Oil Prices Above $100 Put Gulf Maritime Sector in Cruise Mode
With the price of oil expected to remain above US$100 per barrel in 2012-13 suppliers are encouraged to invest more in oil tankers and maintain their vessels in good condition to make the most of prevailing market conditions.
According to IMF, the oil price will continue to hover above $100 per barrel this fiscal ...and oil exporters’ combined current account surplus is likely to remain near its historic high of about US$400 billion in 2012, attracting more investments in the sector and generating more business due to surging supply and vessel maintenance requirements.
Another factor that is generating interest in the maritime industry is the fact that oil producers are pumping out more oil now. Saudi Arabia, world’s largest oil producer, has been pumping oil at its highest rate in decades at about 9.7 million barrels per day (bpd). Closer home, the UAE is pumping about 2.6 million bpd of oil, which is set to rise to around 3 million by the end of the year.
"After a lull, the Gulf waters are once again abuzz with activities... oil prices are high... investments are pouring in... vessel movements are increasing. All these point to exciting times for the regional maritime industry, encouraging decision makers from the industry, naval architects, engineering professionals, ship owners, operators and port representatives to attend the Gulf Maritime trade fair and Mastech technical conference," said Mr Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah.
Gulf Maritime trade fair will be held at Expo Centre Sharjah from November 25 to 27, 2013, while the Mastech naval architecture and shipbuilding conference will be held on the first two days of Gulf Maritime. It is for the second consecutive year that MAST, an association of naval architects, and Expo Centre Sharjah, are entering into an agreement to organize Mastech during Gulf Maritime.
MAST (Middle East Alumni of Ship Technology) is an association of naval architects graduated from the department of ship technology, Cochin University of Science and Technology, Kerala, India.
"Mastech was held along with the biennial trade event Gulf Maritime for the first time in 2011. The response was so encouraging that Expo Centre Sharjah and MAST have decided to join forces to organize the conference as part of the next edition of Gulf Maritime in 2013," said Mr Midfa.
"The considerable presence of MAST alumni members in several positions in the UAE and the Middle East marine industry will be a high point of Mastech. Together, Gulf Maritime and Mastech will give the industry a reliable and highly-focused maritime sourcing point and an international marine and technical conference under a single roof," said Mr. Shine Jose, President of MAST.
"Mastech will help the industry to gain in-depth knowledge in improved productivity and cost-competitiveness that are necessary to respond to the demand for lower cost of ownership and greater environmental sensitivity. No wonder that the maritime industry keenly awaits the Mastech conference," said Mr. Ashik Subahani, Mastech Convener.
It will be a must-attend event for ship owners, operators, shipbuilders and suppliers of equipment and services to not only gain a fresh outlook of the industry but also to share their experience, exchange ideas, and discuss latest trends and issues with their peers.
It will present the great potential of the UAE as a global maritime hub, its strategic location, economic stability and rich maritime heritage.
Emirate: Sharjah
Date: Dec 26, 2012
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