We were delighted to have been featured in CNN’s “On Oman” report, talking about how unique geology inspired the development of our mineralisation technology, and how skills and expertise from the oil & gas industry can be repurposed to help protect and repair our climate.
https://lnkd.in/drGu7hSi
MID day Market Update :
The shipping industry in Oman has seen significant developments and trends in June 2024, reflecting broader economic recovery and strategic initiatives within the sector.
Economic and Infrastructure Developments
Oman's strategic location and modern infrastructure continue to make it an attractive hub for shipping and trade. The government is leveraging revenues from high oil prices to invest in infrastructure and development projects, which includes enhancements in port facilities and logistics networks. This strategic investment is aimed at bolstering Oman's position as a key logistics and shipping hub in the region.
LNG and Renewable Energy Projects
One of the notable projects is the Marsa LNG initiative launched by Total Energies in collaboration with OQ. This project includes the development of a 1 million tons per year LNG liquefaction plant at the port of Sohar, scheduled to begin production in the first quarter of 2028. The facility will primarily serve the marine fuel market and is designed to be one of the lowest GHG emissions intensity LNG plants globally, supported by a dedicated 300 MWp solar plant.
Market Trends and Performance
Container spot rates are expected to rise, continuing a trend seen in early June. This rise is influenced by increased demand and limited capacity, typical of the post-pandemic recovery period where supply chain disruptions are still being resolved. Additionally, the shipping sector in Oman is benefiting from the global rebound in trade and strategic positioning of shipping routes through the Arabian Sea.
Economic Forecast
The broader economic outlook for Oman remains positive, with inflation expected to stabilize at lower levels compared to previous years. This economic stability is likely to support sustained growth in the shipping and logistics sectors.
In summary, the shipping industry in Oman is experiencing a robust phase of growth and development, supported by strategic investments in infrastructure, renewable energy projects, and a favorable economic climate. These factors collectively enhance Oman's role as a pivotal shipping hub in the region.
Mohammed BaqharSalman Al BalushiChandra Mouli Raghavapurapu
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Source : Sea trade marine news | Trade.gov#trending#maverick#Shippingnews#oman#logisticsnews#muscat
The Suez Canal Authority (SCA) in Egypt has announced that the transit tolls for the below types of vessels in the Suez Canal will increase as follows:
- 15% increase for Crude Oil Tankers, Petroleum Product Tankers, Liquefied Petroleum Gas (LPG) Carriers, Liquefied Natural Gas (LNG) Carriers, Chemical Tankers and other liquid bulk tankers, Containerships, Vehicles Carriers, Cruise Ships, Special Floating Units.
- 5% increase for Dry Bulk Vessels, General Cargo Vessels, Roll-On/Roll-Off (RO/RO) Vessels, Other Vessels.
The changes will take effect starting 15th January 2024 and apply to vessels transiting in both directions.
Containerships directly coming from ports at “North-West Europe” and directly heading to ports at the “Far East” are exempted from the above increase stated in para (a) as per the conditions stipulated in circular (8/2023).
*Useful Links:
For more information about the new applied tolls and transit rebates, please contact our Transit team through transit@pan-marine.net
Full Article: https://lnkd.in/gJ4rn7uU
For our latest news and trends: https://lnkd.in/dYw-BCR2#suezcanal#transit#egypt#redsea#mediterraneansea#transitagency#marineagency#agency
https://lnkd.in/dwTHZBE2
Magnificent Project
No more traffic in suez canal/gulf area.
Another option can be added to this project which is short railway from Hugle/Aqaba city to the port in Mediterranian coastal area so two options will be available for commercial use:
- long railway from Arabian Gulf to Mediterranian Sea.
- short railway from Hugle/Aqaba city on Red sea to Mediterranian sea.
In addition, a pipeline can be constructed to supply gas/crude oil to the costumers in Mediterranian sea.
Suez Canal plans to transfort ports to regional centers for fueling ships
Day after day, the economic zone of the Suez Canal acquires a new dimension in achieving the added value of one of the most important waterways in the world.
The General Authority for the Economic Zone of the Suez Canal announced the success of the first operation of supplying a container ship with green fuel “methanol” in the port of East Port Said, Friday evening.
The supplying process took approximately 6 hours; this operation is the first of its kind in Egypt, Africa and the Middle East, as part of the Egyptian state’s strategy to restore its role in providing ship supply services, whether with traditional or green fuel, and then maximizing the benefit from the location of its seaports on the Red and Mediterranean seas.
The authority revealed, in a press statement on Friday, the implementation of the service of supplying the container ship to the shipping line Maersk, which was received two days ago in the port of East Port Said, and it is the first container ship in the world that operates on green fuel;
The container ship was supplied with a quantity of 500 tons of green methanol at the Suez Canal Container Terminal, the main operator of East Port Said port.
https://bit.ly/3KQjS65#methanol#efuel#energy#sustainable#energytransition#futurefuel#cleanfuel#alternativefuel#marine#maritime
QatarEnergy signs long-term time charter party agreements for nine Q-Max LNG vessels with Chinese companies
LNG is fast moving and in a rapid development of events, QatarEnergy has followed their announcement of building 18 Q-Max (271,000 CBM) LNG vessels in Chinese shipyards by awarding nine of these vessels to Chinese shipowners - China Merchants Group, Shandong Marine Group, and China LNG Shipping (Holdings) Limited. This is the first time that Q-Max LNG vessels will be owned by entities outside Qatar. Up till now, Nakilat has operated 14 Q-MAX LNG vessels. These LNG vessels will be used to meet the transportation requirements of QatarEnergy ongoing North Field expansion program, Golden Pass LNG project in the US and for fleet replacement.
Earlier this week, QatarEnergy had awarded contracts to China State Shipbuilding Corporation (CSSC) for the construction of 18 Q-Max LNG vessels. These contracts are valued at about USD 6bn, translating into USD 333mn for each Q-Max LNG vessel. As we mentioned previously, we expect Nakilat to be awarded part of these Q-Max LNG vessels given their existing business relationship with QatarEnergy and their expertise in operating Q-Max vessels.
China is the world’s largest LNG importing country and the country’s LNG imports have grown 15.6% between 2019 and 2023 and constitute about 17.3% of global LNG imports. The country’s LNG imports should continue to trend up given the country’s ongoing coal-to-gas switch. Chinese players have taken stakes in Qatar’s North Field LNG expansion plan and have signed multiple long-term LNG sale and purchase agreements.
For an idea of potential IRR, please refer to our thought piece in which we analyzed potential IRR to Nakilat for multiple orders from QatarEnergy. This analysis though is for a conventional ME-GI/X-DF LNG vessel - https://lnkd.in/gzna6T-c#lng#shipping#qatarenergy#China#Qatar
To learn more about our equity research services, please write to us - financialresearch@drewry.co.uk
Oman Petro Environmental Services Company (OP), and Oil Spill Response Ltd (OSRL) are pleased to announce the signing of a Mutual Support Agreement (MSA) in Oil Spill Preparation and Response. The agreement was signed in Muscat on 20th November 2023.
This agreement will facilitate closer #cooperation between OSRL, as a well-established spill preparedness and response industry co-operative, and OP, as the leading spill response service provider in #Oman, with an expanding presence in the #GCC region.
This collaboration will offer our members more efficient and effective response capabilities, for our members, fostering seamless integration across all three tiers of response.
More importantly, this agreement comes as an important step for ensuring that Oman can rely on our collective efforts. Through these efforts, we aim to achieve a level of #preparedness and #response that matches the evolving and escalating risks associated with Oman’s expanding role as a key player in the logistics sector and the rapid developments in the #Omani energy sector.
The Caspian Pipeline Consortium (CPC), which ships Kazakh oil to dependent Western markets, has said it is conducting maintenance at one of the Black Sea oil terminal’s three single mooring points and will soon start work on another.
CPC, which plans to ship around 1.4 million barrels per day of mostly Kazakh crude to world markets this year, does not expect the maintenance to impact exports of its flagship CPC Blend.
But it has yet to be seen whether the consortium will have any problems with equipment, having earlier complained that many Western contractors are refusing to supply equipment due to sanctions-related issues.
Learn more >> https://bit.ly/49WPNvf#Kazakhstan#blacksea#oil#cpcblend#sanctions#oilmarkets
Sustainability Junkie
5moWell done 👏🏼