In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.
The Red Sea Gateway Terminal (RSGT) recently accepted the first shipment of advanced terminal equipment, including terminal trucks and trailers. Specifically, the new equipment will give a boost to the port and quay operations located at the Northern Part of Jeddah Islamic Port (JIP).
Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.
Houthi rebel forces released two Korean vessels and one Saudi tug that they had captured near Hodeidah earlier this week, after South Korea deployed a destroyer and called for American assistance. Earlier this week, a spokesman for the Saudi-led coalition backing the Yemeni government reported that Houthi rebels boarded a tug off the coast of Hodeidah and sources said that the tug has been brought to the Houthi-controlled seaport of Salif, just north of Hodeidah.
A spokesman for the Saudi-led coalition backing the Yemeni government reported that Houthi rebels boarded a tug off the coast of Hodeidah and sources say that the tug has been brought to the Houthi-controlled seaport of Salif, just north of Hodeidah.
LogiPoint and NAQEL signed an agreement to establish the first Bonded Express facility at LogiPoint – Bonded and Re-Export Zone at Jeddah Islamic Port, which will be dedicated to e-commerce operations. This facility will be the first of its kind at a Saudi Port dedicated to the clearance and fulfillment of express and e-commerce shipments.
The International Transport Workers’ Federation (ITF) and the Kingdom of Saudi Arabia attempted to partner in order to support and boost seafarers in all of the Saudi Arabia ports. This close relationship has already provided both parties with fruitful results with the successful repatriation of 5 seafarers with their entitled wages from the vessel MKN 205 in Damman port has already been produced.
After the Iranian oil tanker Sabiti was hit by missiles in the Red Sea, last week, off Saudi Arabia’s coast, leakage of cargo has been stopped. The ship is now heading for the Gulf, while the incident has not been independently confirmed yet, and there is no claim of responsibility.
An Iranian oil tanker was hit, allegedly by missiles, in the Red Sea, off Saudi Arabia’s coast on Friday, October 11, at around 5 am local time (02:00 GMT), as local Iranian media reported. Iranian media have published images from the vessel after the attack, but the vessel shows no signs of damage; Yet, the signs of the hull are not in the frame.
Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US’s sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.
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