Readers’ Picks of the Week (December 26 – 30, 2016)
The Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) has joined forces with Kazakhstan’s multimodal operator KTZ Express in an effort to contribute to facilitating maritime transportation. Under the joint venture agreement, signed on December 22, the parties would work to hel
Market conditions across most sectors of the shipping industry in 2016 have been highly challenging and things in many sectors appear to be as bad as they have ever been, according to Clarksons Research. In the wider fleet some niche sectors have seen better earnings, but even so, most shipowners wi
Shipowner Oman Shipping Company SAOC (OSC) has decided to internalize the commercial management of their very large crude carrier (VLCC) fleet which was previously a part of the VL8 pool, managed by maritime services provider Navig8 Group. Namely, a total of 15 VLCC owned by Oman Shipping Company ha
The Suez Canal Authority has decided to extend the arrangement for very large crude carriers (VLCCs) coming from the Arabian Gulf or Caribbean Zone on a round trip and transiting the canal after discharging part of their cargo in the SUMED line until December 31, 2017. The arrangement for VLCCs over
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, according to the latest Shipping Confidence Survey from accountant and shipping adviser Moore Stephens. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10, e
The shipping industry has experienced a particular blast of cold air during 2016, with few sectors escaping the frosty grasp of the downturn, according to Clarksons Research. The shipping markets have in the main been pretty icy since the onset of the global economic downturn back in 2008, Clarksons
The infrastructure of the Berth 5 and Berth 6 at Saudi Arabia’s King Abdullah Port is taking shape as the port informed that the works at the site are expected to be finished in a few weeks. The two berths are part of the port’s strategic expansion plan, which aims to increase the port’s capacity, t
Ocean freight rates for cargo moving under contracts on the major East-West trade routes saw a reversal of trend in 4Q 2016, according to Drewry’s Benchmarking Club, a group of 50 multinational retailers and manufacturers who monitor their contract freight rates. The Drewry Benchmarking Club Contrac
Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has entered into a strategic alliance with compatriot energy trading firm Mena Energy to cooperate in leasing, acquisition and commercial management of oil tankers. Under the agreement, GulfNav intends to acquire or order up to 12 v
A ”strategic cooperation” agreement between Hyundai Merchant Marine (HMM) and the 2M vessel sharing alliance comprising Maersk Line and the Mediterranean Shipping Company (MSC) will limit the South Korean container carrier’s ability to grow in the future, according to Alphaliner. The fact that HMM c
Bahrain LNG WLL, the developer and owner of the first liquefied natural gas (LNG) receiving and regasification terminal in the Middle East developed on a private-public partnership (PPP) basis, has completed limited recourse financing for the project after securing a USD 741 million loan from a synd
Entering into ”a strategic cooperation” with Maersk Line and the Mediterranean Shipping Company (MSC) via their 2M vessel sharing alliance and not becoming a fully fledged member is the best Hyundai Merchant Marine could have hoped for given what ”a traumatic year” this has been for the South Korean
The Sri Lanka Navy was called in on Saturday, December 10, to intervene and free two merchant vessels which had been held hostage for several days by port workers at the Hambantota Port. The port workers reportedly staged a protest campaign against the government’s plans to privatize the Hambantota
