English
العربية
en
Arabic

News

Libyan tanker freed after no weapons found onboard

Libyan tanker freed after no weapons found onboard

Cairo: A tanker diverted by the recognised Libyan government has been released from the port of Tobruk after no weapons were found onboard. The Libya-flagged tanker, Anwaar Afriqya (34,700 dwt, built 2004), was diverted on January 25 to the government-controlled port of Tobruk from its original destination of Misrata.

Zim launches new tool for tracking sensitive cargo

Zim launches new tool for tracking sensitive cargoEilat: Israel’s Zim Integrated Shipping has launched ZIMonitor, a new service for monitoring and tracking valuable and sensitive cargoes in refrigerated containers. The system has been tested in an international pilot scheme wit...

GAC secures BG fleet contract

GAC secures BG fleet contractDubai: GAC has been appointed sole provider of hub agency services for the worldwide LNG fleet of BG Group. The agreement also covers crude oil and LPG shipments to accommodate BG Group’s expanding cargo range. The new five-year...

Sohar plans next phase development

Sohar plans next phase development Muscat: With much of its Phase I acreage already full, Sohar Free Zone has satrted the next phase of its special economic zone adjoining the industrial port on Oman's Batinah coast. Phase II, covering an area of around 1,000 hecta...

Iraq seeks investors for giant new port

Iraq seeks investors for giant new port Dubai: Iraq may seek foreign investment for its multi-billion-dollar Grand Faw port project, the nation’s transport minister has said. “The transport ministry is unable to execute the Grand Faw port project, which will have a t...

Libyan government diverts tanker carrying fuel oil to rebels

Libyan government diverts tanker carrying fuel oil to rebelsCairo: A product tanker carrying fuel to Libyan rebel forces has been diverted by the country’s recognised government, which threatened an air attack on the vessel. The Libya-flagged tanker, Anwaar Afriqya (34,700 dwt, built 200...

Gottwald mobile harbour crane delivered to Sohar Port

Gottwald mobile harbour crane delivered to Sohar PortMuscat: A new Gottwald HMK 6407 crane has been delivered at the C. Steinweg Oman-operated multipurpose general cargo terminal at Sohar Port, Oman. The crane has a lifting capacity of 100 tonnes, and was delivered to the terminal b...

Sanctions annulled on Iran shipping companies, pending EU decision

Sanctions annulled on Iran shipping companies, pending EU decisionDubai: Europe's General Court has annulled EU sanctions on Bank Tejarat, an Iranian commercial bank, and 40 Iranian shipping companies. The EU now has just over two months to decide whether to appeal or re-instate sanctions on dif...

Iran and India plan direct shipping link from Chabahar

Iran and India plan direct shipping link from ChabaharDubai: A direct shipping line is being planned between Iran’s Chabahar port and Mumbai ports in India, according to Gholam Hossein Shafeyee, chairman of the Iranian Chamber of Commerce. The ocean route will be the best, the shor...

DP World taps local boat builder

DP World taps local boat builder Dubai: Terminal operator DP World has signed a contract with Emirates Boats to build a new prototype pilot boat for its Marine Department at Jebel Ali Port. A new generation of 50 foot long inflatable pilot boats with a top speed ...

Coastguard training needed to prevent piracy in Indian Ocean

Coastguard training needed to prevent piracy in Indian OceanDubai: Effective training and mentoring for coastguards in the Middle East and Africa is essential in order to have control over territorial waters and economic zones, according to maritime security company Maritime Asset Security & ...

UASC places large reefer order

Dubai: Containerline United Arab Shipping Company (UASC) has ordered 2,000 reefer containers from Daikin. “The order marks the first milestone in the expansion of UASC’s reefer services,” the firm said in a release.

Oman Drydock Co completes OBO to VLCC conversion for Springfield

Muscat: Greece’s Springfield Shipping has taken delivery of Olympic Luck (319,900 dwt, built 2010), a VLCC converted from an oil-bulk-ore (OBO) carrier at Oman Drydock Company (ODC) in Duqm. This is the first major conversion project that ODC has u...

Jeddah port criticised for ‘careless’ unloading

Jeddah: Importers in Saudi Arabia have criticised the Jeddah Port Authority for damaging goods during vessel unloading, as well as for lengthy customs clearance procedures, according the country’s Al-Madinah newspaper.

Oil facility near Duqm to be built

Muscat: Amec Foster Wheeler has been handed a contract by the Oman Tank Terminal Company (OTTCO), for the front-end engineering design of the Ras Markaz Crude Oil Park Project in Oman.

Ports tie up between Egypt and Abu Dhabi

Cairo: Egypt’s Red Sea Port Authority and Abu Dhabi’s counterpart will establish joint companies encouraging marine investments, following an agreement signed in Cairo yesterday. Minister of Transportation Hany Dahi said the agreement seeks to f...

Aden port reopens

Dubai: Aden’s port and airport reopened today after Yemen’s president, Abd-Rabbu Mansour Hadi, accepted some demands from the dominant Houthi group Authorities in in the southern port city had closed all land, sea and airports on Wednesday as f...

Site Sponsor

Introduction

GulfShip News is unique serving as the only dedicated maritime portal for the Middle East.

With local Arabic speaking staff on the ground GulfShip News is the only source to cover the whole region.

Bureau chief Jawad Ahmad runs the newsroom from Cairo and is ably supported by a network of reporters in key shipping hubs including Dubai, Muscat and Doha. 

GulfShip News is a subsidiary of Singapore-registered Asia Shipping Media. As well as a daily news wrap, this site contains a weekly 'In Focus' section which is a more in depth feature plus you can read the latest magazines from the ASM stable by clicking the magazine cover below.

On top of that readers can subscribe for a free weekly newsletter. 

 

Read Our Latest Magazines

Maritime CEO
Maritime CEO

In Focus

Cheaper oil puts brakes on OSVs

Cheaper oil puts brakes on OSVs

Cheaper oil puts brakes on OSVs

The offshore supply vessel (OSV) industry has seen significant growth in recent years. However, the steep fall in oil prices of late could put a spanner in the works for the OSV industry.

At present, global oil prices are in the middle of one of its steepest selloffs since the financial crisis of 2008/2009.  World oil prices, which were hovering in the region of $110 per barrel from January 2010 until mid-2014, have taken a nose dive since June, more than halving in the past six months.

Whilst the decline in oil prices is likely to be a boon for consumers, the same cannot be said for the OSV industry. This is because oil majors are likely to cancel or delay their drilling operations and big-ticket production projects which are predicated on high oil prices. Evidence of this can already be seen in the recent announcement by ConocoPhillips that it would be cutting investment spending in 2015 by 20%.

The potential reduction in drilling operations and production projects would be of particular significance to OSV operators (both owners and charterers). This is so as drilling operations are a key driver in the demand for the use of OSVs such as platform supply and anchor handling tug vessels. OSV operators are therefore expected to experience a fall in the demand for OSVs.

One possible repercussion of the fall in the prices of oil and the expected fall in demand for OSVs is that charterers may seek to discharge themselves from charterparties which they had concluded prior to this decline. Such a trend was seen from the colla ...   More>>