With a weakening dollar, predictions oil could hit $100 a barrel, and a boom in multi-billion dollar refinery construction, finance and shipping leaders will be meeting in Dubai this November to assess the impact on the regional and global maritime industries.
The Middle East shipping industry is dominated by the tanker trade. Bookings for supertankers sailing from the Middle East to Asia account for 47% of global demand for the carriers, compared with shipments to the US and Caribbean, the second-biggest market, which accounts for 14% of demand.
The balance of supply and demand, in the tanker sector in the Middle East, will be part of a special Charterers Forum that will take place during the Middle East Money & Ships 2007 conference, from 4-5 November, at Mina a’Salam, Madinat Jumeirah.
Kent Paulli, Director of S T Shipping and Transport, will be assessing the outlook, quality in shipping, and inspection regimes in the forum. Mathieu Philippe, General Manager, BRS Middle East, will provide an outlook for tanker trading and examine the impact of the proliferation of major refinery expansion projects on demand for crude and products tankers.
“This is a challenging time for the tanker sector,” said Chris Hayman, Chairman and Managing Director of Seatrade, the organisers of Money & Ships. “Recent years have seen the tanker sector undergo consolidation, resulting in greater co-operation between owners and charterers as they seek greater efficiency and improvements in quality, safety and environmental protection standards.”
He added: “The shipping route from the Middle East to Asia is the world's busiest for supertankers carrying crude oil, or Very Large Crude Carriers (VLCCs) – ships with capacities of 200,000 tonnes or more. Tanker charter rates are also being set in a highly competitive and volatile market which has seen spot rates for VLCCs varying, in a 12 month period, from around $17,000 per day to $56,000.”
Middle East Money & Ships is the premier networking forum for key players in the finance and shipping industries. The keynote speaker will be General Sharafuddin Sharaf, President of the United Arab Emirates Ship Owners Association and Vice Chairman of the Sharaf Group.
A panel discussion on growth drivers in ship owning across the region will include major contributions from Ahmed Essa Hareb Al Falahi, Chief Executive Officer of Gulf Energy Maritime, UAE; Saleh A. Al Shamekh, President Oil and Gas for the National Shipping Company of Saudi Arabia; Khalid Hashim, Managing Director of Precious Shipping, Thailand; and Sunil Pawar, Managing Director of Pratibha Shipping, India.
A debate on streamlining procedures for the registration of ships, and the regulatory environment in the region, will feature presentations from Clay Maitland, Managing Partner of International Registries, and Captain Jitendra Misra, Managing Director of Emarat Marine. A panel discussion will follow including John Ewing, Chief Commercial Officer, Dubai Maritime City, and Richard Briggs, Partner, Hadef Al Dhahiri and Associates.
Debt and equity finance for Middle East ship owners, along with Shari'ah compliant instruments of ship finance and Islamic insurance, will also be covered. Speakers in this session will include Jasamin Fichte, Managing Partner, Fichte & Co.; Vuay Kamath, Senior Relationship Manager, National Bank of Fujairah; Marcus Machin, Director, Tufton Oceanic (Middle East); Javad Mosadeghi, CEO and board member of the Islamic P&I Club; and Struan Robertson, Partner Banking and Asset Finance, Stephenson Harwood. Moderating the session will be Christopher Mills, Partner, Clyde & Co.
The principal sponsors of Money & Ships are the National Iranian Tanker Company and the National Shipping Company of Saudi Arabia. Other sponsors are Dubai Maritime City; Dubai Drydocks; Fichte & Co; IRISL Group; and Lloyd's Register. The conference is endorsed and supported by DP World and the UAE Ship Owners Association. For more information, please visit: www.moneyandships.com
Middle East Money & Ships concludes shortly before the commencement of the Seatrade Middle East and Indian Subcontinent Awards Ceremony Dinner, also at Mina A'Salam Madinat Jumeirah, Dubai. For more about the awards, please visit: www.seatrade-middleeast.com/awards