Container shipping company United Arab Shipping Company (UASC) seems to be following in the footsteps of its counterparts as carriers rush to Iran following sanctions lifting. Namely, the company has reportedly started taking shipments to and from Iran, Reuters said citing a source close to the matt
Oman’s Sohar port and freezone has handled over 50 million tons of cargo in 2015, an increase of 12% compared to 2014, representing an average of almost one million tons a week. Following the first full year of additional traffic from port Sultan Qaboos, container traffic at Sohar jumped by 62% from
Despite difficult market, 2015 seems to have been a very positive year for BG Group as the company may even exceed its operational projections for the full year. BG said that its business performance earnings are expected to reach around USD 1.7 billion, with total results earnings of at least USD 2
Companies serving the offshore energy sector must accept that crude oil prices are not going to bounce back anytime soon and look to diversify into other market areas in the same way the commercial shipping industry does when high crude oil prices squeeze its profit margins, says maritime consultanc
Shipping companies are being strongly encouraged to use new ‘Transitional Measures for Shipowners Selling Ships for Recycling’ launched by an inter-industry working group led by the International Chamber of Shipping (ICS). According to ICS, the purpose of the new Transitional Measures is to help shi
As the sanctions against Iran are being lifted the British classification society Lloyd’s Register is readying for a comeback to the country. Lloyd’s Register told World Maritime News that they are able to provide classification services to Iranian controlled tonnage and that the society will be re-
National Shipping Company of Saudi Arabia (Bahri) reported a huge jump in its net profit for the quarter ending on December 31st, 2015. Bahri’s fourth quarter net profit amounts to SAR 566.88 million (USD 151 million), a major leap from last year’s SAR 123.42 million. The company’s current profit re
The long awaited day when the economic sanctions against Iran will be lifted has come as the country has met all the necessary steps to start the implementation of the Joint Comprehensive Plan of Action, the Vienna-based International Atomic Energy Agency said on Saturday. Now that sanctions are bei
State-run oil company Abu Dhabi National Oil Company (ADNOC) has inked a facility agreement worth USD 3.3 billion with the Japanese banks aimed at securing stable oil imports by Japanese companies. The facility is mostly financed by Japan Bank for International Cooperation in the amount of USD 2.1 b
A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens. The new standard, IFRS 16, is effect
The world’s greenest ultra-large container vessel, the 18,800 TEU MV Al Zubara, passed through the new Suez Canal this week to mark the United Arab Shipping Company’s (UASC) 40th anniversary in the shipping business. “Initiating UASC’s 40th anniversary celebrations from the Suez Canal makes perfect
Energy-hungry Pakistan is planning to meet its gas needs by commissioning a second liquefied natural gas (LNG) import terminal, Reuters reports citing an unnamed government official. As disclosed, the tender for the import terminal has already been launched and the bids are expected to be submitted
The National Shipping Company of Saudi Arabia (Bahri) has taken delivery of the first of two second-hand Very Large Crude Carriers (VLCCs) purchased in October, the Blue Topaz. The ship was transferred to Bahri’s ownership on Thursday, 7 January 2016 and her name was changed to Wedyan. Bahri said th
ISIS Attacks Libya’s Largest Oil Port Libya’s largest oil port of Sidra was attacked early Monday by Islamic State militants who were trying to seize the port… Read More Four Cruise Ships Joining Carnival’s Fleet in 2016 Cruise shipping giant Carnival Corporation & plc said it will launch four new s
