As the maritime and offshore industries embark on a difficult transition, Saudi Arabia’s focus on developing sustainability, technology, and skills in the maritime, offshore, and logistics sectors position it well for the future, Burton told the audience in his keynote address at the Saudi Maritime & Logistics Congress 2024, reports Seatrade Maritime.
Setting the scene, Burton said 905 newbuild vessels had been ordered in 2024 to date, an increase of 1% from last year, comprising 47% tankers, 32% bulk carriers, and 21% container ships. An average drop of 18% on-year in steel prices across the major shipbuilding nations of China, Korea, and Japan, was good news for owners ordering ships, he said, and order backlogs were healthy.
For the offshore sector, offshore drilling utilisation of 90% was up 1% on-year, with semi-submersibles at 88%, jack-ups at 90%, and drillships at 95%. The Middle East is a particular hotspot in the market, he told the room of industry leaders.
Offshore sector’s development
The offshore sector’s development will be underpinned by continued growth in hydrocarbon demand in the next few years, said Burton, while the Kingdom advances its decarbonisation strategy.
Regional methane reserves
In the longer term, regional methane reserves, caron capture development, and investment in solar and wind energy create an ideal environment for produce blue hydrogen production.
As new technologies roll out, workforces will need to adapt and be trained to use the digital tools and techniques that drive efficiency and enable improved performance, said Burton.
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Source: Seatrade Maritime
