Saudi Red Sea Authority launches yacht charter service
The Saudi Red Sea Authority (SRSA) has made significant progress in developing tourism along the Saudi coast by issuing its first yacht charter license. This milestone supports the broader goals of Saudi Vision 2030, which aims to strengthen tourism services, attract investment and expand the economic contribution of the sector. Also read: Saudi Red Sea Authority launches 'More Than a Sea' to boost coastal tourism As part of its mandate, SRSA focuses on developing policies and strategies to regulate maritime and nautical tourism activities while overseeing terminal operations. This includes issuing permits and licenses to promote investment and innovation in the marine tourism industry. The newly issued license was issued under the Large Yacht Charter Regulatory Framework and authorizes the company to operate yacht charter exclusively in the Red Sea region of Saudi Arabia. The first companies to receive these licenses include Hill Robinson Saudi Limited, Faisal M. Higgi & Associates Co. Ltd and JLS Yachts Limited. To ensure compliance,…
Australia: Taming the solvency sea dragon
What directors need to know about corporate group solvency risk in short Directors of business groups can have greater peace of mind when relying on financial support from related entities, according to a recent ruling by the Full Court of the Federal Court.1 Last year, questions were raised about the adequacy of financial support, which was not fully documented or binding to determine the solvency of associated companies. This decision recalibrates the position in favor of such an arrangement, for which practical support may be sufficient. Directors of companies within a corporate group must ensure that each company they appoint is solvent. Solvency is not assessed purely at a group level. In such cases, subsidiaries often rely on informal or non-binding arrangements. This reliance may include consistent intra-group funding (without further formalities) as well as non-binding letters of comfort backed by actual payments. Directors should be aware that, in the absence of formal, binding inter-company support arrangements, establishing a system…
IMO chief urges action against Houthis Red Sea attack
Armed men stand on the beach on December 5, 2023, as the Galaxy Leader merchant ship, which was seized by Yemen's Houthi rebels last month, is anchored off the coast of Salif, Yemen. Reuters/Khaled Abdullah As the Houthi armed maritime threat continues to escalate, International Maritime Organization (IMO) Secretary-General Arsenio Dominguez concluded a diplomatic visit to major Red Sea countries. The crisis began with the hijacking of the MV Galaxy Leader in November 2023 and has now been the subject of more than a hundred drone and missile attacks on ships in the region, severely affecting global trade and seafarer safety. The attacks, reportedly triggered by the ongoing Israel-Hamas conflict, have resulted in four deaths, two sinkings and extensive ship damage, prompting many shipping lines to reroute around the Cape of Good Hope, a costly and time-consuming route detour route. Also read: Houthi attack latest: East-West trade braces for rising freight costs in 2024 Dominguez, whose diplomatic mission includes high-level…
Hapag-Lloyd and Maersk raise profit forecasts on Red Sea
Hapag-Lloyd followed future alliance partner Maersk in raising its profit outlook for 2024, citing higher-than-expected demand and rising freight rates despite operational challenges. Also read: Maersk predicts Red Sea conflict to lead to prolonged trade disruptions in 2024 The German shipping giant announced preliminary results for the first nine months of 2024, with group EBITDA of approximately $3.6 billion (€3.3 billion) and group EBIT of approximately $1.9 billion (€1.8 billion). "Given that the current business is characterized by stronger-than-expected demand and higher freight rates, we are revising our earnings outlook upwards for 2024, despite higher costs from vessels around the Cape," the company said in its 2024 report. statement. Upgrade financial guidance Hapag-Lloyd now forecasts that its full-year group EBITDA will be between US$4.6 billion and US$5 billion, up from its previous estimate of US$3.5 billion to US$4.6 billion. Group earnings before interest and tax are expected to increase to US$2.4 billion to US$2.8 billion, compared with the previous forecast…
Saudi Red Sea Authority launches “More Than an Ocean” program to promote
The Saudi Red Sea Authority (SRSA) has launched a new campaign, “More Than a Sea,” which is organized around four pillars: regulation, sustainability, investment attraction and tourism promotion. The initiative aims to boost Saudi Arabia’s coastal tourism by highlighting the multifaceted role of the SRSA. Also read: Maersk launches SAR 1.3 billion logistics hub at Jeddah Islamic Port: a major milestone in Saudi Arabia’s global supply chain ambitions The event focused on the regulatory responsibilities of the Saudi Coastal Authority, including the development of policies, strategies and initiatives to oversee navigation and marine tourism activities. The Saudi Coastal Authority, in collaboration with relevant entities, has issued seven regulations governing tourism along the coast of Saudi Arabia, ensuring a well-structured and safe environment for visitors. The campaign also highlights the potential of the Red Sea as a lucrative investment destination, with a population of approximately 7 million and 1,800 km of coastline. The region’s diverse landscapes, rich cultural heritage and abundant…
Chinese cargo ships sailing along the Arctic Northern Sea Route…
Chinese ordinary cargo ships have begun exploring new routes around the Red Sea, choosing the Arctic Northern Sea Route (NSR). See also: Red Sea crisis sends container freight rates soaring Xinxin Shipping Company's ships Xinxin Hai 1 and Xinxin Hai have begun crossing the melting Northern Sea Route, with the help of summer icebreakers allowing the two ships to pass smoothly. Scientists say climate change and melting ice sheets could soon make this Arctic route navigable year-round. The route would shorten the journey from China to Northern Europe by about 13,000 kilometers, significantly reducing the 20,000-kilometer journey through the Suez Canal and cutting the distance needed to go around the Cape of Good Hope by nearly half. Shorter routes could offer shipping companies a competitive advantage, potentially challenging faster modes of transport. However, Arctic navigation remains complex, especially for container ships. Ships traversing the route require ice-resistant hulls to withstand collisions with small ice floes, even in the wake of…
Guangdong Zhanjiang Olympic Sports Center and Neighboring Sea Areas
Exhibition room: North side of Haiwan Bridge, Potou District, Zhanjiang City, Guangdong Province View mapSite area: 184,700 square meters Country region: Guangdong, China Guangdong Zhanjiang Olympic Sports Center and the surrounding sea area are located on the north side of the Bay Bridge in Potou District, Zhanjiang City, Guangdong Province. The total project area is 664.51 acres and the total construction area is 184,700 square meters.The project will be fully completed by the end of March 2014.The overall design of the project extends the theme of "ribbon", highlighting the natural and fluid planning like a bay. The stadium is based on the concept of "shell" and "conch" as the mother body. is simple and pure. The gymnasium, the comprehensive ball sports hall and the swimming and diving hall are connected in series, in the shape of three white shells, freely scattered on the beach, reflecting the unique architectural style of the bay city. After the project is completed, it will…
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Türkiye Istanbul Solar Photovoltaic Exhibition 2025 Exhibition Guide (Time & Venue + Ticket Booking)
