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UASC places large reefer order

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

Oman Drydock Co completes OBO to VLCC conversion for SpringfieldMuscat: 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 proje...

Jeddah port criticised for ‘careless’ unloading

Jeddah port criticised for ‘careless’ unloadingJeddah: 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

Oil facility near Duqm to be builtMuscat: 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

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 agr...

Aden port reopens

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 ...

China supporting Iran’s plans to transform Jask port

China supporting Iran’s plans to transform Jask port Dubai: China is to help Iran build an industrial complex at the southern port city of Jask. "Iran and China will set up an industrial town in Jask port to establish and develop different industries, including petrochemical, refiner...

Gulf Marine Services to provide liftboat training in Abu Dhabi

Gulf Marine Services to provide liftboat training in Abu DhabiAbu Dhabi: Gulf Marine Services (GMS) is to use Abu Dhabi Ports’ Maritime Training Centre in Musaffah to provide simulator training for existing and potential liftboat masters, the first training programme of its kind in the GCC re...

Zim axes Asia-northern Europe container shipping route

Zim axes Asia-northern Europe container shipping route Tel Aviv: Israeli container carrier Zim Integrated Shipping has terminated its monthly ad-hoc sailings between Asia and northern Europe, according to a report from Alphaliner. Zim has been operating a semi-regular service on the r...

Europe could import gas from Iran via Azerbaijan

Europe could import gas from Iran via AzerbaijanDubai: Iran could potentially export between 25bn to 30bn cubic metres of natural gas to 12 unnamed European nations in the coming years, the deputy head of National Iranian Gas Company (NIGC) says. Iran is looking for a way to ex...

Another accident hits Suez expansion project

Another accident hits Suez expansion projectCairo: The breakneck speed that authorities are demanding builders achieve in completing the new channel along the Suez Canal has resulted in another accident. The military-led government has tried to get construction of the 72 km ch...

Libyan ports closed after armed clashes; ICS says stay away

Cairo: The Libyan ports of Ras Lanuf (Rasco), Ras Lanuf 'Harouge', Benghazi and Es Sider are currently closed after armed conflict in the west of the country. Zuietina port is also closed due to strike action, according to an advisory issued today by...

China supporting Iran’s plans to transform Jask port

Dubai: China is to help Iran build an industrial complex at the southern port city of Jusk. "Iran and China will set up an industrial town in Jask port to establish and develop different industries, including petrochemical, refinery, aluminum and ...

Gulf Petrochem starts Khor Fakkan bunkering business

Dubai: Bunker supplier Gulf Petrochem is to begin offering bunkers at the port of Khor Fakkan, UAE. The UAE-based firm said the expansion at Khor Fakkan would enable the company to offer a wider range of marine fuels such as RMG 380, RME 180, MGO ...

Saudi Arabia buys into tanker specialist Hyundai Mipo Dockyard

Jeddah: The Saudi Arabia Monetary Agency this week acquired a 7.26% stake in South Korea’s Hyundai Mipo Dockyard, the tanker building arm of Hyundai Mipo Heavy Industries. Saudi’s overseas investment agency bought a total of 1.45m shares over...

UASC faces legal claim from collision victims' families

Dubai: Legal claims have been filed in Egypt against United Arab Shipping Company (UASC) by families of fisherman killed in a collision with a UASC boxship. The UASC vessel, named by GulfShip News as Al Safat (6,921 teu, built 2008), collided with...

Oil price decline will not change Abu Dhabi’s production plans

Dubai: Oil concession discussions between Abu Dhabi and top international energy companies over the renewal of oil field production contracts will not be affected by the steep decline in crude prices to levels below $50 a barrel over the past six mon...

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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>>