China, India to drive global demand for tankers

Global crude oil trade is set to grow by almost 180 million tonnes by 2012, driven mainly by growing demand from China. Strong demand in the Far East, abundant supplies of oil and falling crude prices have increased demand for oil tankers.

 

BP Shipping’s regional chartering manager, David Grimshaw said that seaborne crude oil trade would increase from 1.715 billion tonnes in 2007 to 1.897bn tonnes by 2012. In terms of demand growth, he told IBC Asia’s Energy Shipping Conference in Singapore, that the biggest drivers would be China and India. China will see 1.486 billion barrels per day of new refinery capacity coming onstream by 2012, driving a growth in long-haul crude imports from West Africa and the Middle East. While China is looking to take greater control of the entire crude oil supply chain, with its main shipping companies building up their VLCC fleets, this is still expected to leave at least 50 per cent of the market to international owners. For Japan, crude oil imports are set to decrease as the country generally becomes more fuel efficient. There will also be a growth in crude imports into India from the Middle East. Sumita Bose Roy, Executive Director, International Trade and Shipping for Bharat Petroleum Corp ,said that crude oil consumption in India was set to increase 141 million tonnes a year by 2012 compared 117 million tonnes in 2008. At the same time domestic production is set decline marginally from 41 million tonnes this year to 39 million tonnes in 2012, with the gap in demand met through imports primarily from the Middle East. Annual VLCC shipments are forecast to increase to 102 in 2012, compared to 76 this year. However, limited port infrastructure will see trade moving in Aframaxes and Suezmaxes. For US imports Grimshaw said shipments from Venezuela would decrease by 2012, partly for political reasons, being replaced by West Africa imports.

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ADSB and RR Set up Waterjet Support Service Center in Abu Dhabi

Abu Dhabi Ship Building and Rolls-Royce Marine Middle East announced an agreement to set up a Waterjet Center of Excellence in Abu Dhabi to provide support services to its customers in the Arabian Gulf Region. 

 

ADSB is the only naval shipyard in the Middle East, providing both build and support services for all Gulf Co-operation Council (GCC) naval vessels. Rolls-Royce will work with ADSB to offer services such as training, maintenance, repairs and overhauls, spare parts and service contracts for waterjet customers. These services can also be offered to Commercial Ship Owners operating vessels that have waterjet propulsion. Rolls-Royce has already provided waterjets for 12 x 24m Ghannatha class boats and 4 x 26m Fast Supply vessels built by ADSB for the UAE Navy and UAE Coastguard. Rolls-Royce Waterjets also help power the six 72m Baynunah Class Corvettes that ADSB is currently building for the UAE Navy. ADSB has recently announced their intention to set up a new joint venture company in Abu Dhabi with BVT Surface Fleet Limited to offer regional customers the complete range of naval support services and this new co-operation with Rolls-Royce will further enhance the services to be offered.

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Atlantica di Navigazione secures finance for cruise ferries

The European Investment Bank (EIB) and UniCredit Corporate Banking have signed a Eur 81 million (US$115.5 million) loan agreement with Italy’s Atlantica di Navigazione (Grimaldi Group) aimed at expanding its fleet for the motorways of the sea in the Mediterranean.

 

The loan will be advanced through UniCredit Corporate Banking as part of a total credit line of Eur 250 million (US$356.58 million) made available by the EIB to the Grimaldi Group. This credit line, with a term of 15 years, will be deployed to co-finance four cruise ferry vessels, ordered by Grimaldi from Fincantieri, with an approximate total value of Eur 600 million (US$855.78 million). The first tranche of Eur 81 million (US$115.53 million) will fund the acquisition of the ‘Cruise Barcelona’, which will begin serving the Civitavecchia–Barcelona route in mid-September 2008. The cruise ferry vessels built for Grimaldi are the largest freight / passenger ships ever used in the Mediterranean. They will be able to carry 2,140 passengers and 3,600 lane metres of vehicles (187 trailers and 215 cars).

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