• 2019 June 20 14:25

    UAE Shipping Association looks to branch out

    The UAE Shipping Association (UAESA) was founded 12 years ago. But Tahir Lakhani, UAESA Vice-Chairman, indicates that in that time the UAE has been much more conducive to foreign companies than domestic ones, owing to a lack of options for ship finance.

    “We are trying to promote the UAE as a shipping hub, but there are not many shipowners here,” says Lakhani. “There is a lack of funding, and people do not understand ship finance in this part of the world. This is one of the reasons we’re facing a problem attracting new shipowners, who can do their business in a way where funding is available.”

    Lakhani points out that this is a bewildering state of affairs when some two thirds of all ship cargo passes through the Middle East on its way from Asia to Europe. But the local banking establishment is risk-averse, he says, and not as willing to take a chance on shipping as in other countries. “When people say ‘I want to buy a ship’ the bank will turn around and say: ‘why not buy a property instead?’ Lakhani indicates. “Shipowning would help the economy here, but in the UAE it’s mainly related to property and small trading. We tell the banks that it’s a lot easier to arrest a ship than a property.

     “There are many investors and banks in Norway and other European countries, and we would like to invite them here, where they can do business, and help them set up their offices.

    “Almost $60bn circulates throughout the shipping industry, by only $0.5bn ever stays here in this country, because we don’t have shipping banks, shipping firms,” Lakhani adds. “This is why the most important thing we can do is raise awareness of what we do here, in the international arena.

    “There are still some challenges with the UAE flag. The biggest problem is that I can’t have a vessel working here for more than 21 days with a foreign flag. You have to apply for a navigation license, which takes three months. We are always having discussions with the Federal Transport Authority, trying to persuade them to be more flexible. There are only a few government owned vessels, tankers, flagged here.”

    But there are many opportunities to bring business to the UAE, Lakhani says, with a number of new oil and gas projects underway. Notable is the expansion of the Al Ghaf island and accompanying construction of 10 new artificial islands off Abu Dhabi, an unusual project amounting to $1.36bn of investment, using reclaimed land instead of oil rigs to drill for oil, and one which is expected to add 20% greater production capacity for Abu Dhabi National Oil Company (ADNOC).

    “We work with a lot of hedge funds, Swedish investors, Norwegian investors. Their knowledge of this market is much greater than those in this part of the world. It would be great for them to come over and take advantage, open offices.

    “I gather there are lots of OSVs and PSVs standing in Norway, that they have financed for the Brazilians. But if the awareness is there, Norwegian companies can join operations here, business can be done, and those boats can be deployed.

    “There will be a lot of government contracts and opportunities coming up. Big oil and gas projects coming up. It will explode. Many expansions in the oil and gas business will take place in the coming months, particularly in Abu Dhabi, Kuwait. It would be a great investment opportunity.”




2019 October 23

18:36 GTMaritime protects onboard cyber security in record numbers
18:02 Tokyo MOU accepted Panama as the 21st member authority
17:35 Rosmorrechflot suggests providing subsidies and privileges to ship owners using LNG
17:02 Teekay and Teekay LNG announce resolution to China LNG joint venture issues
16:52 Damen signs contract with Karachi Shipyard & Engineering Works for third ASD Tug 2009
16:43 Side event on Women in Fisheries held at Torremolinos Ministerial Conference
16:21 Average wholesale prices for М-100 HFO down to RUB 11,770 in RF spot market
16:02 Carnival Corporation, Royal Caribbean and Government of St. Lucia sign MoU
15:37 Yxney Maritime and Grieg Connect team up with the NOx Fund to build digital emissions infrastructure
15:02 Qatar Petroleum announces commencement of supply of Very Low Sulphur Fuel Oil at Ras Laffan Industrial City Port
14:56 Ships of RF Navy’s Caspian Flotilla participated in strategic command post exercise
14:14 Port of Zeebrugge posts results for Q3 2019
13:13 Abu Dhabi Ports breaks ground on new waterfront destination
12:40 Association of Legal Entities of “Trans-Caspian International Transport Route” project held General Meeting in Tbilisi
12:12 Aker Solutions targets growth in low carbon and renewable energy
11:48 Yaroslavsky Shipbuilding Plant delivered survey ship of Project 3330 built for Volga Basin
11:26 Technological infrastructure of Vostochny Port's Phase 3 highly appraised by Indian delegation
11:04 Mitsui E&S Shipbuilding deliveres a 66,000 dwt type bulk carrier to Tomaros Navigation, Liberia
10:32 ASCO held meeting with representatives of Australian and Chinese companies
10:09 The world’s largest offshore wind farm welcomes Jan De Nul’s Voltaire to the project
09:50 Russian Maritime Register of Shipping introduced a new edition of the Container Rules set
09:31 Baltic Dry Index is down to 1,806 points
09:15 Brent Crude futures price is down 0.49% to $59.41, Light Sweet Crude – down 0.83% to $54.03
09:08 CMA CGM implements Winter Surcharge on imports into St Petersburg, Ust-Luga & Bronka (Russia)
08:53 MABUX: Bunker market this morning, Oct 23
08:42 Europort 2019 launch led by shipowner summit

2019 October 22

18:09 Alfa Laval Aalborg boiler technology offers an easier path to LNG propulsion
17:53 NOVATEK issues update on Arc7 LNG tankers
17:30 Yxney Maritime and Grieg Connect team up with the NOx Fund to build digital emissions infrastructure
17:02 Total and Zhejiang Energy Group join forces to develop the growing low sulfur marine fuel market
16:48 North-Western Shipping Company carried 3.7 million tonnes of cargo in 9M’2019
16:25 Wärtsilä retrofit to reduce environmental impact of ferry operating in ecologically sensitive waters
16:02 McDermott International enters into agreement for up to $1.7 bln of new financing
15:41 Latest Damen FCS 3307 Patrol vessels for Homeland Integrated Offshore Services Limited arrive in Nigeria
15:27 Victor Chernomyrdin icebreaker successfully completed sea trials
15:02 Deltamarin signs design contracts with Merima
14:44 Pella shipyard started mooring trials for lead crab catching vessel of Project 03070
14:10 CMA CGM announces FAK rates from Asia to the Middle East Gulf
13:49 Patrol ship of RF Navy’s Black Sea Fleet left Greek port of Pylos
13:02 A.P. Møller - Mærsk A/S upgrades EBITDA expectation for 2019
12:50 Marine Recruiting Agency trained 1,344 specialists for port and construction segments in 9M’19, up 14% YoY
12:28 DP World reports 1.1% gross like-for-like volume growth in 3Q 2019
12:26 ESPO congratulates port of Barcelona, Vigo and Baku for getting EcoPorts’ environmental management standard
12:01 Cook Islands, Sao Tome and Principe accede to Cape Town Agreement, 46 declare support
11:45 MPSV12 project vessel "Bahtemir" took part in emergency response exercises in the Gulf of Finland
11:22 3rd “LNG Fleet and LNG Bunkering in Russia” conference kicks off in Moscow
11:13 Bio-based welding-gas production facility to open in the port of Amsterdam
10:44 CMA CGM announces PSS for cargo from Europe and the Mediterranean to Australia and New Zealand
10:20 BLRT Grupp’s Noblessner Homeport project wins in “Best Development Project of 2019” nomination
09:56 Poland's first training centre for port staff opened at the Port of Gdansk
09:33 Brent Crude futures price is down 0.22% to $58.83, Light Sweet Crude – fell by 0.26% to $53.37
09:18 Baltic Dry Index is down to 1,846 points
08:31 MABUX: Bunker Market this morning, Oct 22

2019 October 21

18:25 Navios Acquisition announces $15 mln offering of common stock
18:02 Temasek subsidiary plans to acquire 30.55% of shares in Keppel
17:50 Two LNG-powered Sovcomflot tankers successfully completed voyages along Northern Sea Route
17:36 Anglo-Eastern signs Cyber MOU with Naval Dome
17:13 Guard ship "Yaroslav Mudry" of RF Navy’s Baltic Fleet made business call in Limassol
17:05 Blockchain and DNA-based marine fuels tracking solution BunkerTrace goes live
17:02 Castor Maritime announces vessel acquisition