TODAY: QatarEnergy in talks for LNG vessels + Middle East carriers could be in for a full recovery by 2024

Good morning, everyone. We cap off the week with another light issue, as the newsflow continues to crawl through the end of the week.

THE BIG LOGISTICS STORY- Bunkering services provider Peninsula has launched operations in the Suez Canal, a couple of weeks after Minerva kicked off its operations. Over in Saudi Arabia, PIF-owned lessor AviLease has secured a USD 1.1 bn loan to expand its fleet.

HAPPENING TODAY-

PSA- Al Ain’s Mohammed Bin Khalifa Street will see partial closures from today until Monday, 26 June, according to Abu Dhabi’s road and transport authority.

WATCH THIS SPACE #1-QatarEn ergy in talks with South Korean firms for LNG vessel sale: South Korea’s ‘Big 3” shipbuilding companies — HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries — are set to begin negotiations for an order of USD 10.7 mn worth of LNG vessels from QatarEnergy, Business Korea quotes industry sources as saying. Hyundai and Samsung are set to wrap their negotiations with QatarEnergy before the month is out, with Hanwha Ocean following by September, according to the Korean news outlet.

The expected order will consist of around 40 vessels, with Hyundai ordering 10, Hanwha ordering, and Samsung looking to purchase 16. The contract is set to be finalized with the shipowner that will operate the vessels by the end of the year, according to the news outlet.

WATCH THIS SPACE #2- The Dubai government is “fairly close to making a decision” on the expansion of Al Maktoum International Airport (DWC), Emirates President Tim Clark said, according to The National. The expansion is “definitely needed,” Dubai Airports CEO Paul Griffiths said at a press briefing, citing the need for more capacity.

A lot of question marks remain: “We will need a new terminal at DWC but the affordability of it, when we will need it, the capacity it needs to be — these are very much open questions based on the forecast of how quickly Emirates, flydubai and other airlines are going to grow over the next decade,” Griffiths said. Dubai Airports — the state-owned operator of DXB and DWC — is currently in talks with aviation stakeholders to determine the timetable of the project, Griffiths said.

REMEMBER-Dubai plans to expand Al Maktoum Airport with the aim of transforming it into the world’s largest airport by the year 2050, Dubai South said. The expansion will include a comprehensive transportation infrastructure connecting air, land, and sea. Talks to expand the airport were recently reported to have restarted after being delayed for several years on the back of the pandemic, falling oil prices and Expo 2020.

FROM THE RUMOR MILL- Has Gulf Energy Maritime sold its long-range fleet? Dubai-based tanker company Gulf Energy Maritime (GEM) has reportedly sold its entire LR1 fleet of 11 tankers, bringing in some USD 120 mn from the sale, according to global shipping news source TradeWinds. The fleet was put up for sale at the end of April with a few of the buyers reportedly flocking in and snagging five Korean-bult LR1’s in May, according to Splash. While the buyers were not revealed, TradeWinds writes that the counterparts were reportedly in Turkey, India and the Middle East.

Middle East-based carriers are on track for a “full recovery” to pre-covid levels by 2024, the Jordan Times quoted the International Air Transport Association’s (IATA) regional chief Kamil Al Awadhi as saying. Regional passenger traffic has continued its recovery and stands at 12% below 2019 levels as of April, while cargo traffic in April was 3% above 2019 levels, according to IATA data (pdf). Projections also see Middle East annual passenger traffic doubling to 515 mn by 2040. The latest statements echo earlier reports by the international body indicating that the global aviation sector was on the mend, with the Middle East “leading the charge.”

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CIRCLE YOUR CALENDAR-

Bidding for the project developer contract for the joint Jordan-Iraq economic citybegan on 30 May and will run until 29 June, according to Jordan News Agency (Petra). The project, which will provide integration across an array of fields and sectors, is located on the borders of the two countries, according to Petra. The industries and products in the economic zone will benefit from Jordan’s trade agreements with other countries, Petra reported earlier.

Deadline for design bids for Al Ghuwaifat Customs Clearance Center is coming up: The Abu Dhabi Investment Office and the Department of Municipalities and Transport are inviting proposals for the design, construction, maintenance and operation of Al Ghuwaifat Customs Clearance Center in Abu Dhabi, Construction Week reports. The deadline for proposal submissions is 3 July.

Breakbulk Europe began on Tuesday and will last till today in Rotterdam, Netherlands. The event brings together 4k companies and aims to serve as a networking platform for industry decision makers in the project cargo community.

The Fleet & Mobility Summit is kicking off today in Habtoor Polo Resort in Dubai. The summit will bring together key stakeholders like B2B and B2C fleets to discuss how to digitize operations and make them greener.

The China-Africa Economic and Trade Expo (CAETE) will take place from 29 June to 2 July in Changsha, the capital of Hunan Province in China, with representatives from 50 African countries and eight international organizations scheduled to attend. The event aims to strengthen economic and trade cooperation between China and Africa and covers topics including customs and industrial parks.

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