Moody’s Investors Service (Moody’s) has switched its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2%, suppressing freight rates, particularly in the dry bulk and containership segments. The outlook for the tanker segment
Dubai-based port operator DP World closed the 2015 financial year with a reported revenue growth of 16.3% and adjusted EBITDA increase of 21.4%, delivering a profit of USD 883 million, up 30.7% year-on-year. As explained by DP World Group’s Chairman and CEO, Sultan Ahmed Bin Sulayem, the revenue gro
Oman-based Sohar Port and Freezone’s container terminal received four new post-Panamax quay cranes, marking the port’s next stage of expansion. The cranes have an outreach to serve the latest 10,000 TEU containerships as well as 20,000 TEU future mega boxships. The new cranes arrived by sea from Sha
Singapore-based breakbulk, project cargo and heavy lift carrier AAL and Peter Döhle Schiffahrts-LG, a shipping company from Germany, have launched a new service – ‘Asia-Middle East-Europe’, following up their cooperation on multipurpose tramp solutions. The joint semi-liner service offers multipurpo
The National Shipping Company of Saudi Arabia (Bahri) has taken delivery of its first of five second-hand Medium Range tankers purchased recently for USD 166.5 million. The MR ship STI Lexington was delivered and ownership was transferred to the National Chemical Carriers, a subsidiary 80% owned by
Omani Port of Salalah and Iranian Shahid Rajaee Port and Chabahar Port have inked a Memorandum of Understanding that aims to facilitate growth in shipping, trade and commerce between the two countries. Under the MoU, Port of Salah, the biggest port in Oman, is to support modernization of Iranian por
Dubai’s port operator DP World is exploring investment opportunities in Thailand including those in infrastructural as well as terminal developments in Laem Chabang International Terminal (LCIT). Discussions between the company’s Chairman and Taiwan’s Deputy Prime Minister Somik Jatusripitak revolve
Two Indian sailors have died in a fire that broke out on board the Al Sadaa tanker in Yemen, according to India’s Minister of External Affairs, Sushma Swaraj. As informed, three more seafarers, also all of Indian nationality have been injured in the incident. “The three sailors injured in Yemen are
The Sustainable Shipping Initiative (SSI), a coalition of shipping leaders, and industry stakeholders have developed a roadmap to define tangible milestones across all areas of sustainability that must be collectively delivered to create a sustainable shipping industry by 2040. The roadmap highlight
The Islamic Republic of Iran Shipping Line (IRISL) has penned a Memorandum of Understanding with Singapore-based counterpart Pacific International Lines (PIL), Iran’s Mehr News Agency reports. Under the MoU, the two countries laid the groundwork for collaboration in the field of maritime transport,
Terminal officials at the Port of Aden, Yemen have revealed a new expansion plan that includes putting Ma’alla Container Terminal into operation again after more than four years of suspension. According to the letter issued by the leadership of the Aden Ports Development Company (APDC) which was add
South Korea has inked an agreement with Iran on cooperation in the maritime field and fisheries. Under the deal, the two countries have agreed to facilitate passage to each others’ ships through their respective territorial waters, Korea’s Ministry of Oceans and Fisheries said. According to IRNA, th
Qatar’s first shipment of liquefied natural gas (LNG) arranged under the new USD 16-billion deal signed last month has arrived in Pakistan aboard an LNG ship Al Gattara. The 2007-built Q-Flex LNG ship Al Gattara arrived to the Elengy Terminal in Port Qasim on March 1st where it remains today as well
John Fredriksen-controlled oil tanker shipping company Frontline Ltd. said that there are still some remaining issues related to insurance and payments for cargoes sent from Iran, which could be resolved in two or three months. “We have not lifted anything yet,” Robert Hvide Macleod, Director and CE
