6 November 2013
The current state and future prospects of the maritime sector in the UAE and the wider GCC received a strong endorsement yesterday (November 5th 2013) at the Seatrade Shipping and Investment Forum in Abu Dhabi.
With the GCC economy growing faster than the world average, conditions are right for further expansion of an industry which includes world class players in ship-owning, offshore support, port development, ship repair and other areas.
Keynote speaker, HE Khamis Juma Buamim, Chairman and Group CEO of Drydocks World and Maritime World talked about the major impact of the oil and gas industry on the region's maritime potential and in particular the growth potential for the region in the offshore sector.
In the container trades, Mohammed Al Muallem, Senior Vice President and Managing Director, UAE Region of DP World, told the audience that global port handling in Q2 of 2013 was 3.2% higher than in the same period for 2012.
He pointed out that changes in the pattern of world trade mean that a significant shift in trade volumes is underway. Whereas East West routes accounted for 40.8% of total container shipping volumes in 2012 (68.7m TEU) the picture would look different by 2015, when 32% of volume would be intra-Asian trade, 9% would be Middle East and Africa to Asia, and 5% would be between Latin America and Asia.
The economy of the GCC countries continues to diversify, he said, with about US$3 trilllion worth of projects now underway across the GCC. The region's role as an exporter is also growing, with petrochemical crackers and aluminium smelters leading the way and new industries such as ceramics, glass, cement and steel being established.
Harry Vafias, CEO of the Vafias Group, which is the third biggest shipowning group in Greece with a fleet of 75 vessels, and a major player in the international transport of gas and crude oil, spoke of the opportunities for greater cooperation and joint ventures between the region and international shipping partners, including the Greeks.
The regulatory agenda for the shipping industry worldwide was highlighted in a presentation by Omar Abu Omar, Area Manager Middle East, DNV GL Maritime, who analysed the complex choices facing shipowners in the face of regulations on air emissions and segregated ballast management, as well as the complicated alternative technologies for fuel economy.
A lively finance panel, chaired by Marcus Machin, CEO of Tufton Oceanic (Middle East) Ltd, and including Nicholas Dean, Group General Manager of DTA Group, maritime lawyer Jasamin Fichte, and Gautam Khurana, Senior VP of DVB Group Merchant Bank (Asia) Ltd, discussed the prospects for ship finance and the likely future role of the region's banks in the sector.
This is seen as a further step in the development of the UAE as a maritime services hub, providing a range of offerings to support the region's maritime development.
An example of the emerging maritime sector is the formation last year of Tasneef Emirates Classification Society, whose CEO, Colonel Rashed Al Hebsi, told the audience that the new organisation was already ahead of schedule in its development with its first crude oil tanker signed up just last week.
The Seatrade Shipping and Investment Forum was organized by Seatrade and sponsored by Gulf Middle East Shipping; Fichte & Co; ADPC; DNV; Stephenson Harwood; Tufton Oceanic; Port of Sohar; Drydocks World and Maritime World; Sharjah Ports Authority.
Ends
Photo Caption: The inaugural Seatrade Shipping and Investment Forum, Abu Dhabi, heard from some of the industry's most influential decision-makers who gave an overview of the Middle East shipping and investment opportunities.
(left to right): Abdulkareem Al Masabi, VP Khalifa Port, ADPC (Abu Dhabi Ports Company); Omar Abu Omar, Area Manager, Middle East, DNV GL; H. E. Khamis Juma Buamim, Chairman and Group CEO, Drydocks World and Maritime World; Chris Hayman, Chairman, Seatrade; Harry Vafias, Chief Executive Officer, Stealth Gas Inc; Mohammed Al Muallem, Senior Vice President & Managing Director, DP World UAE Region
Notes to Editor
About Seatrade
Established over 40 years ago, Seatrade is a leader in maritime and cruise publications, conferences and exhibitions, training, awards and other special projects. Regular events include international trade exhibitions and conferences across all maritime sectors, management training courses for shipping professionals, training seminars for travel agents and maritime award schemes, including the prestigious Seatrade Awards held at the Guildhall in London. Seatrade publications include magazines, supplements and yearbooks, while daily maritime news is provided online by seatrade-global.com and seatrade-insider.com.
For further information: Emma Howell, Head of Marketing, Middle East, Seatrade. Tel: +44 1206 545121; Email: [email protected]