The UAE is planning to upgrade its Jebel Ali LNG storage facility with additional capacity, as announced by the country’s Energy Minister. “Dubai will announce [it] once they land on the capacity … but definitely it’s an upgrade from the existing 3 million tonnes,” Suhail Mohammad Faraj Al Mazroui,
Dozens of oil tankers are waiting to load at Iraq’s offshore deep sea oil terminal Al Basra Oil Terminal in the Persian Gulf. A buildup of over 30 oil tankers has been reported amid delays of up to three weeks to load oil caused by bad weather and possible oil quality issues, Reuters cited shipping
Dutch Terminal Investment Limited (TIL) has been selected winner of the tender to operate South Port in Ashdod, Israel. The contenders for the port tender were two international companies: TIL and a group led by EUROGATE, German-based operator of container terminals. The new port is set to start ope
Dubai-based port operator DP World has agreed to buy Fairview Container Terminal in Prince Rupert, British Columbia, Canada from Deutsche Bank for CAD 580 million (USD 457 million). Fairview is a purpose built terminal with a current capacity of 850,000 TEUs (twenty-foot equivalent container units),
IMO receives nominations of six candidates for the position of the Secretary-General of the IMO.
Yemen’s Houthi militias, rebel forces believed to be backed by Iran, seized a Bab al-Mandab army base overlooking the key shipping lane in the Red Sea, Bloomberg reports citing Mahfouz Ahmed, a soldier at the facility. The Associated Press quoted Yemeni military officials as saying that Houthi rebel
Overtonnaging, the effect of lower oil prices and the growth of investment by financiers from outside shipping have led to overall confidence levels in the shipping industry falling to their lowest level in two-and-a-half years, the latest Shipping Confidence Survey from accountant and shipping advi
Exposures and risks are growing in size and complexity and these will require stable solutions in the future, according to the International Union of Marine Insurance (IUMI). The cost of salvage and wreck removal is dramatically increasing. It is estimated that Superstorm Sandy is the sixth costlies
Israeli container carrier ZIM ended 2014 with a USD 127 million net loss, a result described as a ”sharp improvement” when compared to USD 216 million net loss the company recorded in 2013. The company carried 2.36 million TEUs in 2014, a 6% decrease compared with 2013. Most of the decrease was as a
Operations of Kuwaiti oil tankers in the Bab el-Mandeb strait remain unaffected by the military operations in Yemen, as informed by Kuwait Petroleum Corp’s spokesman. Sheikh Talal al-Khalid al-Sabah, chief executive officer of Kuwait Oil Tankers Co (KOTC), is quoted by Reuters as saying that the pas
Shippers seem to be the greatest beneficiaries of lower marine fuel costs as they see the benefits being passed on to them by carriers, according to Drewry’s Container Insight. Maersk, for example, said in its full-year investor presentation that it assumes 70-80% pass-on of the fuel savings to ship
The Russian Federation has proposed its first candidate for the position of the Secretary General of the International Maritime Organization (IMO). Namely, in a letter sent to the IMO, Russia nominated the Deputy Director of the Department of State Policy for Maritime and River Transport of Russian
Containership operator Pacific International Lines (PIL) has teamed up with COSCON, Wan Hai and Yangming on a new joint service in the Far East – Middle East trade commencing from Pusan on 5 April 2015. The new service, named CM2, will be PIL’s second Far East-Middle East loop with a total of 6 vess
Yemen shut down all major ports on Thursday amid bomb strikes launched by the Saudi Arabia, Reuters reports. Local sources in Yemen confirmed the closure, according to Al Arabiya News. The ports in question include Aden, Al Mukalla, Al Mokha and Al Hudaydah. It has not been informed when the ports m
