Qatargas, United Arab Shipping Company (UASC) and Shell signed a Memorandum of Understanding (MOU) to explore the development of liquefied natural gas (LNG) as a marine fuel in the Middle East region. Through the joint relationship the partners plan to explore the development of new markets for LNG
Iran and India have reached an agreement on terminating free shipping of Iranian crude oil to India which was in place for three years during the sanctions against Tehran. Iran decided to ship its oil for free on board its tanker fleet in 2013 as international companies were reluctant to do so follo
The multipurpose shipping market is not expected to recover until the end of 2017, when more bulk demand is anticipated for the Handy vessels and therefore more breakbulk cargoes for multipurpose vessels, according to the latest report from shipping consultancy Drewry. The last 12 months have been d
The rapid deterioration of Hyundai Merchant Marine’s (HMM) financial situation has also put the spotlight on other carriers’ balance sheets, Alphaliner says, commenting on HMM’s defaulting on the repayment of KRW 120 Bn (USD 105 million) of its publicly traded bonds due on 7 April 2016. The defaulti
Shipping rates for vessels transporting commodities such as coal, iron ore and grains racked up impressive gains in the first quarter of 2016 after hitting record lows, but the rally could flatten out into the second half as the macroeconomic outlook remains uncertain, the latest forecasts show from
Iran is set to get its first Floating Liquefied Natural Gas (FLNG) terminal by March 2017, according to Ali Kardor, the vice president for finance and investment affairs of the National Iranian Oil Company (NIOC). Kardor said that Iran is in talks with an undisclosed Norwegian company on a plan to b
Iranian tankers are to be registered under Panama’s flag which will enable them to pass through one of the world’s busiest shipping lanes, the Panama Canal, the two countries agreed. Director of National Iranian Tanker Company (NITC) Ali Akbar Safaei announced the deal following a meeting with Jorge
A research team of Dubai’s port operator DP World is to visit Georgia to look into the construction of a marine terminal, inland terminal, logistics park or an economic zone, the company said following a meeting between DP World’s Chairman and Prime Minister of Georgia recently held in Dubai. The di
AIDAprima, a newly built cruise ship owned by German-based cruise line AIDA Cruises, is currently sailing on its first voyage from Nagasaki to Hamburg, with its route including several ports. The photo shows the ship at the Salalah port on March 30 ready to set sail for its next destination, Limasso
The Port of Salalah and Oman Oil Marketing Company (omanoil) have signed a lease agreement for the development of a small to medium capacity fuel terminal in the port. Planned to be completed by the end of 2016, the project is aimed at enabling expansion for omanoil’s bunker and trading capabilities
The Yemeni port of Aden resumed bunker supply operations on Friday, April 8 following a year-long suspension of activities amid a civil war that resulted in the freeze of bunker supply in March 2015. The Russian-flagged fishing vessel Optimist, coming from Singapore, was the first ship to inaugurate
In an effort to put a floor under oil prices and allow demand growth to catch up with supply, the oil ministers from OPEC (Organization of the Petroleum Exporting Countries) plus Russia will meet in Doha on April 17 in order agree on oil production freeze, shipping company Teekay said. The global oi
The minimum wage for able seafarers recommended by the International Labour Organization (ILO) will remain at its current level of USD 614 basic pay per month until at least 2018, according to the International Chamber of Shipping (ICS). This follows an ILO Joint Maritime Commission (JMC) meeting he
The Saudi investors plan to inject around EGP 3 billion (USD 337 million) into the development of an industrial zone around Egypt’s Suez Canal, Egypt’s Maritime Transport Sector (MTS) said. For this purpose, the two parties plan to establish a joint venture company named Gosoor ElMahabba. The invest
