Bahri Annual Report-2014

Chemical Transportation Sector Maritime transportation industry depends largely on the growth of world economy. Growth prospects indicate a decline in new refinery activities announced previously in the Middle East due to slower growth of the world economy. In addition, demand for chemicals is growing in lower rates compared to the years shortly before the world financial crisis. Such lower demand is expected in Asia, especially in China and India amid uncertainty in Europe with the shrinking economy. As of December 2014, the global chemical carrier fleet consisted of 3,384 carriers with a total capacity of 38.7 million DWT. In addition, the total number of new carriers under construction is 229 with a total capacity exceeding 5.1 million DWT, representing around 13.1% of the current fleet.

Prices of ship fuel started to decline as a response to the decline in crude oil prices, noting that lower growth of the world economy affects consumption of chemicals, along with the increasing supply of carriers especially oil product carriers.

Main achievements of 2014   In 2013, NCC JLT carriers became operational through shipping contracts or in the spot market after acquiring the share of Norwegian Odfjell SE in NCC Odfjell Chemical Tankers (NOCT),.   A number of shipping contracts were signed with strategic manufacturers in the GCC, leading to a larger market share in the region

 Automated systems were fully applied to all NCC activities.

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Annual Report 2014

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