VLCC Rates to Stabilise as Owners' Resolve Stiffens
VLCC's likely to struggle to break even for next two months; three-tier VLCC market weighs on sentiment. Freight rates for very large crude carriers (VLCCs) are likely to become steady around the current levels as owners resist charterers' attempts to pull down hire rates with the emergence of a three-tier market, brokers said on Friday. That came as brokers said South Korean charterers GS Caltex/S-Oil failed to charter a VLCC at below 40 points on the Worldscale measure for a…
VLCC Rates to Fall Further in Well-supplied Market
Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday. "In today's market Middle East charter rates are around $15,000 a day. Charter rates are still falling, still sliding. I'm not sure where the bottom is," a European supertanker broker said on Friday. Break even costs for a VLCC are around $22,000 a day, according to leading tanker owner Frontline.
McDermott, Saudi Aramco Sign MoU
McDermott International has signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative. The MOU was signed as part of the first ever Saudi-U.S. CEO Forum. McDermott was the only engineering, construction, procurement, and installation (EPCI) services contractor attending the summit along with other major U.S. business leaders. The forum was organized to coincide with U.S. President Donald Trump’s visit to Saudi Arabia.
Pacific Radiance, Allianz JV in Middle East
Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement with Allianz Offshore Middle East (AOME). According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz Radiance (ARPL). ARPL has been incorporated on the same date. AOME is a company incorporated in Saint Vincent and The Grenadines. Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the Company.
Hapag-Lloyd, UASC Complete Merger
Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
LOC Group Acquires SCUA Middle East Consultancy
LOC Group is pleased to announce the acquisition of SCUA Middle East Consultancy with effect from April 1, 2013. This acquisition combines LOC Middle East and SCUA Middle East to form a team of nearly 30 staff, including marine engineers, master mariners, naval architects and civil/structural engineers with wide-ranging skills and knowledge. SCUA Middle East will become part of LOC Middle East, which will continue to respond to all types of marine insurance claims, casualty, loss prevention, engineering and energy issues in the shipping, oil and gas markets.
Ex-HMAS Sydney Retires to Western Australia
Ex-HMAS Sydney has left Sydney Harbour to be towed to Western Australia for recycling, says Minister for Defence Personnel Media Release. Minister for Defence Personnel Dan Tehan said the frigate will be recycled by Australian company Birdon Pty Ltd. “Ex-HMAS Sydney had an illustrious career during her 32 years in service with the Royal Australian Navy,” Mr Tehan said. “The Adelaide class frigate was involved in operations spanning the Middle East, East Timor, Fiji and the Solomon Islands and earned a Meritorious Unit Citation during the First Gulf War in 1991.
WSS Middle East Wins World Cargo Alliance Award
Wilhelmsen Ships Service (WSS) has won the prestigious title of ‘Best Partner 2011 - Middle East,’ which was presented by the World Cargo Alliance (WCA) at their annual conference in Bangkok earlier this month. “We are honored to have taken this title, and I would like to extend my sincere congratulations to the maritime logistics team in the Middle East for their splendid work throughout 2011,” said Flemming Andersen, Area Logistics Manager Middle East at WSS. WSS currently works with more than 2…
Schottel Expands in the Middle East
Andrew Bull was appointed managing director of SCHOTTEL Middle East FZE in Dubai. He is responsible for all sales and service activities in the Middle East region. Bull is a Sales, Business Development and Operations Professional with 22 years in the marine industry. Having held a range of global and regional roles, he has broad experience working with shipowners, operators, shipyards and regional distributors across the Middle East. With SCHOTTEL Middle East as the regional hub and being close to customers, the company will further enhance its commitment to customer service and excellence.
Maritime Expo Reports Big Rise in Exhibitors
“While the economic downturn has taken its toll on the global shipping industry, the Middle East market for workboats of all kinds continues to show vigorous growth,” said Christopher Hayman, Chairman of Seatrade, organiser of the Middle East Workboats exhibition and conference from 5-7 October 2009 at the Abu Dhabi National Exhibition Centre. Workboats include tugs, ferries, supply vessels; police, fire, patrol, pilot, rescue and oil spill boats; along with, dredgers, barges and floating cranes. More than 2,000 such vessels are estimated to be docked or repaired in the Middle East.
SPE Awards DNV GL For Its Contribution To Asset Integrity
DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi. "It is a great honor and a privilege to have been given this SPE award for the best ‘Company Contribution to Asset Integrity in the Middle East’. Asset integrity is in the DNA of DNV GL, and this award is proof of our Middle East team’s dedication to integrity excellence” said Moss Daemi…
Geodis Wilson Appoints Middle East Managing Director
Global freight management company, Geodis Wilson, said it plans to continue growing its Middle East network and has announced the appointment of Sascha Geiken as new Cluster Managing Director for the Middle East region. Sascha Geiken joined Geodis Wilson in 2009 as Managing Director of Geodis Wilson United Arab Emirates. In his new position as Cluster Managing Director, he will be responsible UAE, Qatar, Saudi Arabia and Bahrain. Sascha Geiken, who started his freight forwarding career in 1995, has many years of experience in the Middle East working for major logistics companies.
Barloworld Logistics Ramping Up Middle East Ops
Middle East contract logistics market to sustain 6.9 percent average growth to reach over USD 3.7 billion in 2015; Barloworld Logistics intensifies growth plans in Middle East, anchored on integrated smart supply chain solutions. Barloworld Logistics, a provider of logistics and supply chain management solutions, has announced that it is intensifying its growth plans in the Middle East as the region’s contract logistics services market expects to sustain a 6.9 per cent compound annual growth rate (CAGR) from 2011 to 2015, according to a study by Transport Intelligence.
Teignbridge Propellers to Set Up Shop in Dubai
UK’s Teignbridge Propellers score Middle East first with launch of new manufacturing arm; targets Africa, Asia and the Arab world In a first for the region, UK-headquartered Teignbridge Propellers International today unveiled plans to establish a manufacturing base in Dubai in order to support its existing operation and tap into new markets across the region and beyond. The UAE’s geographical location and established infrastructure is attracting high profile international maritime support companies looking to capitalise on first mover access to growth markets across Africa…
ABS Management Changes in Asia, Middle East
Changes in the management of ABS activities in Asia and the Middle East have been announced by the class society. Veteran Middle East District Manager Joseph Brincat has been promoted to Vice President for the entire Middle East region, including Egypt and Libya, and Pakistan. Brincat replaces Stephen Auger who has been transferred to Busan, Korea as Vice President for the North Pacific region within the Pacific Division of ABS that includes Korea, Japan and the Philippines. Concurrently, the ABS Middle East regional administrative office will relocate from Doha, Qatar to Dubai, United Arab Emirates (UAE). Responsibility for the society’s activities in Qatar will be handled by Martin Hruska who has been promoted to the position of Country Manager, stationed in Doha effective 1 September.
UAE to Generate 9.4 Billion by 2014
UAE to generate logistics revenues in excess of USD 9.4 billion by 2014 to lead growth of regional logistics and supply chain sector. Barloworld Logistics, a provider of logistics and supply chain management solutions, recently revealed its strategic growth plans for 2013, focusing on growth opportunities in key Middle East markets such as the UAE, which is projected to generate logistics revenues in excess of USD 9.4 billion by 2014. Barloworld has pointed out that the UAE remains…
Yacht Industry to Reach $51bln by 2020
In 2014, the global yacht charter market was valued at USD 35 billion and is projected to reach USD 51 billion by 2020, growing at a CAGR of 6.5% during the forecast period, according to Market Report. Region wise, Eastern Europe is expected to see the largest growth of 7.2% annually with other regions growing at an average rate of 6.5%. The emerging markets including the Middle East and China are expected to continue growing consistently. The Middle East yacht market has been experiencing an approximate annual growth of 5-10%.
Hiab's Distribution Partnership in the Middle East
Hiab, part of Cargotec, and Gavelås Förvaltning AB have signed an agreement regarding a long-term distribution partnership in the Middle East region. As a part of the transaction Hiab will sell its current sales company Hiab Middle East LLC, which employs 19 persons. The parties have agreed not to disclose the value of the transaction which occurred on 24 September 2014. The transaction supports the implementation of the strategic business targets of Hiab to set the industry benchmark for customer satisfaction, improve profitability and grow faster than the market.
Industry Leaders to Meet in Dubai
With a weakening dollar, predictions oil could hit $100 a barrel, and a boom in multi-billion dollar refinery construction, finance and shipping leaders will be meeting in Dubai this November to assess the impact on the regional and global maritime industries. The Middle East shipping industry is dominated by the tanker trade. Bookings for supertankers sailing from the Middle East to Asia account for 47% of global demand for the carriers, compared with shipments to the US and Caribbean, the second-biggest market, which accounts for 14% of demand. The balance of supply and demand, in the tanker sector in the Middle East, will be part of a special Charterers Forum that will take place during the Middle East Money & Ships 2007 conference, from 4-5 November, at Mina a'Salam, Madinat Jumeirah.
DGS Marine Advises Fixed Premium P&I Cover
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for ship owners and operators in the Middle East. David Skinner, Managing Director of DGS Marine Group, was speaking at the Seatrade Middle East Maritime conference in Dubai, where DGS Marine was a leading sponsor. Discussing the growing appeal of alternative models of P&I cover to ship owners in the Middle East, Mr.
Great Lakes Inks M.E., N.C. Coastal Protection Project Deals
Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, announced today the signing of two subcontracts valued at approximately $55 million for work in the Middle East as well as the receipt of a $38 million award for a coastal protection project in North Carolina. The first subcontract in the Middle East is for a land development project…
LNG as Alternative Fuel on Workboats Conference Agenda
Leading maritime services experts to debate key technical, environmental, health and safety issues of adopting LNG marine fuel at Middle East Workboats 2011. The future of LNG as a viable and sustainable alternative marine fuel for working vessels is one of the most eagerly-anticipated sessions taking place at Middle East Workboats 2011, the definitive event for workboat operators, builders and equipment suppliers. Taking place from 3-5 October, 2011 at Abu Dhabi National Exhibition Centre…
Middle East Maritime Talks Emissions
Fuel, emissions and green technology is one of the crucial areas to come under discussion at one of the conferences that will take place alongside Seatrade Middle East Maritime 2008. Like other industries globally, shipping is facing increasingly tough international challenges to achieve emission reductions. Det Norske Veritas, one of Seatrade Middle East Martime's principal sponsors, believe that carbon dioxide emissions can be reduced by as much as 30–50% by actions taken on existing vessels now and for new buildings prior to 2030. The region is playing an increasingly important role in world shipping with the now one of the most active international maritime centres in the world.