Dubai-based port and terminal operator DP World has been cleared by the London Court of Arbitration of all charges of misconduct in connection with a concession to operate the Doraleh Container Terminal (DCT) in Djibouti, the Government of Dubai said. In 2014, Djibouti accused DP World of bribing Ab
Clean product tankers are likely to benefit from the implementation of the global 0.5% sulphur emissions cap as of 2020 driven by the demand for new fuel oil, McQuilling Services brokerage and consultancy writes in its industry note. As disclosed, the forthcoming cap may materially alter trade flows
Despite the challenging market conditions Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, ended 2016 with a net profit of QAR 955 million (USD 262.2 million) as the company’s long-term contracts continued to underpin its strong financial performance. The result represents a
The predicted influx of new tonnage, combined with the Organization of the Petroleum Exporting Countries’ (OPEC) production cap and lower levels of refinery throughput are hitting crude markets hard, according to Maritime Strategies International (MSI). Namely, the crude tanker market is set to go t
Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has reached a final settlement with three lenders including DVB Bank SE, BNP Paribas and DNB Bank ASA related to very large crude carriers (VLCCs) sold in 2014. The vessels, Gulf Sheba and Gulf Eyadah, were seized by the banks in 20
Although the liquefied petroleum gas (LPG) shipping trade is expected to continue growing on the back of strong Asian demand, the rates could fall further in 2017 due to continued oversupply, according to shipping consultancy Drewry. 2017 is expected to be no different from 2016, when LPG shipping r
Three new members have joined the multi-sector industry coalition SEALNG which aims to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel. Representing key aspects of the LNG value chain, international classification society Bureau Veritas, LNG solutions provider Clea
As demand for liquefied natural gas (LNG)-fuelled vessels has increased, so has the demand for practical, cost-effective and efficient LNG bunkering, leading to an urgent need to standardize these operations at the international level. Some ships in northern Europe have been using LNG as their fuel
Danish shipping giant Maersk Line and producer of petrochemicals EQUATE Petrochemical Company have signed a partnership agreement to decrease CO2 emissions in ocean transportation. The agreement, which is the first of its kind in Kuwait, is based on the parties’ sustainability priorities that includ
French container shipping company CMA CGM plans to upgrade NC Levant, a service connecting the Eastern Mediterranean Sea and Northern Europe via Malta, Spain and Italy, starting from February 23, 2017. The enhanced service will be operated in partnership with two container shipping firms, Hamburg Sü
The first crude oil shipment was offloaded from Gaza floating, storage, offloading (FSO) unit in Bouri Offshore Field on February 11, 2017, Libya’s National Oil Corporation (NOC) said. Valfoglia, a 109,100 dwt tanker owned by Italy’s Montanari Navigazione, took the first oil from the FSU. Gaza FSO w
Although the container shipping sector saw a huge amount of consolidation in 2016 driven by the persistent pressure in the industry, the sector is still not that consolidated, according to Clarksons Research. On the basis of start 2017, this fairly fragmented shipping industry counted 88,892 ships i
French container shipping major CMA CGM has decided to upgrade two weekly services connecting India Middle East Gulf to East Africa, starting from February 20, 2017. The services in question are Swahili Express and Noura Express which have a combined fleet of nine vessels of up to 3,500 TEU, with tw
The Gulf of Guinea and Southeast Asia have seen a significant increase in kidnapping incidents in 2016, according to data released by UK’s maritime intelligence and operations company Dryad Maritime. The 2016 figures show that 62 people were kidnapped worldwide in comparison to 19 in 2015 and 9 in 2
