Good morning, friends. We close out the week with a mixed bag of news, with more acquisitions from Saudi Arabia, Qatar Airways Cargoinking the world’s first interline agreement with an autonomous aviation startup, and good news for Egypt’s transit trade ambitions.

^^ We have everything on this story and more in the news well, below.

A FEW PSAs-

#1- Trucks and labor buses will be barred from entering Abu Dhabi Island from 12pm on 1 December till 1am on 4 December, according to a statement. Logistics and general cleaning company vehicles are exempted.

REMEMBER- Abu Dhabi is hosting COP28 this year, which kicks off today and wraps on 12 December.

#2- Railway services have resumed between Quetta, Pakistan and Iran after they were suspended yesterday due to flooding caused by heavy rainfall, ARY reports, citing railway officials.

#3- Planned diversions on UAE roads: Dubai’s Road and Transport Authority (RTA) is temporarily rerouting traffic from the Trade Centre roundabout to the Expo Intersection on Sheikh Zayed Road towards Abu Dhabi, according to a statement. The diversion will take effect from 7am to 11am between 1-3 December. RTA and Dubai Police have mapped out alternate routes to ensure smooth traffic flows.

#4-Bahrain’s Ministry of Works is fully closing Al Fateh Highway for 20 days starting 30 November due to renovations, in a statement. Traffic will be diverted at the junction of Al Fateh Highway with Awal Avenue in Manama.

DATA POINT #1-Bahrain registered a BHD 275 mn trade deficit in 3Q 2023, compared to a BHD 54 mn surplus during the same period last year, according to figures published by the Information eGovernment Authority (iGA) of Bahrain. Bahrain’s exports for the period saw a 24% y-o-y fall to BHD 943 mn, while imports fell 5% y-o-y to BHD 1.4 bn, iGA said.

DATA POINT #2-GCC annual trade surged to USD 140 bn in 2023, upfrom USD 6 mn in 1995, Gulf Daily News reports. GCC non-oil trade reached USD 81.9 bn in 2023. The GCC aims is working with joint financial and economic committee meetings between member states to achieve a more unified economy. Preparations are also underway to finalize all requirements for the GCC Customs Union, which should be launched by the end of 2024. Member states of the customs unions will apply a universal system for all or almost all imports, exports, and transit goods.

HAPPENING THIS WEEK-

It’s OPEC+ o’clock: OPEC+ member states are meeting tomorrow to discuss how the cartel of oil-producing nations will respond to falling oil prices, decide on next year’s production targets, and make a decision on whether to prolong production cuts. The cartel is reportedly continuing to hold talks to determine whether deeper production cuts would be necessary in 1Q 2024, Reuters reports.

Will the meeting happen? Reuters picked up chatter from OPEC+ sources that the once-delayed meeting may be delayed again as African member states seem to be remaining firm on their refusal to cut production quotas for 2024.

Pakistan’s Prime Minister Anwaar ul Haq Kakar is in Kuwait to meet Crown Prince Meshal Al Sabah and Prime Minister Ahmed Al Sabah, where they will ink MoUs on manpower, information technology, mineral exploration, energy, defense, and food security, according to a statement.

Antwerp XL kicked off yesterday and wraps today at Antwerp Expo Hall 4 in Antwerp, Belgium. The event provides a platform for breakbulk, roro, heavy lift, and project cargo industry members to discuss important industry topics, talk to experts, meet top cargo owners and freight forwarders, and discuss trends and solutions as well as how to overcome challenges in the industry.

The International Maritime Organization (IMO) Assembly kicked off earlier this week, and will run till 6 December in London. The event is open to all 175 IMO members and will also be attended by observers from intergovernmental and non-governmental organizations. The assembly will look at approving the work program and budget for the IMO, while electing members of the 40-member council of the IMO. The assembly will also adopt several resolutions on key matters of the IMO’s work.

MARKET WATCH-

The global pool of shipping containers is expected to contract in both 2023 and 2024, with a 2.6% decline expected in 2023 and a further drop in 2024, Hellenic Shipping News reports, citing maritime research consultant Drewry. Inflation-driven depressed demand and geopolitical instability have impacted investor sentiment. Both ocean carriers and leasing companies have curbed container purchasing programmes considerably, with Drewry forecasting both to take delivery of just some 1.1 mteu of new containers this year, Drewry adds.

Reefer market set to shrink for second year in a row: Seaborne reefer cargoes are projected to see a 0.5% y-o-y decline in 2023, according to a recent Drewry report. This marks the second consecutive annual decline following last year’s 0.8% contraction. Transit restriction along the drought-affected Panama Canal, climate impacts on fruit crop yields, weak Chinese demand, and geopolitical tensions are weighing down forecasts for the reefer market, Drewry says. Panama Canal and EU Emissions Trading System (ETS) surcharges are expected to further impact the sector.

Fujairah oil stocks slump to 2-week low: Stockpiles of oil products at the Port of Fujairah inched down 7.7% to a two-week low over the week ending 27 November, according to S&P Global data. The total oil inventory has fallen 16% since the beginning of the year, with stockpiles now down to 17.406 mn barrels a day.

CIRCLE YOUR CALENDAR-

Iranian President Ebrahim Raisi will visit Turkey next month to discuss bilateral ties, as well as proposals by the Iran-Turkey Joint Chamber of Commerce for boosting bilateral trade, including through a potential trade agreement, state-aligned Tasnim News Agency quotes chairman of the chamber Mehrdad Saadat as saying. Saadat said that Iran’s trade with Europe could grow by taking advantage of Turkey’s trade capacities.

The third Iran-UAE Joint Economic Cooperation Commission meeting will be held in the coming weeks in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.

The International Conference on Air Services Negotiations (ICAN) 2023 will take place between 3-7 December at the Hilton Riyadh Hotel and Residences in Saudi Arabia. The event is hosted by the Saudi General Authority of Civil Aviation, and will serve as a meeting point for bilateral, regional air services talks and consultations, as well as a networking platform for policy makers, regulators, air operators, service providers and other stakeholders.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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