Freight rates for the Long Range (LR) tankers are expected to remain low for the rest of this and the next year, according to a tanker market update from McQuilling Services. “Based on the developments witnessed over the first seven months of this year, we have adjusted our expectations for 2017/201
At least four people died and seven are reported missing after the 48,200 DWT bulker Royal Arsenal collided with Iraqi diving support vessel Al Misbar on Saturday, August 19, while departing Umm Qasr, Iraq. Due to the strength of the impact, Al Misbar sank taking down 21 crew members with it. Ten cr
Dubai-based port operator DP World saw a 15.8 percent rise in profit for the first half of 2017 on a like-for-like basis, earning USD 606 million amid improved trading environment. “Encouragingly, after a challenging period, we have seen a pick-up in global trade particularly in the second quarter o
Hong Kong-based port operator Hutchison Ports has entered into a deal with NAWAH Port Management (NPM) to assume management of operations at the Port of Basra in southern Iraq. “Hutchison Ports will assume oversight of day-to-day commercial and operational activities at NPM, operating under the name
During the first six months of this year, the global container port throughput rose by 6.7 percent and the growth is on track to hit over 6 percent for the full year, a six-year high, according to Alphaliner. The estimate was made based on the survey results from over 250 ports, with a combined annu
Saudi Arabia’s King Abdullah Port witnessed a surge of around 14% in its container volumes during the first half of 2017, reaching 821,694 TEU, compared to 720,483 TEU seen a year earlier. The port also recorded a 14% rise in the number of vessels received during the same period, handling 398 vessel
Over the last five years, 12 to 19 crew abandonment incidents were reported annually and 1,013 seafarers were involved in total, the International Labour Organization (ILO) told World Maritime News. Furthermore, figures from this year, as of July 31, show that 28 abandonment cases were reported, inv
Doha-based liquefied natural gas company Qatargas and RasGas have completed the first co-loading of liquefied natural gas (LNG) for split delivery on board LNG carrier Al Khuwair. The parties co-loaded the cargoes at the Ras Laffan terminal in Qatar on the Q-Flex LNG vessel. The cargoes were deliver
National Shipping Company of Saudi Arabia (Bahri) has completed the registration of Aslaf, a very large crude carrier (VLCC), under the flag of Saudi Arabia. This is in line with Bahri’s efforts to re-flag all of its VLCCs – now totaling 39 – under the domestic flag by the end of 2017. The construct
Nakilat Shipping Qatar Limited (NSQL), a subsidiary of Nakilat, and Shell International Trading and Shipping Company Limited (Shell) have completed the first phase of the management transition of Nakilat’s LNG carriers from Shell to NSQL. The 266,370 cbm Q-Max LNG carrier Al Mafyar became the 10th v
The newly established Fujairah Terminals welcomed its first container feeder vessel, the Dubai Alliance. This is the first ship to arrive at the terminal, which is wholly owned by Abu Dhabi Ports, the master developer, operator and manager of ports within Abu Dhabi, Fujairah Port and Khalifa Industr
A new shipping and oil trading company has been set up by Iraq and its Arab neighbors, named Al Iraqia Shipping Services & Oil Trading (AISSOT). AISSOT is a joint-venture company of Iraqi Oil Tankers Company (IOTC) and Arab Maritime Petroleum Transport Company (AMPTC) which aims to operate in a numb
The ongoing consolidation of container carriers through acquisitions and alliances continues to exert pressure on terminal operators, according to APM Terminals. Namely, following the formation of THE and Ocean Alliance Maersk’s terminal operator lost some liner services, denting the company’s under
Tanker market earnings in the third quarter of 2017 are encountering difficulties, but peaking fleet growth and increased tonne-miles could see spot rates stabilize and time charter rates improve, Maritime Strategies International said. The quarter is proving vexatious for owners still struggling wi
