The French state on Thursday said it would nationalize a shipyard in western France that's building Royal Caribbean's Symphony of the Seas— the world's largest cruise ship.
Major players from global ship owning, shipmanagement and associated service industries such as satellite communications and maritime clusters are among the confirmed speakers at the Fourth International Shipowning and Shipmanagement Summit (ISSS), to be held during London International Shipping Week 2017.
Global container terminal operator DP World reported 8.2% volume growth in the first half of the year with the help of gains from new shipping alliances.
Over the last decades, the global shipping industry has been one of the major factors of the globalization process. At the same time, the shipping industry is itself being transformed by growing international trade, market integration and the shifting balance of economic power from developed economies to rapidly growing lower wage economies. As shipping-related economic activities are also becoming more globalized, cities and states have to compete to attract international maritime companies.
The 13 OPEC countries produced about 36.4 MMbbl/d of crude oil and condensate in 2016, the highest in the past several years. Threatened by the U.S. shale boom, the group led by Saudi Arabia decided to fight for market share in 2014, resulting in an industry downturn as oil prices completely collapsed.
There is no evidence a pact by global oil producers to curb output needs to be adjusted, Saudi Arabia’s Energy Minister Khalid Al-Falih said on Saturday, describing the recent weakness in crude prices as an overreaction to statistical glitches.
Two shipping collisions near the Singapore Strait in less than a week have caused serious concerns and brought into renewed focus the need for seamless movement of cargo traffic worth billions of dollars annually in the region, market participants said.
The fact that the summer is nearing its end has prompted more ship owners into securing more newbuilding orders.
OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources.
With tonnage oversupply in the tanker market already on the cards, ship owners are increasing looking towards demand in order to find some silver linings.