• 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 July 19

11:31 Naval Group reports order intake growth in H1 to 3.9bn euro
11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
09:50 MABUX: Bunker market this morning, July 19
09:33 Brent Crude futures price is up 1.91% to $63.11, Light Sweet Crude – up 1.48% to $56.12
09:16 Baltic Dry Index is up to 2,130 points

2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform
09:34 Brent Crude futures price is up 0.17% to $63.77, Light Sweet Crude – up 0.02% to $56.79
09:16 Baltic Dry Index is up to 2,064 points

2019 July 17

18:13 USCG responds to boat collision, assists 4 injured
17:55 LNG vessels to protect environment and increase container turnover at the Port of Riga
17:32 YAMAL LNG obtains certification for the new ISO 45001:2018 and confirms compliance with ISO 14001:2015
17:03 Qatargas delivers 3000th LNG cargo to Japan
16:48 Maslovoz-2 tanker left floating dock of Novorossiysk Ship Repair Yard
16:21 Krasnoye Sormovo delivers the Aleksandr Zuyev, dry cargo carrier of Project RSD59, to STLC
16:03 Safe Bulkers, Inc. announces installation and commissioning of the first scrubber on MV Martine
15:44 Germany accedes to ship recycling convention
15:27 South Africa accedes to compensation regime for hazardous and noxious cargoes
15:02 BHP to introduce low emissions LNG freight
14:02 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
13:32 McDermott awarded FEED contract for Sohar LNG bunkering project in Oman
13:15 Pilbara Ports Authority delivers a total annual throughput of 697.2 million tonnes for the 2018/19 financial year
12:39 Exports of Russian oil products from Kambarka oil tank farm resumed by river route via RPK-Vysotsk-LUKOIL-II
12:01 Aker Solutions announces Second-Quarter and Half-Year results 2019
11:51 New edition of Rules for Classification and Construction of Ships Carrying Liquefied Gases in Bulk published by RS
11:44 Port of Oakland’s keystone project set to be delivered in 2020
11:26 NIBULON shipyard continues forming the hull of its 140-m NIBULON MAX floating crane
11:02 The President of the European Council visits the new Port of Baku
10:40 Gasum Group reports its financial results for Q2 2019
10:30 MABUX: Bunker market this morning, July 17
10:17 AS Tallinna Sadam reports its 2019 Q2 passenger and cargo flows
09:54 Bunker prices increase at the port of Saint-Petersburg, Russia (graph)
09:35 Brent Crude futures price is up 0.25% to $64.51, Light Sweet Crude – up 0.03% to $57.64
09:19 Baltic Dry Index is up to 2,011 points