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Sohar port readies for August switch

Sohar port readies for August switch

Muscat: The Omani government has made it clear that all commercial shipping must shift from Muscat’s Port Sultan Qaboos to Sohar Port by August as the former undergoes a transformation to be a cruise and passenger hub. Sohar Port has spent $15bn over the past decade building up infrastructure. Sohar now has container capacity of 1.5m teu and significant liquid handling capabilities which are set to be ramped up too.

Plans to develop Anzali port

Plans to develop Anzali portDubai: Iran plans to boost trade and economic ties with its Caspian littoral countries via developing Anzali port in Gilan province. As well as the Qazvin-Rasht-Anzali railway project, construction of a new port in the Caspian Sea...

Tanker calls at Hariga as eastern Libya reopens for oil trades

Tanker calls at Hariga as eastern Libya reopens for oil tradesTripoli: A tanker called legally in eastern Libya yesterday for the first time since last summer as the government has taken control of formerly rebel held oil terminals towards the Egyptian border. The Aegean Dignity arrived at t...

Haifa adding tug to fleet

Haifa adding tug to fleetCairo: Haifa Port Company (HPC) has awarded an international tender for a newbuild Voith Schneider tug to Zamakona Yards. HPC has tendered a tug which is a sister vessel of the ones already operating in the harbour. The tug has 70...

Deal signed to transform Iraqi boxport

Deal signed to transform Iraqi boxportDubai: Nawah Port Management (NPM), a business unit of North America Western Asia Holdings, has entered into a formal agreement with Iraq’s Ministry of Transportation and the General Company for Ports of Iraq to quadruple the size ...

Drydocks World grabs Malta jack-up pair

Drydocks World grabs Malta jack-up pairDubai: Drydocks World has signed an agreement with Malta Oil & Gas to build two jack-up drilling rigs based on Gusto MSC CJ54-X135-A design. Khamis Juma Buamim, chairman of Drydocks World & Maritime World, said: “There is a grea...

Topaz makes further inroads in West Africa

Topaz makes further inroads in West AfricaDubai: Offshore operator Topaz Energy and Marine has won a new contract for its fast growing West Africa operation. Under the terms of the $11m agreement, Topaz will supply a global oil major with a platform supply vessel, the Top...

Walls to protect Suez Canal under construction

Walls to protect Suez Canal under constructionCairo: Local media in Egypt report that the military is halfway to completing rock walls around both the southern entrance of the Suez Canal as well as in the north around Ismalila and Port Said. Major General Mohamed Ali Shams Edd...

Road to link key Iraqi and Jordanian ports

Road to link key Iraqi and Jordanian portsDubai: Iraq has approved a World Bank-funded project to construct an international highway to Jordan to enhance trade between the two countries. "The highway project will link Umm Qasr port in Basra province to Jordan's Aqaba port t...

Four companies bid for new Israeli ports

Four companies bid for new Israeli portsCairo: Four international port operators have submitted bids in the prequalification stage of the tender for operating the controversial Bay Port in Haifa and the South Ashdod Port. They are Terminal Investment Ltd. (TIL), a subsidi...

Zawia port blockade

Zawia port blockadeCairo: Tankers are backing up at the Libyan port of Zawia as protesters have blockaded the terminal preventing ships from loading. The government called on protesters to cease the blockade or face severe consequences. Fears of a fuel...

UACC buys chemical tanker pair

Dubai: Dubai’s United Arab Chemical Carriers has spent $70m on a pair of four-year old tankers. UACC paid $35m each for the 45,612-dwt Bunga Balsam and the 45,337-dwt Bunga Bakalawi. The ships were built in 2010 by Korea’s SLS Shipbuilding.

Asian operator set to transform Iraqi boxport

Manila: Philippine terminal operator International Container Terminal Services, Inc. (ICTSI) has agreed to operate, develop and expand Iraq’s largest port facilities and invest $130m in the first phase of the deal. ICTSI signed a contract with G...

New Med service for UASC

Dubai: United Arab Shipping Company (UASC) is introducing a new Asia - Mediterranean Service called “AMC2” starting 22 April from Busan in Korea. This new service expands upon UASC’s existing Asia - Mediterranean Service (AMC1).

DP World works to battle piracy at its source

Dubai: How to support Somalia to build its economy, attract international investment and create jobs and a future for its young people as an alternative to taking to sea as pirates was the focus of a high level meeting of public and private sector ex...

DP World hosts event to discuss Kazakhstan’s ‘New Silk Way’

Dubai: Terminal operator DP World has hosted a conference in Dubai aimed at fostering partnerships to facilitate increased trade between Asia and Europe along the so-called ‘New Silk Way’ through Kazakhstan. DP World Group CEO Mohammed Sharaf we...

Salalah LPG plant planned

Muscat: Oman Gas Company ( OGC ) has signed a memorandum of understanding (MoU) with both Salalah Free Zone ( SFZ ) and Port of Salalah (POS) to build a liquefied petroleum gas (LPG) processing plant at SFZ and the storages and export facilities at t...

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In Focus

Offshore spending will continue to grow

Standard Chartered analyst bullish on prospects for Asian oil capex

Offshore spending will continue to grow
There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore still set for very solid growth.
 
Following on from Asia Shipping Media’s Offshore Business Breakfast, held at the Fullerton Hotel in Singapore last month in association with Standard Chartered, we look at the very thorough presentation given by the bank’s director of oil and gas equity research, Duke Suttikulpanich.
 
Producers’ ROEs have been declining for the last three years, Suttikulpanich said, and while oil prices have been dropping with many saying the price of a barrel might hover around $90, Standard Chartered disagrees saying a barrel will be worth $108 - $115 from 2014 to 2017.
 
Independent oil companies’ development capex has slowed down from 5% last year to 1% this year, and likely no growth at all next year, Suttikulpanich said, but stressed this decline is mainly onshore. “Offshore is still strong,” he said, with 7% growth expected this year, much to the relief of the 45 people in the room, made up predominantly of OSV and rig owners.
 
Most Asian producers are moving away from shallow water to deep water, Suttikulpanich noted, adding that there was a need for plenty more semi-submersibles in the region. Asian growth is co ...   More>>