Growth in the volume of world trade is expected to remain sluggish in 2016 at 2.8%, unchanged from the 2.8% increase registered in 2015, the World Trade Organization (WTO) estimates. Imports of developed countries should moderate this year while demand for imported goods in developing Asian economie
Qatar Liquefied Gas Company Limited 2 (Qatargas 2) and Kuwait Petroleum Corporation (KPC) have executed an agreement to supply half a million tonnes of Liquefied Natural Gas (LNG) to Kuwait over the next four years, starting from March 2016. The LNG will be sourced from Qatargas 2, a joint venture b
Further expected container shipping liner losses throughout the first half of 2016, exacerbated by the awful prevailing spot and contract freight rates will lead to a major trigger point at some stage later this year, according to shipping consultancy Drewry. “This will happen either through radical
As the dry bulk market is currently experiencing a slight recovery, the Baltic Dry Index (BDI) jumped by 13 points and reached 500 points on April 6, marking the highest level so far in 2016. The Capesize index was up by 11 points reaching 477, the Panamax index was up by 23 points hitting 619, whil
Oman Shipping Company (OSC) is launching a new freight service that would connect all Omani ports to the United Arab Emirates by mid-April, 2016. Through its new fortnightly Oman Express Service, run by OSC subsidiary Oman Container Lines (OCL), OSC will be the first freight feeder operator to conne
The third out of five second-hand Medium Range tankers bought by the National Shipping Company of Saudi Arabia (Bahri) in February has joined the company’s fleet. MR vessel STI Chelsea was delivered and ownership was transferred to Bahri’s subsidiary National Chemical Carriers (NCC) on April 6, 2016
The global container handing equipment fleet is getting smarter as port operators apply more sophisticated IT in their operations. The amount of intelligence on both manned cranes as well as unmanned equipment is increasing in a quest for improved safety, productivity and eco-efficiency. As part of
Some USD 65 billion was lost in underlying market value in shipping assets in 2015, according to shipbrokers Barry Rogliano Salles (BRS), as the year proved worse for the industry than expected. “This year saw historic (adjusted) lows or near lows in almost all market sectors except tankers. Only th
For the third time in recent weeks, international naval forces operating in the waters of the Arabian Sea seized a shipment of illicit arms March 28, the US Navy informed. Just over the past month, the joint maritime forces under the Combined Task Force (CTF150) seized two cargoes containing weaponr
There has been no guidance issued on the practical application of the measures regarding the implementation of the amendments to SOLAS VI.2 on container weighing in eighteen countries, a survey from FONASBA, an organisation representing the global ship agency and ship broking professions shows. This
Iran is seeking an investment worth USD 2.5 billion to upgrade its oil tanker fleet as it gears up to restore pre-sanction shipping links. “To expand Iran’s oil tanker activities, USD 2.5 billion will be invested in it,” Ali Akbar Safaei, managing director of National Iranian Tanker Company (NITC),
A Panamanian-flagged general ship anchored at the Port of Haifa has been fined NIS 6,000 (approximately USD 1,580) after its wastewater sanitation system discharged effluents into the sea, Israel’s Ministry of Environmental Protection said. The Marine Environment Protection Division of the Ministry
The National Shipping Company of Saudi Arabia (Bahri) has taken delivery of the second of five second hand MRs ships bought in February for USD 166.5 million. MR ship STI Mythos was delivered and ownership was transferred to Bahri’s subsidiary National Chemical Carriers (NCC) on Tuesday, 29 March 20
The government of Israel has indicted six people for their involvement in a corruption case tied to one of the country’s two main cargo ports, the port of Ashdod, according to Israeli newspaper Haaretz. Among the people charged for bribery, extortion and money laundering in the period from 2010 to 2
