Top News

  • Gulf Craft leads the conversation on “The Future of Superyachts”

    Gulf Craft has solidified its position as the leading manufacturer of composite superyachts during the 2021 edition of the Monaco Yacht Show. Putting the spotlight on its flagship superyacht, the Majesty 175 - the world’s largest composite production superyacht fully manufactured at its UAE shipyard – Gulf Craft hosted a special panel discussion at the Monaco Yacht Club where Gulf Craft Chairman, Mohammed Hussein Alshaali highlighted the benefits of composite yachts, including ease of maintenance and ability to navigate shallow waters.

     

  • WinGD takes a holistic approach to marine decarbonization with ecosystem solutions

    Engine developer WinGD has developed an ecosystem of solutions around the main engine that is expected to enhance energy efficiency and enable a seamless transition to new fuels, which are the two keys to reducing greenhouse gas (GHG) emissions in line with International Maritime Organization’s ambitions.

     

  • ClassNK joins as signatory to Call to Action for Shipping Decarbonization

    Signatories of the Call to Action for Shipping Decarbonization urge world leaders to align shipping with the Paris Agreement temperature goal. The private sector is already taking important steps to decarbonize global supply chains. It is indispensable that governments deliver the policies that will supercharge the transition and make zero emission shipping the default choice by 2030.
     

  • LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier.

    Lloyd’s Register (LR), Korea Shipbuilding & Offshore Engineering (KSOE) and Hyundai Heavy Industries (HHI) have signed a Memorandum of Understanding (MoU) at Gastech 2021, Dubai to develop digital twin technology to support the digitalisation of the maritime industry and the growing demand for large scale LNG carriers.

     

  • Maersk calls Jafza home for its first Warehousing & Distribution facility in the UAE

    Maersk Kanoo UAE, an integrator of container logistics, today signed an agreement with DP World’s leading trade and logistics hub, Jebel Ali Free Zone (Jafza) to set up its first Warehousing & Distribution (W&D) facility in the UAE. The agreement was signed by Christopher Cook, Managing Director, Maersk UAE and Abdulla Bin Damithan, CEO & Managing Director, DP World – UAE Region & Jafza, today at Maersk West & Central Asia regional headquarter in Dubai. The 10,000 sq. mt. facility will be located within Jafza in Dubai.

     

Classification

Insurance

Oil & Gas

  • Lundin Energy's Lille Prinsen Appraisal Drilling a...

    Swedish oil firm Lundin Energy has completed appraisal wells on the Lille Prinsen discovery, north of the Edvard Grieg field in the North Sea, offshore Norway. 

     

  • Ithaca Energy's North sea oil find 'a ray of...

    Energy intelligence firm Wood Mackenzie has shared that Ithaca Energy has made an oil discovery at Fotla prospect in the UK North Sea, labeling it "a ray of light" in what’s been a tough year for UK exploration activity, with 2021 on track for the fewest number of completed wells since the 1960s.

     

  • Oil tankers jam off Louisiana coast as ports assess storm...

    More than two dozen oil vessels were clustered off Louisiana seaports on Tuesday as the U.S. Coast Guard and port operators assessed damages wreaked by Hurricane Ida, according to sources and Refinitiv Eikon data.

     

  • Third time's a charm? ExxonMobil Spuds Sapote-1 well...

    U.S. oil major ExxonMobil has spudded the Sapote-1 well on the Canje Block, offshore Guyana. This is the company's third well in the block drilled this year. The first two wells, Bulletwood-1 and Jabillo-1, failed to find evidence of commercial hydrocarbons.

     

  • Spirit Energy finds more gas at Grove Field, extending its...

    UK-based oil and gas company Spirit Energy has said it has discovered more gas at its Grove field in the UK North Sea,  close to the UK–Netherlands median line.

     

  • Global Maritime, BP sign 3-year deal

    Marine, offshore, and engineering consultancy Global Maritime has recently signed a Framework Agreement with BP to provide the oil firm with specialist marine services.

     

Ports

Finance

Shipping

  • Two Cruise Ships Join New Orleans Hurricane...

    Two cruise ships have joined in the efforts to aid New Orleans and Louisiana in the recovery from the damage left behind from Hurricane Ida. The cruise industry has a long history of working with both public and private enterprises in these situations and currently two ships have been chartered to act as housing for the relief efforts.

     

  • Shipbuilding Boom Reaches Great Lakes: 10 “Super-...

    The rapid growth in shipbuilding orders in 2021 has now reached the Great Lakes with one of the largest newbuilding orders for the waterways. Canada’s dry bulk shipping group Fednav placed an order for 10 new ocean-going lakers. It represents a nearly 10 percent increase over the company’s current fleet of 120 vessels with the order being a key element of fleet modernization and designed to support Fednav's sustainability goals. 

     

  • Seaspan increases its record orderbook as Zim...

    The unabated strong demand in the container shipping markets and positive long-term is continuing to drive the orderbook towards an all-time high while also attracting new investors into the segment. Among the areas seeing the strongest growth is the charter market, which permits the shipping lines to expand without upfront capital outlays and provides a strong, steady income for investors building the new ships.

     

  • Uzbekistan joins World Logistics Passport

    In a boost to its global trade networks and partnerships, Uzbekistan has today joined the World Logistics Passport (WLP) as a Gateway. The signing event took place in Tashkent and was attended by H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy; H.E. Sardor Umurzakov, Deputy Prime Minister and Minister of Investment and Foreign Trade, Republic of Uzbekistan and Mahmood Ahmed Al Bastaki, Chief Operating Officer, DT World and General Manager of the WLP.

     

  • With merger, Navios creates largest NYSE-listed...

    Two of Navios' NYSE-listed shipowning companies are set to merge, and their combination will create the largest shipping firm by vessel count on an American stock exchange. 

     

Legal & Regulations

  • WFW Advises Lenders On Secured Term Loan Financings For Navios Acquisition

    Watson Farley & Williams (“WFW”) has advised certain lenders in connection with newly arranged secured term loan financings used to assist Navios Maritime Acquisition Corporation (“Navios Acquisition”) finance part of the redemption price of its outstanding 8.125% First Priority Ship Mortgage Notes.

     

  • New reporting requirements for foreign flag vessels entering China

    Further to our recent update on China’s Maritime Traffic Safety Law (MTSL), the Maritime Safety Administration (MSA) has issued a new circular requiring foreign flag vessels to make mandatory reporting prior entering the territorial waters of China.

     

  • Ince strengthens global brand with launch of Ince Corporate Finance

    International legal and professional services firm, Ince, today announces its subsidiary business, James Stocks & Co, will begin trading as Ince Corporate Finance as of 1 September 2021. The business will continue to be led by Tim Stocks, Founder and Managing Director, who has over 30 years’ experience in private practice as a lawyer specialising in corporate finance and securities work.

     

Environment

Education

  • In-person academic year starts at the Arab...

    The first semester of the academic year 2021/2022 has started at the Arab Academy for Science, Technology and Maritime Transport Sharjah Branch (AASTS) in Khorfakkan. This supports the Academy’s strategy to empower the Arab maritime sector with academically-and-professionally qualified personnel.

     

  • The Arab Academy for Science, Technology and...

    In line with its ongoing efforts to empower young Emiratis to work in the maritime sector, the Arab Academy for Science, Technology and Maritime Transport Sharjah Branch (AASTS) has signed a cooperation agreement with Zakher Marine International to train the Academy’s students on board its fleet. Zakher Marine is a leading marine services company based in Abu Dhabi and specialises in providing offshore support services. It has one of the biggest and most diverse fleets of marine support vessels in the UAE.

     

  • The Arab Academy for Science, Technology and...

    In line with its ongoing efforts to empower young Emiratis in the maritime sector, the Arab Academy for Science, Technology and Maritime Transport Branch in Sharjah (AASTS) has adopted the world's best simulation systems from Kongsberg, a prestigious international company that specialises in building and developing simulators. The state-of-the-art equipment will be used to train the Academy’s students to operate different marine vessels and ships, also giving them the experience of sailing in different weather conditions similar to ones encountered in real life.

     

  • Port of Newcastle: Indigenous STEM Scholarship...

    A young Aboriginal leader with an unshakable desire to help others in his community is a step closer to achieving his dreams thanks to Port of Newcastle’s inaugural Indigenous STEM Scholarship, awarded in partnership with the University of Newcastle.

     

  • Ports & shipping ministry to set up maritime...

    Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal on Friday said his ministry would set up a maritime institute in Assam, a step towards making the northeast an engine of growth for the country.

     

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