News & Events

Bahri signs VLCC order with IMI and HHI to promote indigenous shipbuilding industry in Saudi Arabia

Bahri, a global leader in logistics and transportation, announced today it has signed a Vessel Purchase Agreement (VPA) with International Maritime Industries (IMI) and a subsequent sub-contract agreement with its long-term partner Hyundai Heavy Industries (HHI) to build of a 319,000 DWT Very Large Crude-oil Carrier (VLCC) with delivery expected in October 2021. Other agreements signed will ensure all parties pursue a series of long-term business activities, whether jointly or severally on the basis of a multilateral relationship. The VPA builds on a Memorandum of Understanding (MoU) signed between Bahri, IMI, and HHI in June this year. The MoU stipulated that Bahri will issue IMI its first VLCC order before the end of July 2019, with IMI engaging HHI as a sub-contractor to build the VLCC at its world-class facility in Ulsan, South Korea. Abdullah Aldubaikhi, CEO, Bahri and Fathi Al-Saleem, CEO Commenting on the agreement, Abdullah Aldubaikhi, CEO, Bahri, said: “Our partnership with IMI and HHI represents a major step forward in the pursuit of our long-term goals, which will eventually translate into key milestones in the country’s transformation into an important regional and global logistics and transportation hub. The collaboration is also aimed at furthering our contribution to the development of the Kingdom’s own indigenous shipbuilding industry. We will benefit from the transfer of technology and knowledge to develop, increase, and promote local content and create suitable job opportunities for our citizens in line with the objectives of Saudi Vision 2030.” On his part, Fathi K. Al-Saleem, CEO, IMI, said: “This sub-contract award provides many benefits for IMI, including the transfer of knowledge from HHI to IMI, a mechanism to grant the permission for the use of Intellectual Property (IP) to IMI, development plans for IMI employees to acquire new skills in shipbuilding and planning, as well as […]

News & Events

Bahri signs VLCC order with IMI and HHI to promote indigenous shipbuilding industry in Saudi Arabia

Bahri, a global leader in logistics and transportation, announced today it has signed a Vessel Purchase Agreement (VPA) with International Maritime Industries (IMI) and a subsequent sub-contract agreement with its long-term partner Hyundai Heavy Industries (HHI) to build of a 319,000 DWT Very Large Crude-oil Carrier (VLCC) with delivery expected in October 2021. Other agreements signed will ensure all parties pursue a series of long-term business activities, whether jointly or severally on the basis of a multilateral relationship. The VPA builds on a Memorandum of Understanding (MoU) signed between Bahri, IMI, and HHI in June this year. The MoU stipulated that Bahri will issue IMI its first VLCC order before the end of July 2019, with IMI engaging HHI as a sub-contractor to build the VLCC at its world-class facility in Ulsan, South Korea. Abdullah Aldubaikhi, CEO, Bahri and Fathi Al-Saleem, CEO Commenting on the agreement, Abdullah Aldubaikhi, CEO, Bahri, said: “Our partnership with IMI and HHI represents a major step forward in the pursuit of our long-term goals, which will eventually translate into key milestones in the country’s transformation into an important regional and global logistics and transportation hub. The collaboration is also aimed at furthering our contribution to the development of the Kingdom’s own indigenous shipbuilding industry. We will benefit from the transfer of technology and knowledge to develop, increase, and promote local content and create suitable job opportunities for our citizens in line with the objectives of Saudi Vision 2030.” On his part, Fathi K. Al-Saleem, CEO, IMI, said: “This sub-contract award provides many benefits for IMI, including the transfer of knowledge from HHI to IMI, a mechanism to grant the permission for the use of Intellectual Property (IP) to IMI, development plans for IMI employees to acquire new skills in shipbuilding and planning, as well as […]

LNG-fueled Tugboat Ishin Undergoes 1st LNG Bunkering Trial in Port of Kobe – Contributing to Development of LNG Bunkering Ports and Wider Use of LNG as Marine Fuel

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced that it has participated in the LNG bunkering trial at the Port of Kobe yesterday, organized by the Kobe City Port and Harbor Authority, and carried out bunkering on the LNG-fueled tugboat Ishin (Note 1). Ishin is a tugboat owned by MOL and operated by Nihon-Tug-Boat Co., Ltd. (President: Tetsuro Nishio, Headquarters: Chuo-ku, Kobe). This marks the first LNG bunkering in the Port of Kobe, and the successful trial confirmed that LNG fuel can be effectively supplied safely at the port. LNG fuel for the trial was hauled by a tanker truck from the Himeji LNG Plant (Himeji-shi, Hyogo Prefecture) of Osaka Gas Co., Ltd. (President: Takehiro Honjo, Headquarters: Chuo-ku, Osaka), and, via a truck-to-ship system (Note 2), was used to supply Ishin, berthed at Kobe Port’s Shinko Pier No.4. MOL Marine Co., Ltd. (President: Shunichi Inaoka; Headquarters: Minato-ku, Tokyo) has also provided maritime consulting in the trial. Effective January 2020, vessel exhaust emission regulations will be tightened on a global scale. (Note 3) In response to the new standards, an increasing number of LNG-fueled vessels are coming into service, making the development of LNG bunkering ports in Japan an urgent task. MOL Group companies are working together to promote the wider adoption of LNG fuel for vessels (Note 4) and reduce environmental impact through the safe operation of Ishin.                                                            LNG fuel bunkering (Note 1) The Ishin’s excellent environmental performance – including an estimated 25% reduction in CO2 emissions in comparison to tugs that run on A fuel oil – earned the top rating of four stars from the Ministry of Land, Infrastructure, […]

GC Rieber Shipping: Shearwater GeoServices awarded acquisition and processing contract in Turkey

GC Rieber Shipping ASA’s 20% owned geoservices company Shearwater GeoServices is pleased to announce the award of a seismic acquisition and depth processing contract by Türkiye Petrolleri Anonim Ortaklığı (TPAO). It is the second project to be executed for TPAO in 2019. The survey covers an area of 6,200 sq. km and includes fast-track processing, followed by full time and depth processing. The 4-month project starts in Q3 2019 and will be conducted by the Polar Empress immediately after its completion of a full North Sea summer season. Source: GC Rieber Shipping

Britain at risk of losing leading edge in maritime services

Britain’s position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears. The UK has been a pivotal global shipping center for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services. These contribute $5.6 billion a year to Britain’s economy, providing employment for more than 10,000 people in highly skilled jobs, according to a report by consultancy PwC, commissioned by trade association Maritime London. But a shift in global shipping trade to Asia and tougher competition are adding to pressures on this niche sector, the report said. “We estimate that if the UK had maintained its market share over the last two years, this would have resulted in an additional $700 million p.a. (annually) in GVA (gross value added) for the UK economy,” said the report, published in partnership with the City of London Corporation. The global maritime services market is estimated to be worth $20 billion annually. “Significant ground has been lost to international competitors in recent years. Competitors such as the U.S., China, Norway and particularly Singapore, are all challenging in key areas of development and we must react,” said Harry Theochari, chair of the separate Maritime UK body. The report, launched at the start of London International Shipping Week, comes as Britain spins toward an election. Brexit remains up in the air, more than three years after Britons voted to leave the European Union. Options range from a turbulent “no-deal” exit to abandoning the whole endeavor. The report’s authors said their interviews with maritime services professionals “offered mixed views on the impact of Brexit on the UK’s perception as a […]