Mid East shipping alive and well says leading industry consultant
www.ameinfo.com Posted: February 4th, 2003 at 15:24 - UAE local time (GMT+4)
Despite negative international media perceptions, the Middle East's shipping industry is very much alive and well, according to a leading global industry consultant.
Dubai, UAE Addressing the Seatrade Middle East Maritime conference, which runs at the Grand Hyatt Dubai Conference Centre until Wednesday night, Fred Doll, Managing Director of the UK's Doll Shipping Consultancy, said analytical trends belie international media views that the regional industry is suffering from political uncertainty, developing energy sources competition and fundamental threats to its future world role. In the region's favour, said Doll, is the fact that it is the largest single source of oil and retains more than 80% of spare crude production. The region invests heavily in refining, is committed to the tanker sector, including new- buildings, is expanding into LNG shipping, invests in dry bulk shipping, and has an orderly approach to planning and investment decisions. “The Middle East retains a fundamental importance in oil markets,” said Doll. “Oil market security comes from spare capacity that can enter markets at short notice. Most of the world's spare capacity resides in the Middle East and no other region can substitute. Interestingly, since December, Middle East oil is providing stability in world markets. Venezuela, not the Middle East, is a source of political instability in oil markets in recent months.” Doll, a member of The Nautical Institute and The Institute of Petroleum, added that investments in oil refining sectors will ensure that the Middle East can provide high spec, low sulphur products to Europe and the US. “In the Middle East, strategic commitment to the tanker sector provides base transportation in the event of crisis and a market hedge in normal markets. This commitment ensures that marine industry skills in the region remain second to none, and captures value by integrating along the supply chain,” Doll added. “Gas companies in the region are applying similar reasoning to new business in the LNG sector.” Doll Shipping Consultancy provides market analysis, project evaluation, e-commerce expertise, and strategic planning assistance to shipping companies and financial institutions worldwide. Over 400 delegates from 27 countries are attending Seatrade Middle East Maritime, which on Wednesday focuses on Finance & Insurance, Purchasing, Safety & the Environment and Maritime Infrastructure. An industry exhibition being held alongside the event features 85 exhibitors from 17 countries. Ends For further information: Barbara Saunders, MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 3902961; fax: +9714 3908161. Or visit Seatrade online at: www.seatrade-middleeast.com