Paul Bartlett is a maritime consultant and editor of Seatrade's annual Green Guide and twice-yearly Middle East Workboat and Offshore marine publications, as well as being a former editor of Seatrade Maritime Review. Paul's vast experience of the maritime industry spans three decades and all the continents, and has included spells working in specialised ship finance companies.
Analysts at investment bank Morgan Stanley have predicted that crude oil prices could spiral to $90 a barrel by 2020 as the IMO’s 0.5% sulphur cap boosts demand from ship operators for more refined products.
Norwegian ballast water treatment manufacturer Optimarin has installed more than 20 systems through its new ‘fast-track’ service launched last September. Company ceo Tore Andersen reveals that these sales, which command a small price premium, have come in addition to the growing number of standard installations as owners finally decide to make a move.
Maritime & Merchant Bank ASA (M&M), a ship finance boutique based in Oslo which opened for business in December 2016, is establishing a successful track record in providing conventional first priority loans for traditional shipping customers.
The Norwegian Shipowners’ Association annual member survey has demonstrated improving sentiment amongst the country’s owners as they anticipate a modest 3% rise in revenue this year. This follows sharp dips in 2016 and 2017 – down 19% and 5% respectively – but reflects growing optimism, notably among the Association’s deepsea members.
Norway’s Eksportkreditt institute is offering a new financing set-up for Norwegian limited companies. Until now, such schemes have only been available for export transactions, rather than domestic operators.
Senior executives at products tanker pool operator Hafnia Management are quietly optimistic about their market in 2019 and beyond. Speaking of the demand supply balance, Hafnia ceo Anders Engholm told journalists: “We haven’t seen an imbalance like this in our favour for quite some time.”
Details of a new fleet growth strategy targeting 10% growth by 2021 were unveiled in Copenhagen yesterday.
Saudi Arabia is undergoing a transformation as Crown Prince and Chairman of the Council of Economic and Development Affairs Mohammad bin Salman bin Abdulaziz Al-Saud stamps his mark on domestic and foreign policy. Reform of the country’s port sector and a giant new shipyard are key initiatives.
Abu Dhabi Ship Building PJSC (ADSB) has reported net profit up by 70% to AED104.8m ($28.5m) for the 2017 financial year ending in December, representing its second-best performance ever. Gross profit for the year rose from AED256.1m ($69.7m) in 2016 to AED 277.1m ($75.4m).