The shareholders of the DP World approved the acquisition of Economic Zones World FZE, owner of Jebel Ali Free Zone, at the Extraordinary General Meeting held today in Jebel Ali, Dubai. The shareholders also approved the delisting of DP World Limited Securities from the London Stock Exchange. HE Sul
Lamprell has announced the completion of construction on a further jack-up drilling rig, the “Shuwehat”, and its delivery to Abu Dhabi’s National Drilling Company (NDC). This follows the recent announcement on November 12, when the Group received a new contract award from NDC for the construction of
Transpacific container lines asked on Wednesday for a USD 600 per 40-foot container (FEU) general rate increase (GRI) for all origin and destination points, along with reinstatement of a USD 400 per FEU peak season surcharge (PSS) in anticipation of a possible pre-Lunar New Year cargo surge. Transpa
Members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about USD 700 billion in revenue from net oil exports in 2014, based on the US Energy Information Administration (EIA) short term crude oil market estimates. This means a 14% decrease from 2013 earning
All vessels belonging to the Consortium consisting of Great Lakes (25%) and Dredging International NV (75%) that will take part in the widening and deepening of the Suez Canal have arrived on the scene and are ready for action. The $540 million contract, awarded to the Consortium earlier in October,
Diyar Al Muharraq, one of the leading urban developers in the Kingdom of Bahrain, last week announced the completion of land reclamation works for the whole project. The shore protection rock armour work is nearing its completion and is expected to be finished by the 1st quarter of 2015. The reclama
Ocean liners CMA CGM and Emirates Shipping Line plan to suspend port calls at Kenyan port Mombasa amid worsening congestion. The decision applies in particular to their joint Middle East/Indian Sub Continent-East Africa Swahili Express/GIA which comprises of 4 CMA CGM vessels and two vessels from Em
Abu Dhabi Ports Company (ADPC) has launched a new innovative port community system project called Maqta Gateway, a system that will serve the community by interlinking all of the relevant parties involved in Abu Dhabi’s growing import and export trade business. Maqta Gateway will offer ports, export
United Arab Shipping Company (UASC) said it will open a wholly-owned representation office in the Swiss market as of 1st of January 2015. UASC’s new agency in Switzerland (UASAC Switzerland GmbH) will be a subsidiary of UASAC Deutschland GmbH and will take over all agency activities from Fiege Logis
Dubai-based terminal operator DP World plans to acquire 10% of goods traded on global level by the end of the year, the company’s Chairman Sultan Ahmed bin Sulayem is quoted as saying by the Daily News Egypt. As revealed by bin Sulayem during a media forum on ports held in Dubai last week, the compa
WERPO has announced partnership with Seedsowers Investors and Developers Co. in the Caribbean, with possible further expansion into regions in Latin America and South America, the press release reads. Wave Electricity Renewable Power Ocean (WERPO), an Israeli wave energy company, signed a partnershi
Nordic Maritime, an offshore service operator, has announced its MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel. Nordic Maritime was awarded a five year charter for the DP2 IMR Subsea vessel
Stronger freight rates in the tanker market may bring about some positive trends for the first quarter of 2015, if lower oil prices can continue to generate higher demand for product tankers, BIMCO said. The stronger freight market has been attributed to the supply side, in particular the newbuildin
With crude oil down to its lowest price in five years last week, all carriers stand to gain from lower fuel costs, but the competitive and over-supplied nature of the market means that the principal beneficiary will be shippers, according to Drewry Shipping Consultants. If bunker fuel prices were to
