The Federal Transport Authority (FTA) of the United Arab Emirates (UAE) has banned all ships flying the Micronesian flag from entering its waters and ports. The transport authority ascribed the decision to the fact that the Federated States of Micronesia doesn’t have an international ship registry.
Lithuanian energy minister, Žygimantas Vaičiūnas, signed a memorandum of understanding with his UAE counterpart on bilateral cooperation, exchange of knowledge and experience in the fields of solar energy and LNG technologies.
Saudi Arabia’s Crown Prince Mohammed bin Salman on Saturday said that the Kingdom of Saudi Arabia is ready to support the extension of an oil production cut agreement reached last year between OPEC and some Non-Opec nations in order to balance global crude oil supply and demand. “The Kingdom affirms
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Engie confirms review of upstream, midstream LNG business French energy giant and LNG player Engie confirmed it has started negotiation with interested counterparties to sell its upstream and midstream LNG activities. Novatek to order 15 Arctic LNG carriers at Zvezda shipyard Russia’s largest indepe
Despite somewhat increased activity in terms of new orders in the product tanker sector in the first nine months of 2017, the orderbook remains at historically low levels, as disclosed by Capital Product Partners L.P. in a market commentary. The MR product tanker orderbook currently stands at 7.2% o
Qatar has announced a labor reform which seeks to terminate the so-called “kafala system”, a form of indentured labor that in practice has resulted in preventing migrant workers from leaving the country by their employers. The step is being taken following the pressure from the International Trade U
Marine geophysical company Polarcus has received a letter of intent from an unnamed client to pre-fund a multi-client XArray 3D seismic acquisition project in the Middle East. The project is due to start in the fourth quarter of this year and will run for approximately two months, Polarcus said in a
Vessel operating costs are expected to increase in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. Th
Increased consolidation among carriers driven by a continued oversupply of vessels could bring some order to the market, however, the recent mergers and mega alliances may lead to oligopolistic structures, UNCTAD warned in its latest report on maritime transport. “A slower demand than earlier projec
Doha-based Qatar Navigation (Milaha) reported a decline in net profit during the first nine months of the year.
There is still a considerable number of vessels in the dry bulk pool older than 20 years that are the likely candidates for demolition. Namely, in the Handysize sector 15 % of the fleet is built before 1997 totaling in 365 ships, in the Handymax/Supramax sector 4% of the fleet is older than 20 years
Swiss trading company Gunvor and Spanish LNG operator Gas Natural Fenosa submitted the lowest bids in a tender to supply Pakistan with four liquefied natural gas cargoes in January. State-run Pakistan LNG launched the tender in September with four delivery windows across January. The cargoes will be
Zamil Offshore Services and UTEC, an Acteon company, have formed a strategic partnership to execute offshore survey projects in Saudi Arabia. UTEC said on Tuesday that the partnership brings together its offshore survey experience and Zamil Offshore’s marine and offshore operations experience as wel
