Saudi Arabian shipping company Bahri has signed a Memorandum of Understanding for the construction of the first VLCCs at the new King Salman Complex for International Maritime Industries (IMI) and Services at Ras Al-Khair, Saudi Arabia. Under part of the MoU, Bahri has committed to placing the order before the end of July 2019. IMI will then Hyundai Heavy Industries as … [Read more...]
London Marine Insurers to Meet After Ship Attacks in Middle East
By Jonathan Saul LONDON, May 15 (Reuters) - London's marine insurance market will meet on Thursday to assess whether it needs to change the risk level for vessels in the Gulf after an attack on ships off the United Arab Emirates earlier this week, a senior official said on Wednesday. Such a move could lead to an increase in insurance premiums. On Tuesday, armed drones … [Read more...]
Saudi Arabia Resumes Oil Exports Through Red Sea Shipping Lane
DUBAI, Aug 4 (Reuters) - Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb. Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement. A statement by the Energy Ministry said shipments had … [Read more...]
Israel Warns Iran of Military Response if Key Red Sea Shipping Lane is Closed
JERUSALEM, Aug 1 (Reuters) - Israel would deploy its military if Iran were to try to block the Bab al-Mandeb strait that links the Red Sea to the Gulf of Aden, Prime Minister Benjamin Netanyahu said on Wednesday. Last week, Saudi Arabia said it was suspending oil shipments through the strait, on the main sea route from the Middle East to Europe, after Yemen's Iran-aligned … [Read more...]
Yemen’s Houthis Ready to Halt Red Sea Attacks -Official
DUBAI, July 31 (Reuters) - Yemen's Houthi group said on Tuesday it is ready to unilaterally halt attacks in the Red Sea to support peace efforts, days after Saudi Arabia suspended oil exports through a strategic Red Sea channel following an attack on crude tankers last week. Yemen, where a Saudi-led coalition has been battling the Iranian-aligned Houthi movement in a … [Read more...]