Development of a new shipyard in Saudi Arabia has moved a step closer with Saudi Aramco, Bahri, Hyundai Heavy Industries (HHI) and Lamprell signing a joint development agreement (JDA).

Saudi Arabia’s Gulf Stevedoring (GSCCO) has passed the 20m teu milestone for containers handled at Jeddah Islamic Port’s Northern Container Terminal (NCT).

Some 150m tons of bulk trades in and around the GCC is giving the ailing global dry bulk sector a fillip at its lowest ebb.

Although suffering a downturn like the rest of the global offshore industry, the Gulf OSV sector, under the protective wing of some of the world’s biggest NOCs, is grinding out a difficult year.

Hyundai Heavy Industries (HHI) and Lamprell Energy have taken over from lapsed partner Sembcorp Marine in a tie-up with Bahri (National Shipping Company of Saudi Arabia) and oil major Saudi Aramco to set up a new shipyard in the Middle East.

Saudi Arabia is likely to blink first in the struggle with US shale producers for control of the global oil market, if it has not already done so, an energy consultant told Mare Forum in Abu Dhabi this week.

An agreement between Bahri, Saudi Aramco and Sembcorp Marine to develop a shipyard has lapsed, however, the three parties may continue discussions.

Located in amongst the Upper Gulf’s biggest maritime hubs, at the King Abdul-Aziz Port of Dammam in Saudi Arabia’s Eastern Province, Dammam Shipyard (DSY).

The National Shipping Company of Saudi Arabia (Bahri) has declared options for five VLCC newbuildings at Hyundai Samho Heavy Industries.

In a sign that the new King Abdullah Port near Rabigh, the kingdom’s first privately owned facility and also first to be run outside the control of the Saudi Ports Authority, is gaining momentum, Saudi port throughput jumped 16% in the first five...