National Shipping Company of Saudi Arabia (Bahri) has joined a meeting with the International Maritime Organization (IMO) to talk about Saudi Arabia’s candidacy for the membership of the IMO Council under Category (C). In line with its constant support to Saudi government initiatives and the role it
Recent developments in the crude tanker market, such as the delay in the IMO Ballast Water Management Convention and the OPEC meeting on Monday, are expected to add downwards pressure to the ailing sector. The OPEC meeting at St Petersburg on Monday, Saudi Arabia declared that they would cap crude o
Despite falling freight rates for floating storage regasification units (FSRUs), investment returns at current asset prices and charter rates are higher compared with standard LNG vessels, according to Drewry’s LNG Forecaster report. The global FSRU fleet has grown at a CAGR of 21% over the last fiv
Carriers’ overall on-time and transit time reliability improved by 6.8%, increasing from 63.3% in May 2017 to 70.1% in June 2017. Reviewing schedule reliability by trade, nine of the 12 trades improved from May 2017 to June 2017, according to the latest data from intelligence provider CargoSmart. Th
The stranded Indian crew members of MV Sharjah Moon have finally returned home, India’s Consulate General in Dubai informed. ” With our persistent efforts, 5 Indian sailors of Sharjah Moon stuck for many months returning home tonight. We had intervened earlier to send back captain of the ship Jaipra
National Shipping Company of Saudi Arabia (Bahri) has reported a drop in its earnings for the period ended June 30, 2017, mainly attributed to lower spot market rates in general and specifically in oil transportation. Namely, the company’s net profit for the second quarter of 2017 reached SAR 153.9
Dubai-based port and terminal operator DP World Limited handled 34 million TEUs across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2% year-on-year. The first six months of the year witnessed an improvement in global trade and all t
Qatar’s LNG shipping firm Nakilat has seen its net profit for the first half of 2017 drop to QAR 409 million (USD 112.3 million) from QAR 501 million (USD 137.6 million) reported in the same period last year. The lower profit for the period ended June 30, 2017, was mainly attributed to the lower num
Floating energy solutions provider Höegh LNG and shipping company Nakilat have agreed to explore collaboration for Floating Storage and Regasification Unit (FSRU) business. The parties said that they signed a Memorandum of Understanding (MoU) for the cooperation on July 18. “This agreement paves the
Very large gas carriers (VLGC) have seen their earnings dwindle 42 percent below trend, as the tanker market moved into negative territory in the first half of this year, Clarksons Research reported in a half-year review. “The larger ships are feeling the biggest correction as fleet growth, particul
The crew members aboard the UAE-flagged products tanker MT IBA, owned by Alco Shipping Services, have had their basic human rights breached, according to a report released by Human Rights at Sea (HRAS). The seafarers, comprising nine Indian, three Pakistani, one Sri Lankan and one Myanmarian nationa
Nasdaq-listed Golar LNG Partners has reached an agreement to shorten the existing time charter of the Golar Freeze FSRU, that was due to end in May 2020. The ship’s charterer, Dubai Supply Authority (DUSUP), and Golar agreed to shorten the charter by one year and to remove DUSUP’s termination for co
Marsol International has signed a two-year contract with Oman Oil Company Exploration & Production (OOCEP) for the provision and management of the marine and offshore activities related to the tanker loading. The services will be provided via the single point mooring (SPM) offshore marine terminal i
National Iranian Tanker Company (NITC) is considering venturing into the liquefied natural gas (LNG) market as Iran gears up for production of natural gas in the future. The plans were revealed by Mohammad Reza Shams Dolatabadi, NITC’s head of international affairs, Reuters reported, who said that N
