Container shipping lines are increasing their share of the seaborne reefer market and are forecast to accelerate their assault over the coming years, taking 85 percent by 2021, according to Drewry shipping consultancy. Based on the forecast, the modal split between reefer containerships and speciali
Singapore’s oil company Trescorp is to launch a new 45-hectare terminal in Oman-based Port of Sohar with an investment of USD 600 million. The new facility will feature six deep-water berths, with 25 metre drafts, one of them capable of receiving very large crude carriers (VLCC) oil tankers of up to
Shipping confidence reached its highest rating in the past three years in the three months to end-August 2017, according to the latest Shipping Confidence Survey from Moore Stephens. The average confidence level expressed by respondents to the survey was up slightly from the 6.1 out of 10.0 recorded
Iran has established a joint venture shipping company with Kazakhstan, Tasnim news agency reports citing a statement from the Islamic Republic of Iran Shipping Lines’ (IRISL) managing director Mohammad Saeedi. According to Saeedi, the new company would be headquartered in Bandar Anzali, Iran. The mo
Commercial operations at Abu Dhabi Ports’ Fujairah Terminals, located on the East coast of the United Arab Emirates (UAE), were officially kickstarted on Saturday, September 23. Earlier this year, Abu Dhabi Ports signed a 35-year concession agreement with the Port of Fujairah, under which Fujairah T
State-owned oil firm Abu Dhabi National Oil Company (ADNOC) is reportedly looking to sell shares in a new shipping unit through an initial public offering (IPO). The company is consolidating the operations of Abu Dhabi National Tanker with Petroleum Services and Abu Dhabi Petroleum Ports Operating t
Gazprom Neft Badra, operator of the Iraqi Badra field, has undertaken the largest ever maritime shipment of oil for export in the company’s history. A total of 1.78 million barrels of hydrocarbons have been sent to the United States aboard the New Solution crude oil tanker, Gazprom Neft said. The 32
After very challenging times in the liquefied natural gas (LNG) shipping sector driven by vessel deliveries ahead of projects coming on stream, the worst seems to be over. There is a general consensus that the market will be 30 to 40 vessels short by the end of this decade amid volume increase-one o
Doha-based liquefied natural gas (LNG) company Qatargas has signed a medium-term sales and purchase agreement with Turkish BOTAŞ Petroleum Pipeline Corporation (BOTAŞ). Under the terms of the agreement, Qatargas will deliver 1.5 million tons of LNG per annum for a period of three years. Scheduled to
It has taken a whole year for all of the idle ships of South Korean defunct shipping company Hanjin Shipping to be fully removed from the idle fleet following the company’s demise, according to Alphaliner. The former South Korean shipping giant was officially declared bankrupt by the Seoul Central D
In the aftermath of the diplomatic fallout with its neighbors, Qatar has seen the number of vessel arrivals at its ports more than double from 29 vessels in June to 69 vessels in August, data from CargoSmart shows. To remind, the sanctions imposed in June against Qatar saw air, sea, and land border
Dubai-based port operator DP World is interested in exploring Hong Kong’s cruise terminal business. The ambition was revealed during a meeting held this week between DP World Group Chairman Ahmed Bin Sulayem and Hong Kong counterparts, including Chief Executive Carrie Lam at Government House, Hong K
Asian long range (LR) tanker market has seen a surge in rates following the Hurricane Harvey amid heightened demand from Europe and Americas resulting from US refinery outages. According to Ocean Freight Exchange (OFE), rates on TC1 and TC5 freight routes surged by w17.5 and w14 points week-on-week
The volume of secondhand containership sales reported in the first eight months of 2017 totalled 0.75 million TEU, exceeding the previous annual record level of 0.64 million TEU set in 2015. According to Clarksons Research, a new monthly record was set in March 2017 which witnessed some 40% of the f
