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Friday, November 22, 2019

Middle East News

Photo: DP World

DP World Completes $520Mln Sokhna Expansion

Dubai's state-owned port operator DP World said that its port in Egypt, DP World Sokhna marked its 10th anniversary by revealing that its $520m (AED1.9bn) port expansion project is close to completion.The port expansion complements two operational basins, with the expansion into Basin 2 comprising a 1.3km-long quay – with 400m is use in Phase 1 – as well as a 350,000m2 container yard.The expansion comes as the UAE and Egypt agreed to support a $20bn joint strategic platform to invest in a range of vital sectors and assets…

Image: Damen Group

Albwardy Damen in Pact with Heila Cranes

UAE-based Albwardy Damen has signed a service agreement with the provider of heavy-duty marine cranes Heila Cranes. Many of the vessels that Damen builds and maintains are fitted with cranes manufactured by the Italian company.The Dutch shipbuilding group said in a press release that the new service agreement between the two companies will enable Albwardy Damen to ensure that the Heila cranes on board its customers’ vessels operating in the region are guaranteed top quality, through…

Image: ERBD

EBRD Backs Mersin Port's $600Mln Bond

The European Bank for Reconstruction and Development (EBRD) said that it is backing the new US$ 600 million five-year bond issued by Mersin International Port, the operator of Turkey’s largest port.The Bank has invested US$ 90million in the issuance, helping attract a host of investors, despite a challenging market environment in Turkey.The proceeds of the bond will help refinance Mersin International Port’s 2013 bond, which matures in August 2020, will support ongoing operations…

Pic courtesy: Teekay Tankers

Teekay Expects Strong Tanker Market

The tanker market fundamentals are expected to be strong through the upcoming winter months and into 2020 on the back of firm tanker tonne-mile demand, low fleet growth over the next two years, and supportive near-term factors, including the impact of IMO 2020 and geopolitical factors.Crude tanker spot rates started firming in September 2019 on the back of tighter market fundamentals prior to spiking in late-September and into October 2019 to the highest level since the peak of the super cycle in 2008…

Photo: ADNOC

BP, Total Pact for Adnoc LNG Supply

The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.

Pic: TORM

Product Tanker Freight Rates Rebounds

Product tanker freight rates softened in the third quarter of 2019 but rebounded strongly at the start of the fourth quarter following an increase in crude tanker rates that began after the attacks on Saudi Arabian oil facilities and accelerated dramatically to multi-year high levels at the end of September when the US imposed sanctions on two subsidiaries of China's COSCO Shipping.Denmark-based TORM said that growth in global demand for oil products generally remained subdued…

Image: Hapag-Lloyd

Hapag-Lloyd Expands Atlantic Loop 3

German international shipping and container transportation company Hapag-Lloyd AG announced that it is expanding fleet on Atlantic Loop 3 service between the US and Europe."Our Atlantic Loop 3 Service (AL3) fleet is growing with the addition of the 4,248 TEU vessel “Rio Grande Express” sailing between the United States and Europe," the cargo container shipping line said in a statement."Upgrading to a 6 vessel rotation will improve the reliability of the AL3 service for our customers and support our strategy of being number one for quality…

Saudi Aramco delivers crude oil cargo at Pengerang Deepwater Terminal 2 in Malaysia. Photo: Saudi Aramco

Aramco Signs 34 EPC Contracts Worth $18bn

Saudi Aramco has signed 34 engineering, procurement and construction (EPC) related contracts (worth over US$18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, during Q3 2019, according to GlobalData.The most important is ADNOC’s US$3.6bn contract for the supply of one million metric tons of casing and tubing to support exploration and production activity in United Arab Emirates (UAE).The global oil and gas industry has witnessed a substantial boost from those contracts activity in the Middle East…

Photo: RORO Company

RORO Company Launches New Platform

The Roll On Roll Off (RORO) Company, a digital freight forwarder, recently launched its new platform, RORO.com, to accelerate global trade of large assets. With access to instant quotes, schedules and bookings, users can save time and money on shipping machinery, automobiles, boats and more. Global trade of large assets moves too slowly. Online auctions, such as Ritchie Bros., make it easy to purchase items worldwide, but delivering these items across the world is slow. The current model relies on a subset of shipping companies called freight forwarders.

Photo: Offshore Wind Consultants

OWC Opens Aussie Office

International engineering consultancy Offshore Wind Consultants (OWC) is setting up an office in Australia, as offshore wind plans in the country are moving forward.The International Energy Agency’s recently launched “Offshore Wind Outlook 2019” has identified more than 7,000TWh per year of offshore wind technical potential (roughly 2,000GW of capacity) in waters below 60 meters offshore Australia. The potential adds up to 16,000TWh per year when considering deeper waters.Currently…

Photo courtesy of Mackay Marine

Mackay Marine Acquires ChartCo’s Compass Business

Mackay Marine has acquired ChartCo’s Compass Services’ comprehensive magnetic compass business, effective October 9, 2019. This includes personnel, field service kits, compass calibration & repair laboratory, tools & equipment, compass & spare parts inventory, customer contracts, and vendor agencies.Mackay currently provides worldwide compass adjusting, audits, and field service through our 36-certified Magnetic Compass Adjusters at numerous ports along major trading routes. The acquisition of ChartCo’s business expands Mackay capabilities to perform in-shop…

Michael Simms (Photo: BDO)

BDO: Shipping Must Improve Risk Management

Sound enterprise and business risk management are making an improved contribution to commercial success in the shipping sector, according to the latest annual Shipping Risk Survey by leading shipping adviser and accountant BDO. But the industry still needs to improve its risk management procedures in the face of a growing level of threat to its security.Respondents to the BDO survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.4 out of a possible maximum score of 10.0, compared to 5.9 in the 2018 survey.

AbdulAziz Somali and Majed Saber from Saudi Aramco’s Marine Department brief visitors. Photo: Saudi Aramco

RECSO Hosts First Global Oil Spill conference

The Regional Clean Sea Organization (RECSO), an oil industry co-operative organisation in the Middle East, has hosted First RECSO Enviro Spill Conference and Exhibition.In delivering the keynote speech at the opening ceremony, Abdulhakim A. Al-Gouhi, vice president of Industrial Services with Saudi Aramco, called on members to collaborate to protect the pristine Gulf environment through prevention, preparedness, and response.“We come together to demonstrate our unlimited commitment toward protecting the marine environment from any harmful effects of pollution…

Photo: GTMaritime

GTMaritime Protects Onboard Cyber Security

GTMaritime has seen exceptional growth in the use of its secure, maritime optimized email software and other cyber-security solutions as vessel owners and operators step up a gear to harden onboard networks and protect their ships from digital threats. Many have been spurred into action by IMO’s decision to bring cyber-security under the remit of the ISM code from 2021.Some 5,677 vessels are now employing solutions from GTMaritime’s portfolio – an increase of more than one-third over the past year.

(left) Steve Schofield, Director and Chief Executive at the British Pump Manufacturers Association (BPMA), (right) Michael O'Hare, Workshop Manager  (Photo: Tomlinson Hall)

Tomlinson Hall Awards Long Serving Staff

The region’s largest pump distributor and one of the few remaining British pump manufacturers – Tomlinson Hall – has paid recognition to its long serving staff as it celebrates 100 years in business.Based in Billingham, impressively almost 65% of the company’s staff – comprising 25 members - have been with the business for more than 10 years. The firm chose to recognize its team members loyalty in a ceremony following its commemorative Royal visit from His Royal Highness The Duke of Gloucester KG GCVO last month.Tomlinson Hall staff recognized for their efforts to the business included…

© Igor Groshev / Adobe Stock

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Asia's largest refiner, Sinopec, is weighing plans to cut oil imports in December and reduce output at its refineries after a surge in global tanker freight rates hit margins, four sources with knowledge of the matter said.The cost of shipping crude to Asia has surged in the past two weeks after companies stopped using nearly 300 tankers for fear of violating U.S. sanctions against Iran and Venezuela.Refining margins have yet to catch up with the jump in freight rates, forcing…

© dmplot/Shutterstock

Small Scale FSRU: Think Smarter Not Bigger

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

Image: Grandweld

Grandweld Shipyards Completes 35 Years

Grandweld, a fully integrated shipyard providing shipbuilding, ship repair, and engineering solutions to serve the offshore and marine industry, has celebrated its 35th anniversary, which marked their continued excellence since its inception in 1984.The ceremony was attended by major industry key players, who have trust in the company’s outstanding deliveries and designs. Grandweld owns the most selling vessels, selling more than 60 Crew Boats of its GW42M design.In addition, the company employs over 800 professional engineers and technicians in shipbuilding and maintenance…

Pic: Hapag-Lloyd

Hapag-Lloyd Opens New South Europe HQ

German cargo container shipping line, Hapag-Lloyd AG, officially opened its headquarter for the new region.CEO Rolf Habben Jansen presented the keys of the office complex in Genoa (Italy) to the new Senior Managing Director Juan Pablo Richards.During the opening event, Habben Jansen explained the motivation to create a new region: “After our merger with UASC in 2017 the Mediterranean region has gained more importance for us. That's why we are eager to bolster our competitive position…

AdobeStock / © Jose Gill

U.S. Sanctions Bite; Traders Shun 300 Tankers

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

© PhotoGranary/AdobeStock

Iranian Tanker Hit by Missiles, Oil Rises

Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the…

AdobeStock (Credit Carabay ©)

COSCO Tankers Disable AIS as Sanctions Bite

About one-third of the oil tankers owned by COSCO Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.From Sept. 30 to Oct. 7, a total of 14 COSCO Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship tracking data on Refinitiv Eikon showed. The U.S. imposed the sanctions on Sept.

Rob Smith. Photo: Konecranes

Konecranes Appoints New CEO and President

Konecranes, which specialises in the manufacture and service of cranes and lifting equipment, has appointed a new president and CEO, Rob Smith, who will take over his new role as of February 1, 2020.As of today, the Finnish company's CFO, Teo Ottola, who also serves as Deputy CEO, will be acting as the interim CEO until Rob Smith starts in the position."Konecranes has concluded the integration following the MHPS acquisition that took place almost three years ago. The company is now ready for the next phase in its development…

Photo: ShipServ

ShipServ Signs Pact with AMOS Group

ShipServ, the marine eProcurement platform for ship operators, announced it is set to deliver a full supplier integration solution for AMOS Group Ltd, the SGX-listed global provider of diversified products services and solutions to the marine and offshore industries.The new full integration solution will enable AMOS Group to increase efficiencies and the speed of processing multiple transactions, significantly reducing labour time as well as quickly responding to RFQs. This will…

Image: Hapag-Lloyd

Hapag-Lloyd Expands Indian Services

German-based cargo container shipping line, Hapag-Lloyd AG expects Indian container market to grow further and it launches two new services."In response to growing demand, Hapag-Lloyd will offer more services from and to India. Two new services, the South East India - Europe Express (IEX) and the Middle East-India-Africa Express (MIAX), will enter into operation in October," the shipper said.Both the IEX and the MIAX will further strengthen and optimize Hapag-Lloyd’s market-leading…

Asian oil suppliers face high tanker charter rates following new U.S. sanctions against Chinese oil transporter COSCO. (Photo © Adobe Stock / Vladimir)

Oil Freight Rates Rocket After U.S. Sanctions COSCO

Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as “one of the largest sanctions actions the U.S. has taken” since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies, were named in claims of involvement in sanctions-breaking Iranian oil shipments.Asian oil buyers have been rushing to the shipping market to charter vessels…