Saudi PIF, China's COSCO Buy Stake in Red Sea Gateway Terminal
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, and COSCO SHIPPING Ports Ltd have completed a deal to buy a combined 21.2% stake in Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co (SISCO).SISCO will receive gross proceeds of 556.5 million riyals ($148 million) for the deal, it said in a statement.The proceeds will support the company’s strategic objectives of enhancing shareholder returns and optimizing its portfolio, it said.LogiPoint also divested its 4% direct equity stake in the terminal and will receive gross proceeds of 105 million riyals, it said.JPMorga
RSGT Mulls Expansion, Celebrates the Arrival of Al-Nefud
United Arab Shipping Company (UASC) and Red Sea Gateway Terminal (RSGT) celebrated the world’s greenest ultra-large container vessel 18,800TEU M.V. Al Nefud during its maiden call to RSGT at Jeddah Islamic Port. Nefud is one of the class of ships that will contribute greatly to lowering UASC’s overall CO2 emissions from its fleet. The celebration included the expansion signing agreement with Archirodon LTD, aiming to reach the goal of being the most advanced terminal handling containers and able to handle the next generation of mega vessels. "Under the patronage of his Excellency Dr. Nabeel Bin Mohammed Al-Amoudi President of Saudi Ports Authority and Chairman of United Arab Shipping Company…
'World's Greenest Containership' Calls Red Sea Gateway
United Arab Shipping Company (UASC) and Red Sea Gateway Terminal (RSGT) celebrated the world’s greenest ultra-large container vessel 18,800TEU M.V. Al Nefud during its maiden call to RSGT at Jeddah Islamic Port today. The event was attended by Dr. Nabeel Al-Amudi, President of the Saudi Ports Authority and Chairman of UASC, Mr. Waleed Al Dawood, COO at UASC and Mohammed Al-Mudarres, CEO at Saudi Industrial Services Company (SISCO), along with senior government and business dignitaries and officials. Speaking at the ceremony, Dr. Nabeel Al-Amudi said, “The arrival of M.V.
NOL Appoints Tom Behrens-Sørensen to Board
NOL Group announced thatTom Behrens-Sørensen will join its board of directors July 1 and will serve as a member of both the Executive Resource and Compensation Committee and the Enterprise Risk Management Committee. A shipping veteran with more than three decades of international experience, Mr. Behrens-Sørensen has a distinguished track record as a business first-mover in Europe, Australia and across Asia – particularly in India and China. Mr. Behrens-Sørensen’s career included a 30-year tenure at A.P. Moller-Maersk, where he held several senior leadership roles. Notably, he led the company’s successful expansion into China from 1994 through 2009, and built strong relations with key local government officials and industry decision makers. Based in Beijing, Mr.
Giant Containership CSCL Star Maiden Red Sea Call
Newly opened Red Sea Gateway Terminal (RSGT), Jeddah Islamic Port’s flagship terminal, received the world’s largest containership vessel CSCL Star on its first Red Sea call on Tuesday (21st June 2011). With a declared capacity of 14,100 TEU, the CSCL STAR is one of the world’s largest container ships. Built by Samsung Heavy Industries, and delivered in January 2011, it has a length of 366 metres, and a width of 51.2 metres, or 20 rows of containers across the deck. The vessel boasts a gross tonnage of 150,853, and a draught of 14.5 metres, making CSCL Star the largest container vessel ever to call in the Jeddah Port. The arrival of CSCL Star…
Saudi Seaports Witness 10% Increase In Cargo To Q3 2010
Recognising the vital role of the region’s ports in providing trade links between the Far East, Asia, Europe and the US, international shipping and cargo experts are set to gather in Abu Dhabi on 28-30 March, for the World Ports and Trade Summit 2011. Multi-billion dollar investment in port operations across the Middle East is again surging forward in the post-recessionary environment, including Saudi Arabia, where total port throughput, increased almost 10% for the twelve months to the end of Q3 2010, according to figures released by the Saudi Ports Authority.
RSGT Starts Commercial Operations
The completion of the first phase of Jeddah Islamic Port's newest world-class container facility, Red Sea Gateway Terminal (RSGT), was celebrated on 22 December 2009 with the arrival of UASC's Vessel Al Muttanabi. Located at the northern end of the Jeddah Islamic Port (JIP), work at the two billion Saudi Riyal (approx USD 510MM) Greenfield container-terminal, commenced in January 2008. The 1.8 million TEU, second-generation terminal constructed under a BOT agreement with the Saudi Port Authority, is due to be fully completed by Q3 2010.
