Saudi Arabia News

18 Jun 2019

Hapag-Lloyd Shareholders Change Stake

Graphics: Hapag-Lloyd AG

German-based international cargo container shipping line Hapag-Lloyd AG announced an increased participation of two core shareholders, which has reduced the free float to below nine percent.“We naturally regret the reduced free float, but the demand among our anchor shareholders also underlines their interest in and commitment to Hapag-Lloyd as a strategic investment,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG.Shareholder structure of Hapag-Lloyd AG as of 18 June 2019: CSAV Germany Container Holding GmbH - 27.3%,  Klaus Michael Kühne (incl.

18 Jun 2019

Paris MoU Publishes Performance Lists

Paris MoU

Paris MoU Committee approved the 2018 inspection results and adopted new performance lists for flags and Recognized Organizations (ROs) at its 52nd meeting last month."These lists will take effect from 1 July 2019," said a release from the Paris Memorandum of Understanding (PMoU) on Port State Control (PSC).The “White, Grey and Black (WGB) List” presents the full spectrum, from quality flags to flags with a poor performance that are considered high or very high risk. The list…

18 Jun 2019

Houthis to Allow U.N. to Inspect Ships in Hodeidah

Yemen's Houthi movement and the United Nations have agreed on a mechanism to inspect ships docking at Hodeidah following the group's withdrawal from three Red Sea ports under a U.N.-sponsored deal, a Houthi official and a U.N. source said.The Houthis' unilateral pullout last month from the ports of Saleef, used for grain, Ras Isa oil terminal and Hodeidah, the main entry point for commercial and aid imports, represented the only progress in implementing the deal reached last December."We agreed with the U.N. on a mechanism to inspect ships docking in the ports of Hodeidah and its implementation will start in the coming days," Houthi…

18 Jun 2019

Saudis Urge Global Effort to Safeguard Local Navigation

Saudi Arabia's cabinet urged the international community on Tuesday to take firm measures to ensure the safety of navigation in waterways across the region, the state news agency said, a week after two tankers were attacked in the Gulf of Oman.Reporting by Asma Alsharif

14 Jun 2019

Analysis: Strait of Hormuz and the Risk of Escalation

© Peter Hermes Furian/Adobe Stock

The Strait of Hormuz, the narrow shipping lane between Iran and Oman named after the fabulously wealthy ancient kingdom of Ormus, has fascinated oil traders since the Iranian revolution in 1979. Iran has periodically threatened to close the strait to enemy shipping, while the United States and its allies have pledged to keep it open and maintain freedom of navigation, by force if necessary.The strait has become a symbolic flashpoint in the region-wide confrontation and indirect…

14 Jun 2019

Ship Insurance Costs Soar After Tanker Attacks

© Nightman1965/ Adobe Stock

Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said.The attacks have already stoked concerns about reduced flows of crude oil on one of the world's key shipping routes, pushing up oil prices by as much as 4.5%.Some tanker companies have already suspended new bookings to the Middle East…

14 Jun 2019

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis.

13 Jun 2019

Two Tankers Attacked in Gulf of Oman

(Photo:  Islamic Republic News Agency)

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.

07 Jun 2019

US Oil Output Heads for More Records in 2019

Graph: Rystad Energy

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd. Both are new all-time highs.“Our US supply projections have been revised up yet again.

06 Jun 2019

Tanker Attack Findings to be presented to UN Security Council

The United Arab Emirates, Saudi Arabia and Norway will present to the U.N. Security Council on Thursday the results of a joint probe into attacks targeting tanker vessels off the UAE coast last month, UAE-owned channel Sky News Arabia reported.Reporting by Maher Chmaytelli

24 May 2019

U.S. Deploys Troops to Middle East, Blames Iran for Tanker Attacks

The United States on Friday announced the deployment of 1,500 troops to the Middle East, describing it as an effort to bolster defenses against Iran as it accused the country's Revolutionary Guards of direct responsibility for this month's tanker attacks.President Donald Trump's administration also invoked the threat from Iran to declare a national security-related emergency that would clear the sale of billions of dollars' worth of weapons to Saudi Arabia, the United Arab Emirates and other countries without required congressional approval.The actions were the latest by the Trump administration as it highlights what it sees as a threat of potential attack by Iran…

23 May 2019

Saudi Aramco to Buy LNG from US

Image: Sempra Energy

Saudi Arabia’s state owned oil company Saudi Aramco will buy 5 million tons of liquid natural gas per year(LNG) from the U.S. company Sempra Energy, based in San Diego under a 20 year agreement.The heads of agreement (HOA) between the companies anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for five million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export-project under development.

17 May 2019

London P&I clubs Widen Middle East Threat Zone

A typical fleet oiler in support of U.S. Naval operations (CREDIT: USN)

London's marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market's Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk."The situation will be kept under close review," said the Joint War Committee…

16 May 2019

Tanker Rates Firming Up: Frontline

Pic: Frontline Management AS

The middle of the first quarter in 2019 saw tanker rates firming significantly, driven mainly by an increase in US exports, said Frontline Ltd. is the world's largest oil tanker shipping company.The tanker market pulled back in January due to OPEC production cuts and a high level of newbuilding deliveries after a strong end to 2018, it said.The market then came off primarily due to extended refinery maintenance in preparations for IMO 2020 and both new and persistent supply disruptions.Atlantic…

14 May 2019

U.S. Urges Response "short of war" to Tanker Attack

The U.S. ambassador to Saudi Arabia said Washington should take what he called "reasonable responses short of war" after it had determined who was behind attacks on oil tankers off the coast of the United Arab Emirates.Iran was a prime suspect in the sabotage on Sunday although Washington had no conclusive proof, a U.S. official familiar with American intelligence said on Monday. Iran has denied involvement."We need to do a thorough investigation to understand what happened, why it happened, and then come up with reasonable responses short of war," Ambassador John Abizaid told reporters in the Saudi capital Riyadh in remarks published on Tuesday."It's not in (Iran's) interest…

14 May 2019

Oil Price Risks Rise

Image: Saudi Aramco

Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply disruptions from the area will only add to the premium of short-dated oil contracts compared to deferred contracts on the futures curve…

13 May 2019

Oil&Gas Industry Records 1242 Contracts in Q1

Pic: Adnoc

The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.

13 May 2019

Saudi Arms Ship Set to Leave Spanish Port

File image of Bahri-Yanbu(CREDIT MarineTraffic.com / © Jeff Thoreson

A Saudi ship, prevented by rights groups from loading an arms cargo at the French port of Le Havre on Friday, arrived at the Spanish port of Santander early on Monday and was due to leave later in the day, according to the Santander port.It was not clear what the Saudi ship was doing in Santander but the port's website said the vessel, the Bahri-Yanbu, was scheduled to set sail at 1:30 p.m. (1130 GMT). It did not say where the vessel was heading.Spain's Interior Ministry said they had no information regarding the ship.

13 May 2019

Saudi Tankers Among Those Hit off UAE Coast

The VLCC MJAD, reported by Reuters as one of the vessels attacked. CREDIT: MarineTraffic.com / © piet verspui

Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world's largest bunkering hubs lying just outside the Strait of Hormuz, but did not describe the nature of the attack or say who was behind it.The UAE had not given the nationalities or other details about the ownership of the four vessels.

10 May 2019

Saudi Ship Leaves France Without Arms Cargo

The Bahri-Yanbu CREDIT: MarineTraffic / © Jeff Thoreson

A Saudi vessel that had been due to load arms in France left the country's Le Havre port without its cargo of weapons and is now sailing towards Santander in Spain, according to ship tracking data, a local official and a lawyer.Two French human rights groups on Thursday sought to block the loading of weapons onto the ship through a legal filing, arguing the cargo contravened an international arms treaty.A French judge threw out their complaint but the Bahri-Yanbu moved off the coast of Le Havre shortly after.

10 May 2019

U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil

Graph: Rystad Energy

North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy research and business intelligence company pointed out.“As the majors are struggling to replace conventional liquids, a wealthy source of additional resources is tight oil,” says Espen Erlingsen, Head of Upstream Research…

28 Apr 2019

Transition to a Hydrogen Future Has Begun

There is a growing international consensus that clean hydrogen will play a key role in the world’s transition to a sustainable energy future. Photograph: IEA/ Shutterstock

There is a growing international consensus that clean hydrogen will play a key role in the world’s transition to a sustainable energy future, said  Noé van Hulst, who chairs the High-Level Advisory Panel for the International Energy Agency (IEA)’s forthcoming hydrogen study.Hulst, the Hydrogen Envoy for the Ministry of Economic Affairs & Climate Policy, The Netherlands, said that it is crucial to help reduce carbon emissions from industry and heavy transport, and also to provide…

25 Apr 2019

Saudi Arabia Can Replace Lost Iranian Oil

Graph: Rystad Energy

The decision by the US government not to extend sanctions wavers for eight countries importing crude oil from Iran could remove around 1.1 million b/d from the market. But Saudi Arabia and several allies can replace the lost barrels, says a report.According to Rystad Energy, the production will drop to 2.27 million bpd for the second half of 2019, reaching this level by July 2019, which equates to a drop of 0.43 million barrels per day (bpd) from current March 2019 levels.The net effect for the oil market is bullish…

Maritime Reporter Magazine Cover Jun 2019 - 80th Anniversary World Yearbook

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News