National Shipping Company of Saudi Arabia (Bahri) has reported a 37 percent drop in its net profit for the third quarter of 2016 to SAR 318.3 million (USD 84.8 million) from SAR 510.3 million seen in the same quarter a year earlier. The decrease in net income is mainly attributed to an overall decre
The cross-industry coalition SEALNG has highlighted the ability of the liquefied natural gas (LNG) sector to meet the future emissions requirements of the global shipping industry ahead of the 70th Session of the IMO’s Marine Environment Protection Committee (MEPC). “Independent of the timing of the
The Netherlands-headquartered terminal owner and operator Odfjell Terminals B.V. (OTBV) has entered into an agreement to sell its 29.75% indirect ownership in Oiltanking Odfjell Terminals (OOT) in Oman for USD 130 million. The transaction is expected to result in a net gain of around USD 90 million
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has reported a net profit of QAR 749 million (USD 205.6 million) in the third quarter of 2016 compared to QAR 757 million (USD 207.8 million) seen in the same period last year. The company said that the “positive results” were
The Gulf of Guinea, South East Asia and The Indian Ocean High Risk Area (HRA) have all seen a significant reduction of reported maritime crime throughout July, August and September of this year, according to data released by UK’s maritime intelligence and operations company Dryad Maritime. With the
Singapore-based breakbulk, project cargo and heavy lift carrier AAL has launched a new, scheduled Gulf-Asia semi liner-service. The new semi-liner service calls the ports including Mumbai (India), Karachi (Pakistan), Ras Laffan (Qatar), Umm Qasr (Iraq), Doha (Qatar), Jebel Ali, Muscat (Oman), Chenna
Manila-based container terminal owner and operator International Container Terminal Services, Inc. (ICTSI) has formally opened the first phase of the new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq. According to ICTSI, total investment for the firs
Egypt’s Port of Damietta Authority has signed a Memorandum of Understanding (MOU) with China Harbor for the development of Damietta Port’s second container terminal. Under the agreement, signed on October 9, the project implementation period would be 24 months. The new terminal is planned to compris
International shipping association BIMCO has raised concerns over data on available fuel ahead of Marine Environment Protection Commitee (MEPC) decision on the 0.5% global sulphur cap implementation date. Namely, BIMCO said that the official International Maritime Organization (IMO) study which asse
Privately-owned container carriers could risk losing shippers’ trust if they do not provide any data on their level of indebtedness and balance sheet strength, according to shipping consultancy Drewry. The recent failure of South Korean carrier Hanjin Shipping has exposed the high level of financial
The current crisis in the dry bulk shipping sector could have a wider impact with effects on other major sectors of shipping such as tankers and containers, according to BIMCO’s latest report. Looking at the “road to recovery” for dry bulk shipping beyond the current market difficulties, BIMCO predi
The owner and developer of Saudi Arabia’s King Abdullah Port, The Ports Development Company, has signed a SAR 2.7 billion (USD 719.8 million) financial deal for the development and expansion of the port’s facilities. Under the agreement, signed with SABB and the Arab National Bank, The Ports Develop
The last three months have been some of the worst the multipurpose and project carrier sector has endured as the breakbulk and project cargo sector remained weak, with little suggestion that volumes will improve significantly until the end of 2017, according to shipping consultancy Drewry. Rates hav
The world’s national shipowner associations represented by the International Chamber of Shipping (ICS) have urged the International Maritime Organization (IMO) to develop a timeline for the further reduction of the shipping sector’s Green House Gas (GHG) emissions as a response to the Paris Agreemen
