• 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 22

18:06 Dorset’s Intermarine UK lands steel fabrication deal to increase capacity at Portland Port
17:58 Port of Zeebrugge volumes grow by 12.5 % in first semester of 2019
17:48 MS VASCO DA GAMA welcomed at Ostseekai for maiden call
17:19 Port of Kiel welcomed cruise ship “Marella Explorer”
16:55 ‘A British first’ cruise call for Port of Southampton
16:29 Damen to prepare Stad Amsterdam for ‘green ambassador’ role
15:47 Akademik Pashin tanker arrived at the port of Murmansk
15:14 Container throughput of port Hong Kong (China) down 8.1% to 9.06 million TEUs in Jan-June’2019
14:51 Port of Singapore throughput in Jan-June’2019 climbed by 0.6% to 315.17 million tonnes
14:28 JAXPORT sets container and auto records through first three quarters of fiscal year 2019
13:53 Throughput of port Helsinki (Finland) in Jan-June’19 fell by 6.1% to 7.14 million tonnes (table)
13:29 Bunker sales at the port of Singapore in Jan-June’2019 fell by 6.5% Y-o-Y to 23.7 million tonnes
12:56 Average wholesale prices for М-100 HFO up to RUB 17,248 in RF spot market
12:32 London to host 19th Vessel Efficiency & Fuel Management Summit on November 27-28
12:10 Turbine assembly begins for the WindFloat Atlantic project
11:55 Hamburg to host ACI’s Digitalisation in Shipping: Europe 2019 on October 9-10
11:24 NOVATEK closes Arctic LNG 2 transaction
11:10 APM Terminals Maasvlakte II increases rail service to major inland logistics hub
11:04 Seadrill secures contract for the West Polaris in Southern Asia
10:30 ASCO ships continue working on Absheron gas condensate field
10:08 Port of Oakland freight hauler testing two more electric big rigs
09:55 International Finance Corporation visited NIBULON’s facilities
09:36 Brent Crude futures price is up 1.63% to $63.48, Light Sweet Crude – up 1.08% to $56.23
09:32 MABUX: Bunker market this morning, July 22
09:19 Baltic Dry Index is up to 2,170 points
09:07 CMA CGM announces FAK rates from Asia to the Middle East Gulf
08:00 SCANEX Group offers video presentation of geoinformation services for maritime industry
07:42 Parkwind and Jan De Nul start works for the 219 MW offshore wind farm off the Belgian coast

2019 July 21

16:31 USCG begins investigation into three tugboats sinking
15:18 Tolent kicks off construction of Triton Knoll’s new base on Grimsby’s Royal Dock
14:48 ONE launches new direct service between South East India, Mediterranean, and North Europe
14:37 Major milestone met on Moray East Offshore Windfarm project
13:04 Odfjell SE sells its ownership share of terminal in Jiangyin, China
12:32 Quark Expeditions debuts new livery and interior design for Ultramarine
11:02 NYK selected for FTSE4Good Index for 17th straight year and FTSE Blossom Japan Index for 3rd consecutive year

2019 July 20

15:47 FortisBC secures first export contract for Tilbury LNG facility
13:42 AIDA Cruises plans practical trial of fuel cells abord one of its ships as early as 2021
12:51 Ports of Long Beach, Los Angeles host Clean Truck Program Rate Workshop
11:37 USCG responds to oil slick near Port Aransas, Texas
10:56 Wallem introduces cloud-based software for simpler workflows

2019 July 19

18:10 NYK holds fleet safety promotion conferences for shipowners and ship-management companies
18:04 Incat Tasmania exports new 111 metre ferry to Spain
17:49 World's largest air-cushioned landing craft takes part in Navy Day parade rehearsal in Baltiysk
17:25 Caspian Flotilla ship crews prepare for Naval Parade
17:03 FortisBC secures first export contract for Tilbury LNG facility
16:22 Project documentation for construction of Nizhny Novgorod hydroengineering facility completed - Victor Vovk
16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
15:33 Moby names Damen ASD Tug 2813 Vincenzino O. in Cagliari
15:12 Cargotec posts financial report for January–June 2019
14:47 Blagoveshchensk shipyard completed state trials of hydrographic survey vessel of Project 19910
14:33 NYK recognized for implementation of advanced navigation support tool
14:12 Global Ship Lease announces new charter agreement
13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
13:30 RF Government includes NOVATEK’s LNG terminal project into area planning scheme
13:12 Port of Long Beach releases draft Master Plan update
13:07 Epic Gas Ltd. completes acquisition of two vessels of four LPG carriers
12:24 USCG finds federal fisheries violations aboard 5 recreational fishing vessels
12:11 IMO Council condemns tanker attacks in Strait of Hormuz and Sea of Oman
11:31 Naval Group reports order intake growth in H1 to 3.9bn euro