Ship insurance costs soar after Middle East tanker attacks
London - Growing concern for safety of Middle East shipping lanes. Premiums spike after repeat attacks.
Middle East
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Tanker attacks cause jitters among Gulf bond investors
Dubai - International bonds issued by Gulf Cooperation Council (GCC) states weakened on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.
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Japan shipping company Kokuka Sangyo says its tanker was attacked in Gulf
Tokyo - The president of the Japanese shipping company Kokuka Sangyo Ltd said one of its tankers had been attacked near the Strait of Hormuz, its president told reporters at a news conference.
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Two 20,000 teu COSCO megaships at Khalifa Port
Abu Dhabi - CSP Abu Dhabi Terminal, a container terminal built and operated by China’s COSCO Shipping Ports Limited (CSP) at Khalifa Port in partnership with Abu Dhabi Ports, has received two of the world’s largest mega-vessels within less than a month
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Trump vs. Iran: Saudis say they will defend themselves
Dubai - Saudi Arabia does not want war but will not hesitate to defend itself against Iran,a top Saudi diplomat said Sunday after the kingdom’s energy sector was targeted this past week amid heightened tensions in the Persian Gulf
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The gathering storm? / ANALYSIS
London - Not in a long time has the geopolitical situation in many of the worlds largest crude providers been so precarious. At the time of writing, many are still trying to understand the rationale behind the sabotage of vessels at Fujairah and drone attacks on Saudi Arabian pumping stations
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Israel Shipyards presents coastal defense ships
Lima - Israel Shipyards Ltd. and SK Group member,a leading shipbuilding and repair company for the naval and commercial marine markets - presents its advanced solutions for seaborne interdiction and prevention of terrorist and illegal activities for navies, law enforcement and HLS forces, at SIDEF 2019
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Saudi Arabia says oil facilities outside Riyadh attacked
Dubai - Saudi Arabia says drones hit oil pumping stations near Riyadh. Attack follows sabotage of Saudi oil tankers off UAE coast.
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Britain warns of Iran-U.S. conflict, Pompeo meets Europeans
Brussels - EU trying to save Iran deal after US withdrawal. US Sec of State Pompeo meets EU ministers on Iran.
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Saudi Arabia says its oil tankers among those hit off UAE coast
London - Riyadh says attack undermines oil supply security. UAE launches probe without blaming at any state or party * Iran calls incident “worrisome”, asks for investigation.
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As Houthis quit ports, Yemen awaits next peace steps
Aden - Yemen government awaits U.N. timetable for peace moves. U.N. says Houthi forces withdrawn from Red Sea ports.
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UAE says four vessels subjected to ‘sabotage’ near Fujairah port
Dubai - The incident occurred near the UAE emirate of Fujairah, one of the world’s largest bunkering hubs that lies just outside the Strait of Hormuz, it said.
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Qatar to build more than 100 LNG ships
Doha - Qatar Petroleum has invited tenders for the construction of more than 100 LNG ships
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Turkey cannot quickly abandon Iranian oil, minister says as U.S. waiver ends
Istanbul - Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a day after a U.S.-imposed sanctions deadline.
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Iran says U.S. sanctions on its oil industry will damage market stability
Geneva - U.S. sanctions against Iran’s oil industry will damage the stability of global oil markets, a senior Iranian official was quoted as saying on Monday.
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Djibouti orders to pay DP World $530M
Djibouti - A court in London has awarded global ports operator DP World $385 million in compensation for the government of Djibouti’s decision to shut it out of previously-agreed development opportunities. When adding in unpaid royalties, the total award comes to $533 million
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Three killed in submarine explosion
Bandar Abbas - Three staffers in Iran’s defense industries have been killed in an explosion in a submarine under construction in the country’s south. The explosion took place at a ship-building factory about 37 kilometers west of the southern port of Bandar Abbas that overlooks the Strait of Hormuz
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Iraq orders arrest of ex-governor after deadly ferry sinking
Mosul - Iraq has issued a warrant for the arrest of the former governor of Nineveh on corruption charges after at least 90 people were killed in a ferry accident in the provincial capital Mosul.
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Stalled Aramco IPO sets back deal-making at Motiva
Houston - Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share
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Iraqi parliament sacks local governor after Mosul boat capsize
Baghdad - Iraq’s parliament voted on Sunday to sack the governor of Nineveh after an overloaded ferry capsized, killing at least 90 people.
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Iraqi PM seeks sacking of local governor after Mosul boat capsize
Baghdad - Iraqi Prime Minister Adel Abdul Mahdi has formally requested that parliament sack Nineveh Governor Nawfal Hammadi al-Sultan after a river ferry accident that killed at least 90 people.
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Diversification means growth for DP World
Dubai - This week, DP World announced a year-over-year revenue increase that would be large for any sector, and perhaps exceptionally large for ports. Worldwide, the global terminal operator saw revenues rise by 20%
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Iran hopes trade channel skirting U.S. sanctions will work within weeks
Vienna - Iran hopes a new trade channel with Europe aimed at cushioning the blow of reimposed U.S. sanctions will be working within weeks, its deputy foreign minister said on Wednesday.
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EU and Qatar reach aviation agreement
Brussels - The European Commission and the State of Qatar initialled today an aviation agreement, the first such agreement between the EU and a partner from the Gulf region
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Dubai’s ENOC partners with India’s IOC to expand abroad
Dubai - United Arab Emirates’ National Oil Company Group said on Wednesday it had formed an alliance with state-run I ndian Oil Company as part of the Dubai-based firm’s global expansion strategy
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UAE eases Qatar shipping ban amid continuing dispute
Dubai - The United Arab Emirates has eased a ban on the shipping of goods between it and Qatar enforced under a political and economic boycott of Doha, according to port circulars and an industry source
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DP World acquires P&O Ferries
Dubai - The terminal and logistic company DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of 322 million pounds, 421 million dollars
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Sanctions on Iran dampen South Korean petchem exports
London - US sanctions on Iran have forced South Korea to look for alternative sources of condensates, thereby impacting tonne-mile demand, writes the research firm Drewry in its last report
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DP World’s growth slows down
Dubai - Dubai’s port operator DP World handled 71.4 million TEUs in 2018, with gross container volumes growing by 1.9% year-on-year. The United Arab Emirates handles 15 million TEUs, down 2.7% compared to 2017
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Disappointing factory activity threatens global growth
London - Factory activity was at its weakest in years across much of the world during January, adding to worries trade tariffs, political uncertainty and cooling demand poses an increasing threat to global growth
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“International military action against piracy”
Copenaghen - The international shipping association BIMCO calls for a stronger military and law enforcement against piracy
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Oman Shipping mulls further ship investments
Muscat - Following last week’s order for two very large crude carriers (VLCC) placed with South Korean shipyard Daewoo Shipbuilding Marine Engineering (DSME), Oman Shipping Company is set on growing its fleet further
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Iran discovers oil in Abadan region
Geneva - Iran has discovered oil in the southwestern Abadan region for the first time, Oil Minister Bijan Zanganeh was quoted as saying by the Mehr news agency on Wednesday.
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A century on, Basra’s British-era shipyard going strong
Basra - Begun in 1918 by British troops, Basra’s shipyard is surviving into old age with little maintenance, relying on its vintage machinery and the skill of its workers to keep going.
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Germany bans Iranian airline on suspicion of spying, terror
Berlin - Berlin has revoked Iranian airline Mahan’s right to operate in Germany, a senior government source told Reuters on Monday.
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Erdogan: Turkey is ready to take over Syria’s Manbij
Ankara - Turkey is ready to take over security in Syria’s Manbij, President Tayyip Erdogan told U.S. President Donald Trump in a telephone call on Sunday.
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Pirate attacks multiply in the Gulf of Guinea
London - Piracy increased on the world’s seas in 2018, with a marked rise in attacks against ships and crews around West Africa, the International Chamber of Commerce’s International Maritime Bureau’s (IMB) latest annual piracy report reveals
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Qatar’s ports record highest annual growth
Doha - Qatar’s ports have delivered an impressive performance last year with all round growth in all the segments. The ports in the country achieved highest annual performance in containers, vessels and livestock segments in 2018
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ENI acquires majority in two Abu Dhabi’s concessions
Abu Dhabi - Eni has signed in Abu Dhabi two concession agreements for the acquisition of a 70% stake in two offshore oil exploration blocks
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ZIM and 2M Alliance expand their cooperation
Tel Aviv - Israel’s Zim Integrated Shipping Services has signed an agreement with the 2M Alliance, the partnership between Maersk and MSC
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Saudi Arabia’s “biggest investment ever” in Pakistan
Karachi - Pakistan and the Kingdom of Saudi Arabia have finalized the memorandum of understanding for the construction of multi-billion dollar Saudi Aramco oil refinery in Gwadar deep seaport city
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Aramco secures long term market for its oil
Abu Dhabi - Saudi Aramco’s plan to set up and run petrol stations across the kingdom will help the world’s biggest crude exporter secure a long-term market for its oil barrels
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GAC to set up operations in Abu Dhabi
Abu Dhabi -Leading integrated shipping, logistics and marine services provider GAC is opening a warehouse and open yard in the Middle East’s largest industrial zone and a subsidiary of Abu Dhabi Ports, Khalifa Industrial Zone Abu Dhabi (KIZAD)
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Iran falls to sixth biggest oil supplier to India in November, from fourth in October
New Delhi - India’s monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier
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Adnoc combines LPG and propylene shipments for first time
Abu Dhabi - Abu Dhabi National Oil Company has co-loaded liquefied petroleum gas, which is used for cooking and in vehicles, and propylene, a building block for petrochemicals, onto the same vessel as the company looks to lower freight costs
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OPEC works on deal to cut output
Vienna - OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a significant production cut was so far the main stumbling block
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Virgin Hyperloop One, Bin Sulayem replaces Branson
Los Angeles - Virgin Hyperloop One, the company that has developed a full scale hyperloop system, announced today that Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, has been elected as its new Chairman
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DP World files lawsuit against China Merchants
Dubai - DP World, the port operator based in Dubai, has filed a lawsuit against the state-owned China Merchants Port Holding, about the controversial Terminal project in Djibouti
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China’s foreign trade jumps 16%
Beijing - China’s foreign trade jumped year-on-year to €3.4 trillion in the first 10 months of 2018. Imports surged 20.3 percent while exports grew by 12.6 percent
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UAE’s Gulftainer to operate U.S. port of Wilmington
Abu Dhabi - Gulftainer, the UAE-based port operator, on Wednesday said it won a 50-year concession to operate and develop the Wilmington port in Delaware, USA, with a $600 million investment