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MAWANI Issues Agency License to OOCL

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
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MAWANI Issues Agency License to OOCL

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL) to pursue activities as a foreign investor across all Saudi ports for a period of three years.

The license was granted following OOCL's fulfillment of all requirements under the MAWANI Shipping Agents Regulatory Framework. This announcement comes as the Saudi ports regulator intensifies its efforts to develop the Saudi ports sector, transfer global knowledge and expertise to local talent, and adopt best practices in the maritime industry to bolster investment.

This step also enables MAWANI to create an ideal environment for logistics and operations at the Kingdom’s ports and attract major global shipping lines, furthering the Kingdom’s ambitions to establish itself as a global logistics hub that connects three continents.

MAWANI's regulatory framework allows foreign companies to invest in the local shipping services space to create a thriving and sustainable maritime sector that transforms the Kingdom’s ports into investment hotspots, thus boosting trade and economic development in line with the objectives set forth by the National Transport and Logistics Strategy (NTLS) and Saudi Vision 2030.

The Saudi Ports Authority (MAWANI) was established in 1976 to oversee the operations of the Saudi ports. Since its inception, MAWANI has been keen on transforming the Saudi ports into investment platforms and facilitating the Kingdom’s trade with the rest of the world. The Authority seeks to achieve an effective regulatory and commercial environment supported by an operating model that enables growth and innovation in the Kingdom's maritime industry.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.