened its headquarter for the new region.CEO Rolf Habben Jansen presented the keys of the office complex in Genoa (Italy) to the new Senior Managing Director Juan Pablo Richards.During the opening event, Habben Jansen explained the motivation to create a new region: “After our merger with UASC in 2017 the Mediterranean region has gained more importance for us. That's why we are eager to bolster our competitive position…

11 Oct 2019

U.S. Sanctions Bite; Traders Shun 300 Tankers

AdobeStock / © Jose Gill

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

11 Oct 2019

Iranian Tanker Hit by Missiles, Oil Rises

© PhotoGranary/AdobeStock

Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the…

10 Oct 2019

South Africa to Have First Chemical Tanker Ship

Image courtesy: Sasol

Nduna Maritime, a subsidiary of the Mnambithi Group, and the integrated chemicals and energy company Sasol have invested in South Africa's first locally-owned chemical tanker with a funding agreement made through the Sasol Siyakha Trust.The Bow Cecil is claimed to be the first South Africa flagged vessel to transport chemicals to international markets. "We are particularly proud of this landmark agreement, as it is a significant investment into localizing and diversifying our supply chain.

10 Oct 2019

COSCO VLCC Discharges at Exxon's Singapore Facility

A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), which is under United States sanctions for alleged transportation of Iranian oil, has docked in Singapore to discharge its Middle East crude cargoes, shipping data on Refinitiv Eikon showed on Thursday.Coswisdom Lake, a very large crude carrier capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.Coswisdom Lake is owned by Pan Cosmos Shipping & Enterprises Co, which is a fully owned subsidiary of COSCO Dalian, according to a document issued by Cosco Shipping Energy Transportation on Oct. 1.Reporting by Florence Tan, Shu Zhang and Roslan Khasawneh

09 Oct 2019

COSCO Tankers Disable AIS as Sanctions Bite

AdobeStock (Credit Carabay ©)

About one-third of the oil tankers owned by COSCO Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.From Sept. 30 to Oct. 7, a total of 14 COSCO Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship tracking data on Refinitiv Eikon showed. The U.S. imposed the sanctions on Sept.

08 Oct 2019

Fugro Appoints Erik-Jan Bijvank as Group Director

Erik-Jan Bijvank. Photo: Fugro

Dutch multinational geo-data specialist Fugro has appointed Erik-Jan Bijvank as Group Director for Europe and Africa.With this latest appointment, Fugro said it completes its new executive leadership team, which was established as of 1 May, consisting of the Board of Management, four regional Group Directors and several functional Group Directors.Erik-Jan Bijvank worked at Stork, a Fluor company, for over 20 years, where he fulfilled several senior management roles both in the Netherlands and the UK.

08 Oct 2019

Konecranes Appoints New CEO and President

Rob Smith. Photo: Konecranes

Konecranes, which specialises in the manufacture and service of cranes and lifting equipment, has appointed a new president and CEO, Rob Smith, who will take over his new role as of February 1, 2020.As of today, the Finnish company's CFO, Teo Ottola, who also serves as Deputy CEO, will be acting as the interim CEO until Rob Smith starts in the position."Konecranes has concluded the integration following the MHPS acquisition that took place almost three years ago. The company is now ready for the next phase in its development…

07 Oct 2019

ShipServ Signs Pact with AMOS Group

Photo: ShipServ

ShipServ, the marine eProcurement platform for ship operators, announced it is set to deliver a full supplier integration solution for AMOS Group Ltd, the SGX-listed global provider of diversified products services and solutions to the marine and offshore industries.The new full integration solution will enable AMOS Group to increase efficiencies and the speed of processing multiple transactions, significantly reducing labour time as well as quickly responding to RFQs. This will…

04 Oct 2019

Global Tiger Success for Thordon Bearings

Photo: Thordon Bearings

Canadian company Thordon Bearings has notched up another success story for a customer in the demanding offshore sector, with a bearing and seal installation in ‚Äúperfect condition‚ÄĚ after over three years of operation.Global Tiger, operated by UAE-based Global Marine Co is a 42m (138ft) crew/supply vessel currently in service in the Middle East. It is one of a pair of all-aluminium crewboats built by Grandweld of Dubai in 2015/2016. The vessel, with 83-person capacity, is powered by a triple-screw Caterpillar propulsion plant‚Ķ

03 Oct 2019

AAL Adds Four MPVs

Image: AAL

Singapore-based specialist breakbulk and project heavy lift carrier AAL is expanding its multipurpose fleet with the addition of a number of Warnow-class (W-class) 33,271 dwt ‚Äėmega-size‚Äô vessels.Kyriacos Panayides, managing director of AAL, said that four W-class ships  brings the company‚Äôs operated tonnage to approximately 740,000 dwt.The multipurpose passenger vehicles (MPV) will join AAL‚Äôs fleet from October and, alongside additional W-Class tonnage already employed in the fleet and multiple other MPV classes‚Ķ

24 Sep 2019

UAE Joins ICS

Photo: International Chamber of Shipping (ICS)

UAE maritime industry, yesterday (Tuesday 24th September) saw the UAE Shipping Association (UAESA) becoming a full member of the International Chamber of Shipping (ICS).The signing, which took place on Day 2 of Seatrade Shiptech at the Madinat Jumeirah, Dubai, UAE, will provide a framework for closer collaboration between the two associations. The event is a part of the UAE Maritime Week taking place under the patronage of His Highness Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum…

01 Oct 2019

Europe Looks for Gas as Groningen Folds

Image: Rystad Energy

Europe‚Äôs energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen ‚Äď Europe‚Äôs largest gas field ‚Äď will be halted in 2022, eight years earlier than initially planned. However, despite the ambitious target of decommissioning the field by 2022, Rystad Energy expects that there could be some residual production from Groningen‚Ķ

18 Sep 2019

NYK Conducts Japan’s First Carbon-Neutral Voyage

Aries Leader (Photo: NYK Line)

NYK has become the first Japanese shipping company to realize a carbon-neutral voyage by offsetting 5,000 tons of carbon dioxide (CO2), equivalent to the CO2 emitted by NYK’s environmental flagship car carrier Aries Leader during one voyage between Japan and the Middle East.Aries Leader is equipped with the latest energy-saving technologies, reducing CO2 emissions per unit by 30% compared with existing large pure car carriers (i.e., comparing emissions on a per car basis). In this initiative…

18 Sep 2019

Clarke Joins Seaspan Shipyards as CFO

James Clarke  (Photo: Seaspan)

Seaspan Shipyards (Seaspan) has announced the appointment of James Clarke as Chief Financial Officer (CFO). With more than 15 years of senior finance experience in engineering and industrial environments Mr. Clarke brings his strong background in strategic finance to Seaspan’s growing shipbuilding and ship repair operations.Clarke joins Seaspan from the Houston, Texas, office of SNC Lavalin where he was the Chief Financial Officer and Senior Vice President of Finance for the Oil and Gas Division with operations in the Americas, Middle East, and Australia.

20 Sep 2019

Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers

© Carabay / Adobe Stock

A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day, or about half the country's output.That set off a scramble for alternative cargoes of crude, particularly in the United States, which lined up available tankers sailing from the Mediterranean, West Africa and continental Europe to pick up cargoes.

29 Sep 2019

Hapag-Lloyd Expands Indian Services

Image: Hapag-Lloyd

German-based cargo container shipping line, Hapag-Lloyd AG expects Indian container market to grow further and it launches two new services."In response to growing demand, Hapag-Lloyd will offer more services from and to India. Two new services, the South East India - Europe Express (IEX) and the Middle East-India-Africa Express (MIAX), will enter into operation in October," the shipper said.Both the IEX and the MIAX will further strengthen and optimize Hapag-Lloyd’s market-leading…

26 Sep 2019

Unipec Replaces Ship Charters After U.S. Sanctions COSCO Tanker Units

© Carabay / Adobe Stock

China's Unipec has made replacement bookings for four oil shipments from the Middle East Gulf after the United States imposed sanctions on the tanker subsidiaries of China's COSCO, three shipping sources said on Thursday.The sources said Unipec, the trading arm of Asia's top oil refiner Sinopec, had switched to other tanker owners including China Merchants-owned AMCL after the designation by Washington on Wednesday of two of state-owned COSCO's subsidiaries.Sinopec declined to comment. AMCL's Hong Kong office could not be reached for comment after office hours.

27 Sep 2019

Oil Freight Rates Rocket After U.S. Sanctions COSCO

Asian oil suppliers face high tanker charter rates following new U.S. sanctions against Chinese oil transporter COSCO. (Photo © Adobe Stock / Vladimir)

Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as ‚Äúone of the largest sanctions actions the U.S. has taken‚ÄĚ since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies, were named in claims of involvement in sanctions-breaking Iranian oil shipments.Asian oil buyers have been rushing to the shipping market to charter vessels‚Ķ

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

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