Noatum will own a 60% stake, while Turkish partners will own 40%; The JV will start with 11 vessels deployed on five services
shipping industry
Latest in shipping industry
Abu Dhabi
AD Ports Group strengthens partnership with KazMorTransFlot in Caspian Sea operations
The two intend to collaborate on the construction of two container vessels, specifically designed for operations in the Caspian Sea
Abu Dhabi
AD Ports Group company acquires Safina Shipping Services; marks entry into Egypt’s maritime market
The deal, which is expected to close in Q3 2024, will mark Noatum’s entry into Egypt’s maritime market
ADNOC
ADNOC Logistics takes 80% stake in Navig8 for $1.04bn
ADNOC takes over shipping pool operator Navig8 for over $1bn
India
India to ink 10-year Chabahar Port pact with Tehran: Report
The pact, when signed, will mark the first time India will be taking over management of a port overseas
maritime business
Red Sea attacks disrupt trade in India, MEA as freight, trade finance costs surge amid major delays
Industry insiders said the Red Sea supply disruption has put the entire financing cycle in jeopardy, impacting credit flows to companies and traders, with SMEs facing the maximum brunt
Dubai
GulfNav forms JV company with Monaco-based Scorpion Services
Black Marlin, the JV company, will be located in Dubai and will manage eight vessels at the time of launch – four from each partner
climate change
Panama Canal to restrict vessel traffic into 2024 due to water shortage, says operator
The canal’s board of directors is reviewing a plan to create an additional reservoir to support future water demand for the waterway and Panama itself
cargo shipments
FedEx announces new priority delivery to UAE, Saudi customers
Customers in the UAE and Saudi Arabia can have goods delivered in less than 3 days with FedEx’s new International Priority service
commercial shipping
CMA CGM warns of steep drop in shipping demand in 2023 amid deteriorating market monditions
French shipping giant CMA CGM cited a sharp decrease in freight rates, geopolitical tensions and economic uncertainty
Jubail Commercial Port
Saudi Ports Authority adds Jubail Commercial Port to India Gulf Service shipping route
The new cargo service will commence from February 12
maritime business
Saudi Ports launches new shipping service connecting India, Western Mediterranean
The new service will call at the ports of Jebel Ali, Mundra, Nhava Sheva, Djibouti, Gioia Tauro, Genoa, Barcelona, Valencia, Salerno, Marsaxlokk, King Abdullah, and Jeddah Islamic Port
CO2
DP World investing $500m to slash its CO2 emissions in next 5 years
DP World chairman Sultan Ahmed Bin Sulayem sets ambitious target during COP27
Abu Dhabi
Abu Dhabi Ports buys $800mn shipping firm stake
Abu Dhabi Ports will acquire an 80 percent stake in Dubai’s Global Feeder Shipping (GFS)
acquisition
Al Seer Marine expands shipping fleet with acquisition of a mega crude carrier for AED396 million
The latest acquisition will take the company’s total VLCC fleet value to AED900 million in four months, and its ship fleet to 10
DP World
DP World adds new trade routes to open global markets, ease supply chain congestion
New routes opened this year include connections between India, Middle East, Africa, and new connections between Latin America, Europe and Asia
infrastructure projects
Saudi Ports Authority signs contracts for integrated logistics park, new births at Jeddah Islamic Port
The value of the new infrastructure projects to be implemented is to the tune of over SAR 900 million