SHIPPING + MARITIME-

#1- Updates on Egypt’s first ship scrapping yard: Egypt's Holding Company for Maritime and Land Transport and El Wehda Industrial Development will form a JV to oversee Egypt's first ship scrapping and recycling yard at Damietta Port, according to a statement. The two parties also signed an MoU to foster investment and commercial partnerships, especially in developing and managing dry bulk terminals at ports.

Some changes since we heard about this in May: The project — which was originally set to cover 155k sq meters — will be built on a 2 mn sqm area next to Damietta Port, with facilities that can accommodate ships up to 400 m and a displacement weight of 40k tons. 1.5 mn tons of scrap is expected to be generated annually within the first five years of operations, fulfilling 66% of the local market's demand for scrap. In addition to shipbreaking, the project will also build and repair vessels.

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#2- DP World to launch carbon reduction program: UAE-based port operator DP World will launch a Carbon Inset Program at its UK logistics hubs London Gateway and Southampton starting 1 January 2025, according to a statement. The program will run for a six-month trial period, rewarding importers with 50 kg of CO2e of carbon credits for every loaded import container moved through DP World’s UK terminals. The independently certified credits will be issued quarterly through DP’s subsidiary Unifeeder to companies that cut indirect Scope 3 emissions in their supply chain operations.

What are inset carbon credits? Inset credits are a type of carbon offset that companies earn when they take actions to internally lower emissions within their operations. The inset credits do not cover external projects like with traditional carbon credits, with things like tree planting projects.

PORTS-

Moody’s gives AD Ports A1 credit rating: Financial services firm Moody’s Ratings has assigned the UAE’s AD Ports Group with an initial A1 credit rating with a stable outlook on the back of the Group’s robust financial performance and solid growth prospects, according to a press release. This marks the Group’s first credit rating by Moody’s, but it previously received investment-grade credit ratings from other agencies, including Fitch and S&P Global.

SOUND SMART- What is the A1 rating? The A1 rating is part of a rating system based on Moody’s 21-notch global ratings scale — which ranges from Aaa to C. The A1 rating indicates upper-medium investment grade and low credit risk.

STARTUP WATCH-

Oman debuts accelerator program for tech startups: Omani logistics provider Asyad Group has partnered with Omantel Innovation Labs to launch the Asyad accelerator program for tech startups in a bid to boost innovation, improve operational efficiency, and support the development of Oman’s logistics industry, Muscat Daily reports. The program has onboarded some 29 participating startups in a bootcamp that included a comprehensive training program that covered theoretical and practical aspects as well workshops that focused on business model development, financial planning, and project management.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Iran + Vietnam to boost economic cooperation: Iran’s Chamber of Commerce, Industries, Mines, and Agriculture and Vietnam’s Chamber of Commerce and Industry will exchange trade delegations to discuss mutual investment and technology transfer. (Tehran Times)
  • Kuwait Airways receives new Airbus plane: Kuwait Airways has received its first out of seven Airbus A330-900neo aircraft. (Kuna)
  • IATA launches air cargo device tracking validation: The International Air Transport Association (IATA) has launched the IATA Air Cargo Device Assessment Program to validate air cargo tracking devices, data loggers, and sensor-equipped devices to ensure industry safety standards. (Statement)
  • Uzbekistan building freight wagons for Iran: Uzbekistan is set to manufacture 200 freight wagons for Iran over the next two years. The initiative aims to leverage Uzbekistan’s wagon production capacity to bolster transport links between Iran and Central Asia within the railway gauge network. (Daryo)
  • GWC approves sukuk program: Qatari logistics firm Gulf Warehousing Company (GWC) approved a QAR 2 bn Sharia-compliant Sukuk program in its Extraordinary Assembly General Meeting on Tuesday. (The Peninsula Qatar)
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