United Arab Emirates News

23 Apr 2020

Oil in Floating Storage More Than Doubles in a Month

© Vladimir / Adobe Stock

The volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels, according to data from oil analytics firm Vortexa.The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month, Vortexa said.With available space on land storage tanks scarce, traders around the world have been rushing to book tankers of different sizes to store oil products as lockdowns around the world to tackle the coronavirus pandemic hammer oil demand.Floating storage has incr

15 Apr 2020

Iran Briefly Detained Hong Kong-Flagged Ship

© Derrick Pinington/ MarineTraffic.com

A Hong Kong-flagged tanker was briefly detained in Iran before being freed after armed Iranian guards in speedboats directed the vessel into its waters while it was sailing through the Gulf of Oman, maritime security sources said on Wednesday.The sources said the SC Taipei chemical tanker had been sailing in international waters on Tuesday when it was stopped."The vessel was approached 48nm (nautical miles) offshore Fujairah and hailed by four skiffs carrying armed Iranian coastguard personnel…

14 Apr 2020

Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market

© Emmanuel Campos / Adobe Stock

The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day (bpd) or 20% of global supply from the market, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday.The oil market has barely shrugged, however: Brent crude gained 1.5% on Monday, while U.S.

13 Apr 2020

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.

01 Apr 2020

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

31 Mar 2020

Ship with COVID-19 on Board Piloted Remotely through Suez Canal

(Photo: Suez Canal Authority)

A cruise ship with at least reported 65 cases of coronavirus on board was piloted remotely through the Sueaz Canal.On March 23, a pilotage team aboard two escort tugs remotely piloted Italian passenger ship Costa Diadema during a northbound convoy through the new Suez Canal, while the ship was sailing without passengers from from the United Arab Emirates to Italy. In addition to four senior pilots to guide the vessel on two escorting tugs, one in the front and one astern, radar…

24 Mar 2020

E-Navigation is the Future of Shipping

Tor Svanes, the founder and CEO of NAVTOR.

Trading worldwide without electronic tools is no longer an option, young navigators and crew are switched on to digital technology and they want to have this new technology at their fingertips rather than the messy, slow and labour and paper-intensive methods of the past.Tor Svanes, the founder and CEO of NAVTOR, believes that electronic chart and display information systems (ECDIS) is now a must have navigational tool in the modern era.ECDIS has become the modus operandi on all ships…

20 Mar 2020

UAE Bans Ship Over Fuel Breach

© beketoff / Adobe Stock

The world's number two container line MSC is in talks with the United Arab Emirates after the Gulf country banned one of their vessels from entering its waters over what authorities said was a breach of tough new sulphur emissions rules for ships.This is one of the first punitive actions taken by a jurisdiction since regulations came into effect in January which make it mandatory for ships to use fuel with a sulphur content of 0.5%, down from 3.5% previously, or install devices that strip out the toxic pollutant - known as scrubbers.Ships were no longer able to even carry high sulphur fuel fro

12 Mar 2020

Booking Frenzy Sends Tanker Rates Soaring

© Vladimir / Adobe Stock

The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices.Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East, which is home to the largest OPEC producers, to China, the world's top crude oil importer, nearly doubled overnight.VLCC tanker rates along the busy Middle East Gulf to China route jumped to about $160…

11 Mar 2020

NICO International to Rep HHI Turbomachinery

Left to right: Pilakkal Thamban, General Manager – NICO International, and Jin Soo, Ha – Senior Vice President of Hyundai Heavy Industries Turbomachinery Co. Ltd. (Phoro: NICO International)

Hyundai Heavy Industries Turbomachinery Co., Ltd. (HHI – TMC), a turbomachinery business specializing in pumps for marine, nuclear and industrial field, gas and air compressors, and steam turbines, has entered into a service agent agreement with UAE based marine and industrial engineering company NICO International.With the new alliance in place, NICO said it aims to further strengthen the turbomachinery capabilities in the field of marine and industrial pumps and compressors market in the United Arab Emirates region with the expertise of HHI - TMC.

02 Mar 2020

China's Bunker Fuel Demand Plummets

© aerial-drone / Adobe Stock

China's marine fuels sales fell by as much as 50% in February as the rapidly spreading coronavirus and prolonged Lunar New Year break strangled freight movement in and out of the global manufacturing powerhouse, trade sources said.The epidemic, which has killed almost 3,000 people and infected about 80,000 in China alone, triggered the sharpest contraction on record for Chinese factory activity in February and caused massive port congestion because of labor shortages.The resulting plunge in freight demand has knocked 40% off Asian prices for very low-sulphur fuel oil (VLSFO) since early Januar

24 Feb 2020

Fincantieri Teams-up with UAE's Marakeb

Image: Marakeb Technologies

Italian shipbuilder Fincantieri and United Arab Emirates electronic firm Marakeb Technologies, have agreed to form a global partnership in the field of autonomous technology.The agreement was signed by Basel Shuhaiber, Chief Executive Officer of Marakeb Technologies, and Giuseppe Giordo, General Manager of Fincantieri Naval Business at the 2020 Unmanned Systems Exhibition and Conference in Abu Dhabi.The agreement is intended to initiate a cross-evaluation of Fincantieri’s current automation solutions and Marakeb Technologies’ patented unmanned technology…

19 Feb 2020

IHC Launches Dredger for NMDC

TSHD Ghasha is launched at IHC’s shipyard in Kinderdijk, The Netherlands (Photo: Royal IHC)

Dutch shipbuilder Royal IHC launched a new trailing suction hopper dredger (TSHD) for the United Arab Emirates' National Marine Dredging Company (NMDC) during a ceremony at IHC’s shipyard in Kinderdijk, The Netherlands.The TSHD Ghasha is based on the 6,000-cubic-meter TSHD Arzana, delivered by IHC in 2018.According to IHC, the new TSHD has a number of innovations, including an enlarged hopper capacity of 8,000 cubic meters and a larger dredging depth of 45 meters. The tailor-made design…

17 Feb 2020

Keel Laid for Nigerian Navy Landing Craft

Image: Damen Group

Dutch shipbuilding giant Damen Group said that its Damen Shipyards Sharjah (DSS) in the United Arab Emirates held a keel-laying ceremony for a new landing craft (LST 100) ordered by the Nigerian Navy.A press release from Damen said on February 17, 2020 said that the ceremony took place in the Sahrjah Hamriyah Free Zone on December 9, 2019.The start of the vessel’s construction was attended by Nigeria’s Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas.Damen has designed the Landing Ship Transport 100 (LST 100) for a range of duties including amphibious operations…

16 Feb 2020

Vado Gateway Welcomes First Ship

Image: APM Terminals

APM Terminals said that its new deep-sea container terminal, Vado Gateway terminal, located in Vado Ligure, Italy, received its first commercial service on 11 February 2020.The ship, M/V Maersk Kota, was the first of seven ships from Maersk’s weekly ME2 service, connecting the Mediterranean with the Middle East and India.According to a company release, the call by M/V Maersk Kota marked the start of operations for the new deep-sea Vado Gateway container terminal in northern Italy.With a total investment of 450 million euros…

02 Feb 2020

Japanese Warship to Patrol Oil Lifeline

File photo: The Japan Maritime Self-Defense Force destroyer Takanami (DD 110), front, sails alongside the guided missile destroyer USS McCampbell (DDG 85) March 9, 2014, in the Pacific Ocean. (U.S. Navy photo by Chris Cavagnaro)

A Japanese destroyer left for the Gulf of Oman on Sunday amid simmering Middle East tension to guard sea lanes that supply nearly all the oil that powers the world's third-biggest economy."Thousands of Japanese ships ply those waters every year including vessels carrying nine tenths of our oil. It is Japan's lifeline," Japanese Prime Minister Shinzo Abe told the crew at Yokosuka naval base near Tokyo, before they cast off in a ceremony attended by 500 family members and representatives from the United States…

29 Jan 2020

Oil Tanker Ablaze off UAE

Authorities in the United Arab Emirates are "working to put out a fire that broke out aboard an oil tanker 21 miles off the coast of Sharjah after receiving a distress message. A proper investigation is in progress," an official at the UAE National Media Council said on Wednesday, citing the UAE Federal Transport Authority – Land & Maritime (FTA).The United Kingdom Maritime Trade Operations (UKMTO) said earlier on Wednesday that it had received reports of a vessel on fire northwest of the UAE emirate of Sharjah.(Reporting by Ghaida Ghantous and Alaa Swilam; Editing by Bernadette Baum)

17 Jan 2020

NOC Condemns Calls for Oil Export Terminals to be Shut

© Juozas55 / Adobe Stock

Libya's state oil firm NOC on Friday condemned calls to shut oil export terminals in eastern Libya controlled by military commander Khalifa Haftar ahead of a summit in Germany where he will face pressure to halt his campaign to take the capital.Tribal leaders in eastern and southern Libya called on Thursday to shut the terminals in protest at what they called the internationally-recognized government in Tripoli's use of oil revenues to pay for foreign fighters.Eastern Libya and part of the south of the country is controlled by the Libya National Army (LNA) of Haftar…

17 Dec 2019

Seabed Geosolutions Sells OBC System

Survey vessel. Image: Fugro

Seabed Geosolutions, the provider of comprehensive ocean bottom seismic (OBS) solutions to the global oil and gas industry, has signed a contract to sell the entirety of its shallow water ocean bottom cable (OBC) recording equipment.The joint venture between Fugro and CGG said that the equipment was used on a recently completed project for Abu Dhabi National Oil Company in the United Arab Emirates. The sale fetched around  US$ 10 million.Stephan Midenet, CEO of Seabed Geosolutions…

16 Dec 2019

Damen Delivers Two New Vessels to RAK Ports

Photo: Damen

Damen Shipyards Group has delivered two vessels to RAK Ports in the United Arab Emirates (UAE). The deliveries took place on December 5th at the Ras Al Khaimah Cruise Terminal. The vessels in question were a Damen Multi Cat 1908 and a Stan Tug 1907.The Multi Cat is named Hobby. Hobby's first role is positioning more than fifty pontoons for a firework display at New Year. Two world records will be attempted during this high-profile event at Marjan Island in Ras al Khaimah. Following this…

02 Dec 2019

Qingdao Port Buys Stake in Cosco Abu Dhabi

Image: Qingdao Port

China-based Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates.The investment, which will be made through Qingdao Port's Hong Kong subsidiary QDP International Development, will give the port operator a 30 percent holding in the CSP Abu Dhabi Terminal at Khalifa Port in which the Hong Kong-based firm holds a 90 percent stake…

28 Nov 2019

Turkey Inks Maritime Boundaries Deal with Libya

(Photo: Turkey Ministry of Energy and Natural Resources)

Libya's internationally recognized government and Turkey have signed an agreement on maritime boundaries in the Mediterranean Sea that could complicate Ankara's disputes over energy exploration with other countries.Turkey, which announced the accord and a deal on expanded security and military cooperation on Thursday, gave no details of their memorandum of understanding and did not specify where Turkish and Libyan waters meet.Greece dismissed the announcement as geographically…

26 Nov 2019

Boskalis Completes Horizon Acquisition

Image: Royal Boskalis Westminster

Dutch dredging and heavylift company Royal Boskalis Westminster has acquired the remaining 37.5% in the United Arab Emirates’s Horizon Group, a company specializing in the provision of marine geophysical surveys and geotechnical services.Earlier this year, Boskalis already acquired 62.5% of the shares. The 2019 revenue is expected to exceed USD 100 million and the activities will be consolidated as of 2020.Following this transaction, Boskalis will be able to optimize its successful…

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