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WATCH THIS SPACE-

#1- AD Ports inks another MoU to upgrade Bangladesh’s ports: AD Ports Group inked an MoU with Bangladesh-based power plant equipment supplier Saif Powertec Ltd to cooperate on ports, container depots, and logistics facilities projects in Chattogram, Mongla, and Dhaka, Bangladesh, Wam reports. The agreement will see the entities establish a joint working group to facilitate expertise, strategy, and technical assistance sharing, and the implementation of joint activities.

REFRESHER- AD Ports inked an MoU with Bangladesh’s Chittagong Port Authority last month to explore the development and operation of the multi-purpose port in Chittagong.

#2- Israel will expand the Leviathan gas field in a bid to more than double its gas exports, Reuters reports, citing Israeli Energy Minister Eli Cohen. The partners in the Israeli gas field — which primarily exports to Egypt and Jordan — will invest upwards of USD 500 mn for expansions. “Demand for natural gas in Israel and regional markets is rising and as such we are preparing to expand production at the Leviathan project," Ratio Energies CEO Yigal Landau told the newswire.

A boon for Egypt? Egypt needs to import some USD 1.18 bn worth of mazut fuel oil and natural gas to end ongoing daily power cuts, Reuters reported earlier this week, citing comments by Egyptian Prime Minister Mostafa Madbouly at a press conference. Egyptian state-owned gas firm EGAS is reportedly looking to acquire seven shipments of LNG cargoes in July, six more in August, and four more in September. The country saw a week-long extension of power outages due to a gas field in a “neighboring country” being offline for a 12-hour period.

Israel exported 8.6 bcm of gas to Egypt in 2023, a 39% increase from 2022. However, Israel halted gas exports to Egypt last October on the back of the war on Gaza, which resulted in worsening blackouts for the country amid consecutive heat waves.

FOR A DEEPER DIVE- EnterpriseAM Egypt spoke to a number of industry insiders for an in-depth look into how the power cuts are affecting domestic industry and businesses.

#3- Former Chinese science and technology minister Wan Gang — considered the father of the Chinese EV industry — says the EU tariffs are politically motivated and not supported by a number of EU states, Bloomberg reports. “Confrontation isn’t the way to go — it’s especially pointless to go against technological innovation. The most important thing is to keep negotiating,” Wan said at the World Economic Forum’s Summer Davos event in Dalian, China this week.

Trade between the two sides has taken a hit for years: Part of the tension coming from the bloc is due to Chinese foreign investment not keeping up with the volume of exports, Wan said. The Comprehensive Agreement on Investment between China and the EU has been stalled since 2021 due to geopolitical frictions over human rights issues in Xinjiang, Bloomberg writes.

The number of active shipyards globally has jumped 17.7% in the last two years, Splash reports, citing a report (pdf) from Greek maritime analysts Xclusiv Shipbrokers. The orderbook-to-feet ratio has risen across the board over the last two years, with bulk carriers increasing by 43%, tankers by 72%, and gas carriers by 48%. Container vessel orders have bounced back this year with 64 ships ordered to date after dipping in the second half of last year, the news outlet reports, citing data from maritime analyst Alphaliner. Global order books for shipyards’ have exceeded 133 mn cgt.

Looking forward: Shipyard capacity demand is forecasted to decline by as much as 25% by 2040, according to a Danish Ship Finance report cited by Splash.

MARKET WATCH-

Oil prices dipped in early morning trading driven by fears of a decrease in demand due to US stockpiling, Reuters reports. Brent crude futures eased to USD 84.97 a barrel while US West Texas Intermediate futures dropped to USD 80.59 by GMT 03.10. "An expected increase in US inventories of crude oil and gasoline are weighing on the market due to fears of weakening demand … but the market is in a tug-of-war situation, underpinned by the prospect that an escalation in the battle between Israel and Hezbollah may hinder supply," NLI Research Institute senior economist Tsuyoshi Ueno told the newswire.

US crude oil imports surged to 3.1 mn barrels bpd in May 2024, rising to a nearly two-year high despite tepid demand ahead of the summer season, Reuters reports, citing Kpler tracking data. Imports for June are at around 2.9 mn bpd to date.

Baltic index sees weekly fall: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down on Tuesday 2.4% to 1,926 points, hitting a two-week low impacted by low rates in capesize and panamax segments, Reuters reports. Capesize fell 3.3% to 2,990 points, while the panamax index dipped 3.2% to 1,735 points. The smaller supramax index edged up 0.5% to 1,412 points.

CIRCLE YOUR CALENDAR-

Lebanon will host the East Med Maritime Conference on Thursday, 27 June in Beirut. The event will gather industry leaders to discuss the latest developments in shipping, maritime, and offshore industries to discuss industry innovations, alternative fuels, and decarbonizing emissions in the maritime sector and ports.

Turkey will host the ACI Europe Annual Congress on Tuesday, 2 July to Thursday, 4 July in Istanbul. The event will bring together 500 C-level airport executives, as well representatives from businesses engaged with airports, airlines, aircraft manufacturers, and other stakeholders. The event will highlight discussions on the current state of the airport industry, geopolitics, the Turkish market, resilience, sustainability, and the diversification of revenues.

Check out our full calendar for a comprehensive listing of upcoming news events and news triggers.

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