28780 members and growing – the largest networking group in the maritime industry!

LoginJoin

Saturday, August 8, 2020

Middle East News

(Photo: Trafigura)

Trafigura Offers COVID-19 Premium

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

Image Credit: Mammoet

New Mammoet Crane in Operation in Lagos Deep Offshore Logistic Base

Nigeria's Lagos Deep Offshore Logistic Base, LADOL, serving the country's offshore oil and gas industry, now has a new crane in operation - Mammoet Terminal Crane (MTC 15).LADOL and Mammoet had in January signed a partnership agreement aimed at growing LADOL’s capacity for project cargo handling and logistics for industrial sectors in West Africa. Mammoet then supplied LADOL with its heavy-lift terminal crane - MTC 15 - which has transformed LADOL’s quayside into a heavy lift terminal.

© homocosmicos / Adobe Stock

From Arabian Gulf to Horn of Africa: the Politics of Port Infrastructures

A team of experts aims to examine how increasing Gulf investments in port infrastructures in the Horn of Africa has shaped its political landscape.Backed by funding from the Carnegie Corporation New York, the $500,000 research project will explore the relationship between the Middle East and East Africa – focusing on port infrastructures and transport corridors.Carnegie Corporation is the philanthropic foundation established by Andrew Carnegie in 1911 ‘to promote the advancement and diffusion of knowledge and understanding’.

The car carrier Golden Ray sits capsized in St. Simons Sound, Ga. (U.S. Coast Guard photo by Brian McCrum)

Total Shipping Losses Are Declining, But Challenges Persist -Report

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

© joyt / Adobe Stock

Singapore Retains Its Place as World's Top Shipping Hub

Singapore has maintained its position as the world's top shipping hub for the seventh year straight, according to a report published by the Baltic Exchange and Chinese state news agency Xinhua.The Xinhua-Baltic International Shipping Center Development (ISCD) Index, now in its seventh edition, assesses factors including port throughput and infrastructure; depth and breadth of professional maritime support services; as well as the general business environment in its attempt to…

(Photo: DP World)

DP World Completes Integration of Unifeeder and Feedertech

DP World announce Tuesday it has finished integrating its recent acquisitions Unifeeder and Feedertech, creating a feedering and shortsea network serving hundreds of ports across the globe.Unifeeder, which recently acquired Feedertech, operates feeder and shortsea services around northern Europe and throughout the Mediterranean and Northern Africa regions. Feedertech provides similar services connecting ports in Southeast Asia, the Indian subcontinent and the Middle East. The…

© Björn Wylezich / Adobe Stock

Geopolitics Dominate the Oil Tanker Market -BIMCO

Developments in the oil tanker market in the past decade dominated by geopolitics, says shipping association BIMCO.Crude oil and product tanker markets alike have faced high volatility in recent weeks and months, largely due to geopolitics and the constantly evolving situation in the global oil markets. The first major disturbance since the fall in the oil price between the fourth quarter of 2104 and first quarter of 2016 came in the fourth quarter of 2019, after which freight rates have bounced back despite a collapse in demand.In these extraordinary times…

World Security unveiled the first autonomous security surveillance boat to enable a more seamless, safe and efficient operations in addition to coping with the uncertainty of the current changing environment caused by COVID-19 (Photo: DP World)

Autonomous Security Surveillance Boat Launched in the UAE

DP World, UAE Region’s next-generation security solutions provider World Security has launched the first autonomous security surveillance boat in the Middle East to upgrade security and surveillance at Jebel Ali Port, Mina Rashid, Mina Al Hamriya and other facilities in the UAE.The state-of-the-art boat introduces an extra dimension to World Security's portfolio of solutions, demanded by the uncertainty of the current changing environment caused by the COVID-19 pandemic.It also marks a new stage in World Security’ rising profile as Dubai’s industry leader for marine…

© Pavel Losevsky / Adobe Stock

Bunkering at UAE's Fujairah Plummets in May

Ship fuelling activity in Fujairah in the United Arab Emirates, a bunkering and fuel storage hub in the Middle East, fell in May as declining demand was made worse by slowing global trade because of the coronavirus pandemic, four trade sources said.Fujairah's ship refueling, or bunkering, volumes shrank to about 200,000-300,000 tonnes in May, down from average volumes of about 700,000-800,000 tonnes, said the sources with knowledge of the regional trade who declined to be identified."It's all things COVID…

© Igor Yu. Groshev / Adobe Stock

Suez Canal Ship Transits Rise Amid COVID-19

Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the COVID-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year. This is despite bleak economic growth prospects world-wide following the pandemic, and highlights that shipping remains the backbone of the global economy.It is often said that a picture says more than 1,000 words, but 6,166 ship transits in the Suez Canal can certainly also tell an interesting tale.

(Photo: Fednav)

Fednav Combines Its Shipping Business Units

Canadian bulk shipping company Fednav said Monday it will reorganizing its commercial and technical shipping businesses under one management entity.The Marine Department, led by Executive Vice-President Tina Revsbech, will unite the traditional Chartering and Operations teams with their counterparts in the Shipowning, Technical, and Arctic units.In addition, Fednav announced the appointment of Isabelle Brassard as Senior Vice-President, Logistics and Sustainable Development, effective September 2020.Reporting to Paul Pathy…

© Jonas Weinitschke / Adobe Stock

Ports Pledge to Stay Open During COVID-19

Dozens of seaports across Asia, Oceania, Middle East, Africa, Europe and Americas have pledged to remain open to merchant vessels to ensure the flow of essential goods throughout the coronavirus pandemic.To date, more than 50 port authorities have signed on to support the Port Authorities Roundtable (PAR) COVID-19 declaration, initiated by the Maritime and Port Authority of Singapore for ports to commit to staying open to merchant vessels and work together to share best practices in ensuring that port operations can remain undisrupted.“Now is the time…

© Emmanuel Campos / Adobe Stock

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

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.

Photo: Motive Offshore Group

Motive Offshore Appoints Leith

Motive Offshore Group appointed David Leith as Rentals Division Manager.Motive Offshore Group has also reported an impressive start to 2020 for its Rentals division, with first quarter results exceeding initial expectations.Launched in 2010 by James Gregg and Dave Acton, Motive Offshore Group is headquartered in Boyndie, Banff, Scotland, with additional offices in Aberdeen, Houston, Norway and the Middle East.

Michael Madely (Photo: Ecochlor)

Madely Joins Ecochlor as VP of Global Service

Ecochlor announced the addition of Michael "Mick" Madely to fill a newly created position of Vice President of Global Service. Madely has had a full career in the global maritime industry with over 25 years of experience in senior management positions in both Commercial and Technical roles. He has extensive experience in Asia and the Middle East with a hands-on approach in leading sales and operations of world class capital equipment and engineering providers. For the past 10 years…

Image: Evergreen Line

Evergreen Line Launches New Digital Platform

Taiwanese container transportation and shipping company Evergreen Line has launched a new digital platform designed to provide customers with seamless booking capabilities and greater access to integrated trade services.Evergreen Line said in a press note that GreenX platform provides a digital portal for Evergreen customers to get instant quotes and book secured space with prioritized equipment supplied by the carrier.From the time of its soft launch last month, GreenX has received nearly 2…

Svitzer operating in Sakhalin, Russia. Image Courtesy Svitzer.

Svitzer Gets 10-Year Contract Extension with Sakhalin Energy Investment

Svitzer, the towage operator that is part of Maersk, announced a 10-year extension of its marine service contract with Sakhalin Energy Investment Company Ltd., a consortium set up to develop and manage the Sakhalin-II project, aimed at producing and exporting oil and liquefied gas.Svitzer has been providing towage services to the Sakhalin-II project since 2007, and the extension comes into effect in November 2022 to support the mooring of more than 1,800 gas carriers with a vessel fleet of four Robert Allen ice-breaking tugs and two mooring boats.

Pernille Lind Olsen becomes new Group Vice President for Hempel Europe & Africa starting on 1 July 2020. Photo: Hempel

Hempel Makes Executive Changes

Current Group Vice President for Hempel South & East Asia, Pernille Lind Olsen, becomes new Group Vice President for Hempel Europe & Africa starting on 1 July 2020. At the same time, current Finance Director for Hempel Middle East Jonathan Mercer will take over Pernille Lind Olsen’s position as Group Vice Presi-dent for Hempel South & East Asia.Olsen has been with Hempel since November 2013. Since then, she has held positions as Group Product Director, Group Product & Portfolio Director and…

© momentscatcher  / Adobe Stock

Saudi-led Coalition Thwarts Red Sea Attack

Naval forces from the Saudi-led coalition fighting in Yemen on Sunday foiled an "imminent terrorist" attack by the Iran-aligned Houthi movement in the southern Red Sea, a major commercial shipping channel, the coalition said.The forces destroyed an unmanned boat laden with explosives that was launched from Hodeidah province in western Yemen, coalition spokesman Colonel Turki al-Malki said in a statement on Saudi state news agency SPA, without identifying the targets.There was no immediate confirmation from the Houthi movement…

Source: BIMCO, Clarksons

BIMCO Tanker Rate Analysis: Reality Kicks In, Rates Fall

Tanker shipping: sky high freight rates replaced by reality of falling global oil demandGeopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.Demand drivers and freight ratesThe tanker shipping industry was once again caught in a whirlwind, as freight rates skyrocketed with little regard to the poor market fundamentals before the latter once again caught up with rates.

File photo: Livestock carrier Al Kuwait (© Bob Prins / MarineTraffic.com)

Livestock Ship Held off Australia Due to Coronavirus Outbreak

A Kuwaiti livestock ship, without animals aboard, was being held off Australia’s west coast after six crew members tested positive for the new coronavirus, authorities said on Tuesday, heightening concerns over how arrivals by sea are handled.The Al Kuwait left the Middle East on May 7 and docked near the city of Perth on May 22 after telling the Australian immigration and agriculture authorities that some crew members had raised temperatures, Western Australia Premier Mark McGowan…

(Photo: Kotug)

Kotug Acquires Marsol

KOTUG International B.V. has completed the 100% acquisition of Marsol International Ltd., an offshore and marine terminal service center, specialized in offshore single point mooring (SPM) buoy terminals and its related infrastructure.The core business of Marsol is integrity management based commercial and technical marine service solutions for SPM and offshore terminals. Over the years Marsol’s management has operated on 32 offshore marine terminals in more than 20 countries. Marsol’s operational headquarters are based in Dubai.

Martin Helweg (Photo: P&O Maritime Logistics)

P&O Maritime Logistics Names Helweg CEO

Marine solutions and logistics company P&O Maritime Logistics (POML) said it has appointed Martin Helweg as its new Chief Executive Officer. He will report to Mike Bhaskaran, DP World’s Chief Operating Officer for Logistics and Technology.For the past three years, Helweg has been responsible for P&O Maritime Logistics’ global operations. Earlier, Martin spent over 15 years in marine service solutions working for Svitzer, an A.P. Moller-Maersk Company in regional CFO and CEO roles across the Americas…

© Vladimir / Adobe Stock

Booking Frenzy Sends Tanker Rates Soaring

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…

 Image: Neptune Pacific Line

Neptune Pacific Acquires Pacific Direct

Neptune Pacific Line, the provider of ocean freight services between Australia, New Zealand and Fiji, said that it has acquired Pacific Direct Line(PDL) from its Singapore based parent holding company, Pacific International Lines (PIL).The acquisition makes Neptune the new owners of all of PDL’s regional and Fiji based companies. The combined business will seamlessly link transport, warehousing, depots and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets…

© Vladamir / Adobe Stock

Oil Tanker Rates Double

Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125,000 on Friday and a weekly low of about $90,000 a day on Wednesday, according to several ship broking sources.Its difficult to say whether or not the rates will be sustained…