Saudi Arabia-led coalition, which is involved in Yemeni war, has decided to temporarily close all sea, air and land ports in the country, the coalition said in a statement. The move comes after a rebel-fired ballistic missile, which targeted Riyadh, was intercepted on November 4. The measures will b
China-based Cosco Shipping Ports (CSP) and port developer and operator Abu Dhabi Ports held a ground-breaking ceremony for the CSP Abu Dhabi Container Terminal at Khalifa Port on November 5. The terminal is located along the ‘Silk Road Economic Belt and the 21st Century Maritime Silk Road’ and the s
The Federal Transport Authority (FTA) of the United Arab Emirates (UAE) has banned all ships flying the Micronesian flag from entering its waters and ports. The transport authority ascribed the decision to the fact that the Federated States of Micronesia doesn’t have an international ship registry.
In the third quarter of 2017 Hong Kong-based container shipping company Orient Overseas Container Line (OOCL) was the most reliable carrier with a schedule reliability score of 83.3%. Evergreen and Wan Hai were the second most reliable carriers scoring 82.5% each, followed by APL and HMM with 82.3%
Qatar has announced a labor reform which seeks to terminate the so-called “kafala system”, a form of indentured labor that in practice has resulted in preventing migrant workers from leaving the country by their employers. The step is being taken following the pressure from the International Trade U
Dubai-based port and terminal operator DP World has unveiled plans to develop Saudi Arabia’s Jeddah Port in support of the recently launched Saudi Vision 2030. Speaking at the Future Investment Initiative (FII) in Riyadh, Ahmed Bin Sulayem, Group Chairman and CEO of DP World, outlined the significan
National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Shaden, a very large crude carrier (VLCC), from South Korean Hyundai Samho Heavy Industries (HSHI) shipyard. The 300,000 dwt ship is the fifth VLCC to join the Bahri fleet this year, following the deliveries of Amjad, Maharah, A
Dubai-based shipping company Gulf Navigation Holding (GulfNav) ended the third quarter of this year with a profit of AED 12.4 million (USD 3.4 million), a decrease of almost 90 percent when compared to AED 116.8 million (USD 31.8 million) posted in the same quarter last year. What is more, the compa
Increased consolidation among carriers driven by a continued oversupply of vessels could bring some order to the market, however, the recent mergers and mega alliances may lead to oligopolistic structures, UNCTAD warned in its latest report on maritime transport. “A slower demand than earlier projec
Qatar Navigation’s (Milaha) net profit for the nine months of this year ended September 30 has reached QR 363 million (USD 99.7 million) considerably down when compared to QR 759 million for the same period in 2016. The company’s operating revenues came at QR 1.66 billion for the nine-month period,
The International Maritime Organization (IMO) and the World Shipping Council (WSC) have hit back at the accusations stemming from the recently published study by the InfluenceMap on the IMO’s approach to tackling carbon emissions from shipping. The report claims that the shipping industry has aggres
There is still a considerable number of vessels in the dry bulk pool older than 20 years that are the likely candidates for demolition. Namely, in the Handysize sector 15 % of the fleet is built before 1997 totaling in 365 ships, in the Handymax/Supramax sector 4% of the fleet is older than 20 years
The global oil market has not been affected by the recent move by the US President Donald Trump regarding the Joint Comprehensive Plan of Action (JCPOA) agreed with Iran and six other powers in 2015, Iran’s Petroleum Minister, Bijan Namdar Zanganeh is quoted as saying by the Business Standard. Accor
Qatar Gas Transport Company (Nakilat) concluded its financial results for the nine-month period ended 30 September 2017, with a net profit of QR 607 million (USD 160.3 million), down by 19 pct when compared to last year’s corresponding net profit of QR 749 million. The lower profit was mainly attrib
