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GulfShip News to make a splash on new online platform

GulfShip News to make a splash on new online platform

Singapore: Today sees the launch of a brand new shipping news title, Splash, designed to be the site for incisive, exclusive maritime news and views 24/7. With a network of correspondents spanning the globe, loading in real time, Splash promises to be something refreshingly different to today’s maritime media offerings.

McDermott wins Qatar and Saudi deals

McDermott wins Qatar and Saudi dealsCairo: McDermott International doubled up on Monday with the announcement of two contracts in the Middle East – one offshore Qatar and the other offshore Saudi Arabia. In the Qatar deal, Houston-headquartered McDermott is contra...

Pipeline to Es Sidra port shelled

Pipeline to Es Sidra port shelled Cairo: Islamist militants shelled Libya's Bahi and Mabrouk oilfields on Monday, damaging a pipeline to the Es Sidra oil port. "Large armed forces calling themselves Islamic State in Libya shelled Bahi and Mabrouk oilfields. Field of...

Maersk Training sets up in Dubai

Maersk Training sets up in DubaiDubai: Maersk Training is setting up its first training facility in the Middle East at Dubai World Central (DWC). The new Maersk Training centre will offer companies in the Middle East, Africa and Asia’s offshore industries a wide...

N-KOM and Wartsila sign MoU

N-KOM and Wartsila sign MoUDoha: Two marine services companies in Qatar have signed a Memorandum of Understanding (MoU) to work together to boost repairing and maintenance work of ships.

Israel takes controversial Iraqi Kurdish oil

Israel takes controversial Iraqi Kurdish oil Cairo: An Iraqi Kurdish tanker, barred for months from offloading its oil, has delivered its cargo to Israel via the port of Ashkelon, according to ship tracking data seen by Reuters. The United Kalvrvta tanker, which had been carr...

New Doha facility named Hamad Port

New Doha facility named Hamad Port Doha: The new port being built in Mesaieed in Doha has been named Hamad Port, just like its new airport. Deputy Emir H H Sheikh Abdullah bin Hamad Al Thani yesterday renamed the port.

Abu Dhabi Ship Building diversifies

Abu Dhabi Ship Building diversifies Dubai: Given the extreme competition among shipyards in the region Abu Dhabi Ship Building has chosen to diversify into naval work. It is partnering with France’s Thales to provide maintenance services to naval forces across the re...

US vice admiral admits concern over Yemen chaos

US vice admiral admits concern over Yemen chaos Abu Dhabi: A senior US naval officer has vowed international shipping in and around the Gulf will not be harmed by the growth of Isis, however growing instability in Yemen is a concern.

Tanker loads at Zueitina for first time in nearly a year

Tanker loads at Zueitina for first time in nearly a yearCairo: Libya has restarted oil exports from the eastern port of Zueitina after 11-month suspension and is also testing a pipeline to restart exports from Hariga port. The first tanker in almost a year loaded crude from the eastern p...

Iran seeks to boost rig construction capabilities

Iran seeks to boost rig construction capabilities Dubai: In a bid to develop its nation’s offshore construction capabilities National Iranian Oil Company (NIOC) has banned its subsidiaries from buying or hiring foreign drilling rigs “As it has already been announced… it is n...

Isis targets ships in the Mediterranean

Cairo: Isis is looking at disrupting European shipping. Propaganda released by the group has detailed plans to use Libya as a base to cause “pandemonium” in Europe by hijacking immigrant boats crossing the Mediterranean.

New police force tasked with protecting Suez Canal

Cairo: Egypt is setting up a new police force specifically tasked with protecting the Suez Canal, following continued threats to the vital waterway in the past 18 months. An Egyptian navy patrol boat was ambushed on the canal recently, while the gian...

Israel’s ports poised for privatisation

Cairo: Israel’s privatisation tsar has outlined plans to sell off stakes in the country’s two main ports by the end of this year among a host of other state-run entities set to be opened up to private investors, a move that is likely to rekindle ...

Libyan oil shutdown

Cairo: Libya's oil exports are now just coming from two small offshore platforms, Reuters reports, as the civil war has shut down every major port. No tankers have left Libya in the past week.

UASC enters transatlantic trades

Dubai: United Arab Shipping Company (UASC) has agreed a new partnership with CMA CGM and Hamburg Süd to enter the North Atlantic trade. Through this new vessel sharing agreement, the three partner companies will operate a service on the Transatlant...

Dubai World fixes debt deal

Dubai: Dubai World, the state-owned conglomerate which controls shipyards and terminals around the world, has come to an agreement with its creditor banks on its proposal to amend and extend the terms of its outstanding debt totalling $14.6bn.

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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.

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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>>