Bahri Reinforces Americas Commitment
Reinforcing its three-decade-long presence in North America, transportation and logistics firm Bahri took part in Breakbulk Americas, being held from October 17-19, in Houston. The Bahri booth at Breakbulk Americas was opened by Mr. Sultan bin Abdullah Al-Angari, Consul General of Saudi Arabia in Houston, during a ribbon-cutting ceremony on the first day of the annual event in the presence of Amal Al-Ruwaii, Director for Trade and Investment, Embassy of the Kingdom of Saudi Arabia in United States of America…
ARO Drilling Commences Operations
ARO Drilling, a 50/50 joint venture between Rowan Companies plc and the Saudi Arabian Oil Company (Saudi Aramco), commenced operations on October 17, 2017. As part of the initial startup of ARO Drilling, Rowan and Saudi Aramco contributed equal amounts of cash into the joint venture. Following these contributions, Rowan sold three of its jack-up drilling rigs to ARO Drilling, including the J.P. Bussell, which was previously idle, and Saudi Aramco sold one of its jack-up drilling rigs to ARO Drilling. Following the purchase of these drilling rigs, ARO Drilling distributed excess cash in the amount of approximately $88 million to each of Rowan and Saudi Aramco maintaining each party's 50% ownership interests in the joint venture.
Saudi Flag Raised on Bahri's VLCC Rimthan
The Public Transport Authority (PTA) has raised the Saudi flag on Rimthan, one of the latest VLCCs received and owned by Bahri, a leader in transportation and logistics. Under the supervision of PTA, the ceremony of Rimthan’s registration under the Saudi flag took place on Sunday, October 8, 2017, at Port of Ras Tanura in the Eastern Province of Saudi Arabia, and was attended by senior officials of both PTA and Bahri. Thus, Rimthan became the 40th Saudi VLCC, owned and operated by Bahri. H.E. Dr.
Hapag-Lloyd Completes Capital Increase
Hapag-Lloyd has successfully completed the capital increase with subscription rights agreed upon on 28 September 2017. By partially utilizing the authorized capital, the gross issue proceeds amount to approximately EUR 352 million (approx. USD 414 million). 96.5 percent of the existing shareholders exercised their subscription rights. A total of 11,717,353 new no-par value shares were placed at a subscription price of EUR 30.00 each. As a result the Company's share capital will be increased to EUR 175,760,293.00. The new shares will carry full dividend rights as of 1 January 2017.
Training toward Greater Maritime Security
Extensive maritime security training involving countries operating under the Djibouti Code of Conduct (DCoC) has taking place from March 20-April 7 in Jeddah, Saudi Arabia. Maritime law enforcement officials from 17 DCoC signatory States (the Comoros, Djibouti, Egypt, Ethiopia, Jordan, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Oman, Saudi Arabia, Seychelles, Somalia, South Africa, the Sudan, the United Arab Emirates) participated in exercises dealing with transnational organized crimes at sea – including…
ISS Launches Joint Venture Ops in Saudi Arabia
Inchcape Shipping Services (ISS) launched new operations in the Kingdom of Saudi Arabia, providing ISS with a presence in one of the largest industrial and project-orientated economies within the Middle East. In creating the new entity, ISS has signed a joint venture agreement (JV) with Al Bakri Group of Saudi Arabia. The JV, known as ISS Saudi Arabia will provide customers with marine, cargo and government services as well as survey and liner agency; all specifically tailored to meet the precise needs of each customer’s business. ISS Saudi Arabia will also operate launch services off Rastanura. All services are available to customers 24/7, and are supported by ISS’s global network, systems, infrastructure and standard operating procedures.
Construction of King Salman Global Maritime Industries Complex Gains Steam
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that Royal Inauguration Ceremony of King Salman Global Maritime Industries Complex was held at Ras Al-Khair, Saudi Arabia with the attendance of His Majesty King Salman bin Abdulaziz Al Saud on November 29. The ceremony was also attended by Mohammad bin Salman Al Saud, Saudi Arabia Deputy Crown Prince; Khalid A. Al-Falih, Saudi Arabia Minister of Energy, Industry and Mineral Resources; Amin al-Nasser, president and CEO of Saudi Aramco; Choi Kil-seon, Chairman of HHI; Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI. King Salman Global Maritime Industries Complex…
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.
Saudi Arabia Will Fill Need Created by Y2K Problems
Saudi Arabia's stands ready to step in and replace any oil supplies that may be disrupted because of Y2K computer problems. " Saudi Arabia's unused oil production capacity is reportedly about three million bpd.
ISS Launches Operations in Saudi Arabia
Joint venture with Al Bakri Group set to create leading maritime and cargo services business in the region. Inchcape Shipping Services (ISS), the world’s leading maritime services provider, today announced the launch of new operations in the Kingdom of Saudi Arabia. The move provides ISS with a significant presence in one of the largest industrial and project-orientated economies within the Middle East. In creating the new entity, ISS has signed a joint venture agreement (JV) with Al Bakri Group, one of Saudi Arabia’s leading and most respected organisations. The JV, known as ISS Saudi Arabia will provide customers with marine, cargo and government services as well as survey and liner agency; all specifically tailored to meet the precise needs of each customer’s business.
Saudi, Egypt Draw up Maritime Borders
Saudi Arabia and Egypt have signed agreements to specify maritime borders, a cabinet statement said on Saturday, allowing both countries to benefit from maritime zones that were previously untapped. The agreement was signed during Saudi Arabia's King Salman visit to Egypt during which several investment projects were announced. The technical drawing of the border include the Tiran and Sanafir islands as part of Saudi Arabia's territory, the statement said. In 1950, Saudi Arabia's founder King Abdulaziz Al Saud had requested Egypt to protect those islands which has been the case since then.
S. Arabia Raised Output in Sept
Top oil exporter Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output. In a monthly report issued on Friday, the Organization of the Petroleum Exporting Countries (OPEC) said Saudi Arabia reported September production of 9.704 million barrels per day (bpd), up from 9.597 million in August. The lack of a Saudi cut could add to perceptions of traders and analysts that the kingdom is looking to defend market share, not prices. Oil in September fell below $100 a barrel, a level endorsed by Saudi Arabia, for the first time in 14 months and hit $88.11 on Friday, its lowest since 2010.
S.Arabia Costructs Huge Shibuilding Complex
A Reuters report quoting Saudi Arabia's energy minister Khalid al-Falih said that the country expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5.33 billion). The government will finance the infrastructure of the complex such as dredging and other work as it did with other cities Jubail and Yanbu that have become major industrial hubs. The maritime complex is a joint venture between Saudi Aramco…
Bad Weather Shuts Ras Tanura Port
Saudi Arabia's Ras Tanura port, a major oil operations centre for Saudi Aramco, was shut on Monday because of bad weather, two shipping industry sources told Reuters. "The port is closed completely - today at 11.30 a.m. (local time) there is fast wind, poor visibility and no movement," said one of the sources, who declined to be identified under briefing rules. Another source said loading had stopped. There was no immediate comment from Saudi Aramco. Ras Tanura is in the east of Saudi Arabia, the world's largest oil exporter. Saudi Arabia's Border Guard in the Eastern Province told state news agency SPA that it had suspended shipping in the areas as a precautionary measure because of a sandstorm. (Reporting by Reem Shamseddine; Editing by Andrew Torchia)
Oil Prices May Fall in Q3 Say Citigroup
Weakening economies in Europe, Asia, cause Saudi to produce surplus crude Citigroup Inc. has said oil prices may fall in the third quarter, as economies weaken in Europe and Asia and Saudi Arabia produces surplus crude, Bloomberg reports. Increased crude production from Saudi Arabia and Iraq may be a "major downside risk to prices" if the economic crisis worsens, said Citigroup analyst in New York, Edward Morse. "Saudi Arabia continues to push prices lower" by cutting June official selling price differentials to Asia and increasing output to about 10 million barrels a day, Morse said. "What's most dangerous to prices would be a repeat of conditions in 1997-1998, when Saudi overproduction coincided with an unexpected Asian financial crisis that hit hard at demand."
Saudi Arabia, Bahrain Ban Iranian Ships From Ports
Saudi Arabia and Bahrain have banned Iranian-flagged vessels from entering their waters and imposed other shipping restrictions, according to ship insurers citing local reports, potentially escalating tensions between Tehran and Riyadh. Iran has been struggling to ramp up oil exports and still faces insurance and financing hurdles despite the lifting of international curbs on its banking, insurance and shipping sectors last month as part of a nuclear deal with world powers. A ban on Iranian ships in those ports is unlikely to affect international trade, although the uncertainty will add to trade hiccups for Iran. Some ship insurers in recent days…
First Visit to Saudi by New British Warship
The Portsmouth-based Type 45 destroyer is on her first operational deployment in the Gulf where she is working with partner nations, including Saudi Arabia, to disrupt drug smuggling, trafficking and piracy in the region. The port visit to Al Jubayl provided a good opportunity to host 200 selected guests and VIPs so HMS Daring could display her impressive capabilities as an air defence warship. Helping to reinforce the good working relationship that exists between the UK and Saudi Arabia…
Technip Wins Saudi, Kuwait Contract
Technip was awarded a contract by Kuwait Gulf Oil Company (KGOC), for the engineering, procurement, construction and commissioning assistance of their Gas and Condensate Export System project. The project is spread over onshore and offshore locations in two countries, Saudi Arabia and Kuwait. The objective of the project is to deliver a combination of lean gas, condensate and sour gas through a single 12” export pipeline from Al Khafji Joint Operations (KJO) facilities in Saudi Arabia to Kuwait Oil Company (KOC) tie-in facility,namely the Intermediate Slug Catcher being constructed under KOC Project No EF/1718 near Al-Ahmadi, Kuwait.
Saudi Arabia To Raise Output
Saudi Arabia has informed most oil majors that it will increase their term crude supply volumes in June compared to May. They said most majors with worldwide systems were notified that they would receive 23 percent below full contractual volumes compared to 27 percent in May. "Last month we got 27 percent less than contractual volumes now we have been told we will get 23 percent less. We are expecting more oil," said a Saudi customer. But one major said it was notified of a deeper cut in June. A trader at the company said Saudi Arabia, the world's biggest oil exporter, might be boosting supplies to some regions and cutting to others.
Thailand Urges US to Supply LNG Long Term
During President Obama's recent visit Thai Prime Minister, Yingluck Shinawatra sought agreement with US for LNG supply over next 20-years. By 2020, the US should be able to produce gas and crude of about 11.1 million barrels a day, while Saudi Arabia's capacity is projected at 10.2 million barrels a day. If the US can maintain that capacity throughout 2035 as planned, it would be the world's largest exporter of crude, reports the Bangkok Post. At a seminar entitled "Thailand's Economic Outlook" in Bangkok , Virabongsa Ramangkura, chairman of Thailand's Strategic Committee for Reconstruction and Future Development pointed out that though Thailand has not entered into an FTA with the US…
Saudi Consul General Meets Officials of Bahri Houston
Saudi Arabia Consul General Sultan Al Angari recently met with officials of Saudi Arabia based transportation and logistics company Bahri in Houston, where they presented the Consul General with a Bahri ship model in appreciation of his support of Bahri Logistics’ Houston office opening. Bahri announced the opening of its second North American office in Houston on March 20, 2017.
Saudi Arabia Ratifies BWM Treaty
Saudi Arabia has become the latest State to become a Party to the International Maritime Organization (IMO) Ballast Water Management (BWM) Convention. The treaty will enter into force on September 8, 2017 and aims to counter the threat to marine ecosystems by potentially invasive species transported in ships' ballast water. Saudi Arabia deposited its instrument of accession with IMO on April 27, 2017, bringing the number of contracting Parties to the BWM Convention to 55, or 53.67 percent of world merchant shipping tonnage.
Saudi-Indian Naval Ties Renewed
Reviving glorious memories of historic bonds and trade relations between Saudi Arabia and India that date back to the time of Prophet Muhammad and beyond, an Indian sailing ship docked at Jeddah Islamic Port, reports Saudi Gazette. Relations between India and Saudi Arabia are going from strength to strength, said Hemant Kotalwar, charge d’affaires at the Indian Embassy in Riyadh. He was speaking at a press conference on board the Indian Navy ship, Tarangini, which is on a good will visit to Saudi Arabia and is docked at Jeddah Islamic Port.