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The shipping industry in Dubai and the UAE as a whole has not been affected by escalating tensions between Iran and the West, which has seen several oil tankers damaged and others seized by Iranian forces.
"Things are happening as usual in our operations," a spokesman for DP World told Khaleej Times in a statement, but did not elaborate on the port operator's prospects for months ahead, as tensions continued to worsen.
On Saturday, Iran seized a British-flagged tanker, while in May and June, several tankers were damaged by explosions off the coast of Oman and the United Arab Emirates.
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Ibrahim Behairy, CEO of WIN GD, said the UAE's economy had been able to cope with the situation so far thanks to Dubai's position as a trade hub. world.
"The UAE maintains its position as the key hub for key players and stakeholders in the maritime sector," he said.
Referring to recent data published by DNV GL, he said that 65 billion dollars (239 billion dirhams) had been invested in the country's ports in 2018.
"Taking these numbers into account, WIN GD anticipates that the UAE's steady growth trajectory will continue in industry and in the country, for the remainder of 2019 and beyond," he said.
UAE shipping lines and port operators are operating normally, without major cancellation or alteration of freight schedules due to escalating US-Iranian tension in the region, according to several officials.
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This is corroborated by forecasts by Moody's Investors Service that the shipping industry in 2020 will remain stable, with expected profits offset by trade tensions between the United States and China. regulatory risks globally.
"The global shipping industry faces a number of challenges in 2020, including the effects of the new regulations of the International Maritime Organization, which will likely result in higher fuel costs, as well as uncertainties. geopolitical, such as trade disputes, especially US-China relations, "said Maria Maslovsky, senior badyst and vice president of Moody's Investors Service.
At present, the main risk for the shipping industry in the region is the skyrocketing of insurance premiums.
Referring to the Baltic Exchange in London, the latest Bloomberg data indicate that shipments of an average of two million barrels of cargo from Saudi Arabia to China doubled to nearly $ 26,000 in the second half of the year. of June.
This is mainly due to skyrocketing insurance costs, with premiums averaging $ 180,000 as a result of oil tanker attacks, up from $ 30,000 at the beginning of the year.
Bimco, the world's largest shipping badociation, said war risk underwriters charge additional premiums for calls in the Arabian Gulf and Gulf of Oman countries.
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