He also believes it is also time to seriously consider creating a structured professional maritime organisation in Dubai.

Yusr Sultan, a Gulf Energy Maritime (GEM) board member, addressed the Marine Money Gulf Ship Finance Forum held in Dubai at the beginning of the month.

He spoke about the need for industry partnership as the key to Dubai's maritime success. That success would be assisted by re-evaluation of the role of the UAE flag within the international maritime community, he said.

"This is an opportunity to lead the industry, by transforming the UAE flag into a quality register meeting the most rigorous standards, including all the necessary technical expertise and with the endorsement of the International Maritime Organisation's [IMO's] Flag State Implementation Sub-Committee," he said.

A UAE shipping register would be a symbol of the local industry's strength and would create confidence in the banking and finance industry, Sultan said. Furthermore, a strong UAE flag would not only be a boon to operators but would provide opportunities for UAE and international financial institutions to invest in shipping under "a flag they know they can trust," he said.

Regarding the formation of an association, Sultan said: "To achieve this, we need a structured, professional Dubai Maritime Association to bring together all the interests in our industry."

The proposed Dubai Maritime Association would be "a body of the whole industry", with membership ranging from chandlers to shipbuilders to catering to finance and insurance - all of them working for the whole industry, he said.

GEM, the joint venture company, in which Emirates National Oil Company (Enoc) holds a 35 per cent stake, would take a lead in driving the proposed maritime association forward, he said.

"By coming together in a professional association we can share experience, skills and international industry knowledge, for the benefit of all and for the greater good of Dubai and the UAE," he said.

The association would tackle issues and work with governments and authorities to ensure industry requirements were heeded, he said.

Hanjin Shipping announced its 2004 profit more than doubled, rising to 645.7 billion won (Dh2.29 billion), according to South Korea's Yonhap news agency. Sales climbed 11.4 per cent to 6.20 trillion won (Dh22 billion), with operating profit soaring 89.8 per cent to 819.8 billion won (Dh2.19 billion), the report said.

The company said it aims to post $5.6 billion (Dh20.5 billion) in sales this year, and forecasts an operating profit of $690 million (Dh2.53 billion).

The company also expects to handle 2.87 million TEUs and 46.9 million tonnes of freight in 2005.

To enhance profitability and business potentials, the company will invest about $280 million (Dh1.027 billion) in vessels, port/terminal facilities and IT infrastructure, officials said. It also aims to improve its financial structure through the lowering of its debt to equity ratio to 141 per cent, officials said.

Spain and Brazil have become the first states to sign the International Convention for the Control and Management of Ships' Ballast Water and Sediments, 2004

The Ballast Water Convention, adopted in February last year, contains measures to prevent the potentially devastating effects of the spread of harmful aquatic organisms carried by ships' ballast water.

It will require all ships to implement a Ballast Water and Sediments Management Plan, to carry a Ballast Water Record Book and to carry out ballast water management procedures to a given standard. Existing ships will be required to do the same, but after a phase-in period.

The convention will enter into force 12 months after the date on which not less than 30 states have either signed it without reservation as to ratification, acceptance or approval or have deposited the requisite instrument of ratification, acceptance, approval or accession in accordance with article 17 of the Convention.

The combined merchant fleets of these states constitute not less than 35 per cent of the gross tonnage of the world's merchant shipping,

The writer is a Dubai-based marine consultant.

Frank Kennedy

© Gulf News 2005

 

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