Saudi Arabia News

11 Mar 2019

US to Lead Oil Supply Growth to 2024

Dr Fatih Birol (center) and IEA Oil Analyst Toril Bosoni (right) present the findings from Oil 2019 in Houston at CERA Week on 11 March 2019 (Photograph: Getty Images)

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019.

08 Mar 2019

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.The Energy Information Administration (EIA) reported last week that the United States exported more crude and petroleum products than it imported.

07 Mar 2019

Maritime Security Workshop in Djibouti

Pic: International Maritime Organization (IMO)

Sharing information among the various different agencies involved is vital for maintaining maritime security, especially where there is a strong multi-national element.That’s why International Maritime Organization (IMO)  is running a workshop in Djibouti on maritime security in the Gulf of Aden and western Indian Ocean area.The participants (from Comoros, Djibouti, Ethiopia, Kenya, Jordan, Saudi Arabia, Seychelles, Somalia, South Africa, Sudan, United Republic of Tanzania, United…

28 Feb 2019

Wärtsilä inks Maintenance Deal With MSCL

Copyright: MSCL

Wärtsilä signed an 5-year optimized maintenance agreement with Marine Service Company Ltd (MSCL), a Saudi Arabian tug operator, significant as it is the first ever such agreement that Wärtsilä has signed with a marine operator in Saudi Arabia. MSCL operates four terminal escort tugs operating in the port of Rabigh, and the comprehensive maintenance planning is designed to streamline the vessels’ operations. In addition to systematic service activity planning, Wärtsilä will provide maintenance budgeting…

25 Feb 2019

Trump Warns Saudi Arabia on Oil Prices

© mattz90/Adobe Stock

U.S. President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy – and his re-election campaign in 2020.“Oil prices getting too high,” the president warned in a message posted on Twitter on Monday. “OPEC please relax and take it easy. World cannot take a price hike – fragile!”The president has kept up a regular commentary on oil prices over the last year and has pressed Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries…

21 Feb 2019

Oi: Tracking 50 Years of Ocean Innovation

Marine Technology Reporter published a supplement to celebrate the 50th anniversary of Oceanology International. Photo: MTR

As Oceanology International celebrates its 50th Anniversary, Marine Technology Reporter explores half a century of subsea technology development and discovery. Oceanology International Americas runs February 25-27, 2019 in San Diego.When Oceanology launched in 1969 in the seaside resort of Brighton the world was a very different place. For a start, Brighton was home to the mods and rockers, who would square off against each other on the town’s elegant seafront. The British currency included shillings and ha’ pennies and man had yet to step foot on the moon.More crucially…

20 Feb 2019

UAE Eases Qatar Shipping Ban

Photo: Abu Dhabi Ports

The United Arab Emirates has eased a ban on the shipping of goods between it and Qatar enforced under a political and economic boycott of Doha, according to port circulars and an industry source.The UAE, Saudi Arabia, Egypt and Bahrain severed diplomatic, trade and transport ties with Qatar in June 2017 over allegations it supports terrorism, a charge Doha denies.An Abu Dhabi Ports circular dated Feb. 12 cancelled previous directives that banned cargoes of Qatar origin from UAE waters and ports and those of UAE origin from Qatar.It maintained a ban on vessels flying the Qatar flag…

17 Feb 2019

Belfast Harbour Hits Record Cargo in 2018

Pic: Belfast Harbour Commissioners

The major maritime hub in Northern Ireland Belfast Harbour handled a record 24.6 million tonnes of cargo in 2018, up 3.8% on the previous year thanks to a major increase in the number of freight vehicles passing through the port, which rose to a high of 532,000, latest figures show."Growth was led by a strong increase in freight vehicle carryings on Stena Line’s services to Great Britain, rising by 3% to a record 532,000 freight vehicles and for the second consecutive year more than 1.5m passengers passed through the Port…

15 Feb 2019

Kenya Trains Maritime Security Officials

Pic: International Maritime Organization (IMO)

Maritime law enforcement officials from Kenya are taking part in a two week training course on best practices for visit, board, search and seizure of vessels, in Mombasa, Kenya (11-22 February).The multi-agency course brings together 30 officials to learn skills for effective coordination in combating maritime crimes and procedures used to successfully board and search a vessel of interest.The training is part of International Maritime Organization (IMO)’s support for implementing the Jeddah Amendment to Djibouti Code of Conduct 2017…

15 Feb 2019

Saudi Aramco, Total in USD1bln Pact

Group photo of Saudi Aramco management and Total management

Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in the Guf kingdom.“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look forward to working together with our long-term partner Total and draw on their extensive experience in the retail fuel market…

14 Feb 2019

King Abdullah Port Inaugurated

Pic: King Abdullah Port

Saudi Crown Prince, Deputy Premier and Defence Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud inaugurated the King Abdullah Port in Rabigh.The Saudi Arabia’s State News Agency (SPA) reported that Saudi Arabia moved one step closer to its goal of becoming a global logistics hub with launch of the King Abdullah Port.The port, part of King Abdullah Economic City, will make the Kingdom “a linking point of three continents, Asia, Europe and Africa,” the crown prince said at the launch.Minister of Transport Nabil Al Amoudi said the port…

11 Feb 2019

Bahri Refutes U.S. Charges on VLCC

A Bahri VLCC Tanker. Photo: Bahri

The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its very large crude carrier (VLCC) tanker Abqaiq was not breaching the US sanctions on Venezuela.Earlier, the US Senator Marco Rubio accused Bahri of trying to sell diluents to the Venezuelan regime."Abqaiq is in ballast condition with no cargo onboard and on her way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its regular customers in India," said a statement…

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

24 Jan 2019

Offshore Terminal Plan Slowed by U.S. Shutdown

© freshidea/AdobeStock

The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S. Maritime Administration and the U.S. Coast Guard as soon as the U.S. government reopens. It takes about a year for regulators to process an application for a deep-water terminal."Tell me when the government opens and I'll tell you when it happens…

17 Jan 2019

Seacor Marine Acquires Three Cosco PSVs

Image: DNV GL

The offshore marine support vessels operator Seacor Marine Holdings announced it has entered into definitive agreements to acquire three platform supply vessels (PSVs) from Cosco Shipping Heavy Industry, an affiliate of Cosco Shipping Group, the world’s largest ship owner.Aggregate consideration for the vessels will be approximately $46 million, of which 30% will be paid in cash and 70% will be paid under a four-year deferred payment agreement between Seacor   Marine and Cosco…

14 Jan 2019

Seacor Marine Acquires Three Fast Support Vessels

Pic: Seacor Marine

U.S. offshore vessel owner Seacor Marine  has acquired of three fast support vessels (FSVs) in exchange for the private placement of 603,872 shares of its common stock to domestic U.S. holders affiliated with the McCall family of Louisiana.The provider of global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement along with four of its owned FSVs of similar specification.As part of the transaction, this pooling agreement was terminated.

04 Jan 2019

41 Flag States Recognize IRClass

Arun Sharma Executive Chairman, IRClass. Photo: Indian Register of Shipping (IRClass)

The Indian Register of Shipping (IRClass) said that it is now recognised by 41 flag states globally, seeing recent additions in 2018 from the Netherlands, Vietnam, Jordan and Bahrain.Towards the end of 2018, it also received approval from Abu Dhabi National Oil Company (ADNOC), strengthening its offshore portfolio in the Middle East and opened an office in the Kingdom of Saudi Arabia to better service its customers in the region.IRClass claimed in a press release that it continues to record steady growth in its classed fleet…

01 Jan 2019

IRClass Opens Office in Saudi Arabia

Pic: Indian Register of Shipping

The classification society Indian Register of Shipping (IRClass), has made significant inroads into the Middle East market, following the announcement in October on its plans to further strengthen its footprint in the region.IRClass said in a press release that it has received authorisation as a Recognised Organisation (RO) from The Hashemite Kingdom of Jordan – opening doors of opportunities of shipping companies to the classification society.Further, IRClass has also received authorisation as RO from the Kingdom of Bahrain’s Port and Maritime Authority.

27 Dec 2018

Lamprell Gets LOI to Build Jackup Pair

© Ben / Adobe Stock

Lamprell announced it has received a letter of intent (LOI) from International Maritime Industries Company (IMI), the Saudi maritime joint venture in which Lamprell is a partner, confirming the intent to award Lamprell the contract for the construction and delivery of two jackup drilling units.The rigs will be built collaboratively between the IMI and Lamprell for delivery to IMI's end client. Lamprell said it will undertake most of the fabrication work for both jackup rigs at its Hamriyah yard…

17 Dec 2018

Damen Delivers for Murjan Al Sharq Marine

Damen Shoalbuster 2509 Murjan 41 (Photo: Damen)

To complete an extensive oil pipeline dredging and installation project, Murjan Al Sharq Marine Contracting Co. Ltd. (MSMC) has taken delivery of three Damen vessels: a Stan Tug 1606, a Shoalbuster 2509, and a Stan Pontoon 4512 equipped with a Damen DOP Pump. For Damen, this marks the successful conclusion of a coordinated construction and delivery contract involving three shipyards in the Netherlands, China and the United Arab Emirates.The delivery ceremony of the Shoalbuster 2509 at Damen Shipyards Gorinchem was attended by MSMC Chairman Mr Abdullah Natheer and General Manager Chris Clark.

16 Dec 2018

Shipbuilding: Navantia to build Five Navy Frigates

Spain's Navantia will build five F-110 frigates for the Spanish navy in a contract worth $4.9 billion. Navantia, which employs around 5,000 people, has in recent years racked up deep losses which reached 389 million euros in 2017.The government's representative in the Galicia region where the frigates will be built said the contract would create 1,300 direct jobs over nine years and as many as 5,700 more indirectly.Javier Losada, a member of Prime Minister Pedro Sanchez's Socialist party, said the contract would be approved on Friday during the weekly cabinet meeting.In April, Spain agreed to sell warships built at Navantia's yards to Saudi Arabia in a deal worth an estimated 1.8 billion euros.(Reuters)

07 Dec 2018

Oman Signs Djibouti Code of Conduct

Pic: International Maritime Organization (IMO)

Oman has become the 16th signatory to the Jeddah Amendment to the Djibouti Code of Conduct – the instrument developed and adopted by countries in the Western Indian Ocean and Gulf of Aden that has been a key factor in repressing piracy and armed robbery against ships operating in that region.Comoros, Djibouti, Ethiopia, Jordan, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Oman, Saudi Arabia, Seychelles, Somalia, United Arab Emirates, United Republic of Tanzania and Yemen…

06 Dec 2018

The Tipping Point: U.S. Exports more Oil than it Imports

© VanderWolf Images/Adobe Stock

The United States last week exported more crude oil and fuel than it imported for the first time on record, underscoring the nation's growing influence as a supplier of oil to the world.Exports of crude surged in the week to Nov. 30 to more than 3.2 million barrels per day, the U.S. Energy Information Administration said on Thursday.When adding in all imports and exports of crude and refined products, for the week the U.S. exported a net 211,000 bpd – the first time that has happened, according to U.S.

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

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