Tanker market opportunities and challenges discussed at ‘Bahri Oil Transportation Forum’ in Dubai

Bahri, a global leader in transportation and logistics, recently hosted three of the world’s leading maritime transportation veterans and thought leaders at its annual Bahri Oil Transportation Forum, which was held in Dubai, United Arab Emirates, during the Bahri VLCC Week. Organized under the theme, ‘Tanker Market Opportunities and Challenges,’ the half-day event brought together major regional and global maritime tanker sector players under one roof to exchange thoughts and views.

The panel discussion, which attracted more than 200 guests from around the world, featured industry titans including Mohammed Al-Sarhan, Vice Chairman of Bahri, John ‎Angelicoussis, Chairman of Angelicoussis Shipping Group Limited, and George Procopiou, Chairman of DYNACOM Tanker Management ‎Limited. The panel was moderated by Michael D. Tusiani, Chairman of Emeritus.

The discussion covered important topics such as the current condition of the oil transportation and tanker market, threats and challenges to the industry and effective strategies to address them, financing and investments, public versus private, renewables and technology, biggest opportunities and future outlook, as well as some personal insights and backgrounds.

Panelists also highlighted the distinctive reputation and leading position Bahri enjoys in the market, in addition to the project of King Salman Global Maritime Industries Complex at Ras Al-Khair, and the role of the Government in supporting and instilling confidence in national companies, among other related topics.

Mohammed Al-Sarhan, Vice Chairman of Bahri, who possesses extensive experience in oil and gas, transportation and logistics, and other sectors, said: “We are very optimistic about the future of the oil tanker market and we believe that there will continue to be demand for this market.”

John ‎Angelicoussis, Chairman of Angelicoussis Shipping Group Limited, said: “Markets where the population is high and where there is a very high GDP growth, for instance China and India, are markets that are immensely helping our industry. These countries need more oil and they are far away from reaching the levels we are consuming in the region.”

“The Bahri Oil Transportation Forum provides us with a strategic networking opportunity to connect with key stakeholders and jointly share our views on our outlook for the industry. As market leaders, we consider it among our top priorities to lead the dialogue on industry trends, impact, and opportunities. We are proud to see the success of the event in being recognized as the voice of the oil tanker market that is dedicated to facilitating an open discussion on our achievements as well as shortcomings, and exploring ways to overcome them,” said Ali Al-Harbi, Acting CEO of Bahri.

“As the world’s largest owner and operator of Very Large Crude Carriers (VLCCs) and a market leader in the tanker sector, we are committed to leading the discussion on the next phase of growth in the maritime industry while strengthening Saudi Arabia’s position as a regional logistics hub as outlined in the Saudi Vision 2030. The global oil tanker market is going through a significant phase and it is up to us – as industry players – to come together and look for innovative ways to address the most pressing challenges and explore new opportunities that would enable us to become more resilient in a rapidly changing global economic environment,” said Naser M. Al-Abdulkareem, President of Bahri Oil.

John Angelicoussis is Chairman and CEO of Angelicoussis Shipping Group Limited, a privately-owned company which owns and operates a modern fleet serving the oil, gas and dry cargo markets. The Group was founded in 1947 by Angelicoussis’ father, and was the first Greek shipowner to list on the NASDAQ in 1989. From 1989, the Group aggressively diversified into VLCCs and most recently into the LNG sector. Today, with an operating fleet of 123 vessels, the Group is the largest ship-owning entity in Greece and one of the world’s largest privately-owned fleets employing over 5,000 personnel.

George Procopiou is one of the most prominent names in the world of maritime transport. He has managed throughout the years a shipping fleet in excess of 500 vessels since entering the shipping business in 1974. Since 2002, he has built more than 100 vessels at shipyards in China, South Korea and Japan. Procopiou has also served as Chairman of the North of England P&I Association. He is Chairman of the Greek committee of Bureau Veritas, as well as member of the Greek committees of Det Norske Veritas, Germanischer Lloyd (DNV GL), Lloyd’s Register and ABS.

Michael D. Tusiani joined Poten & Partners in 1973. From 1983 to 2016, he served as its Chairman and Chief Executive Officer. During his career, he has been active in all aspects of oil and gas trading and transportation. He has written numerous articles on energy and shipping matters.