Reroutes continue and air freight demand surges amid continued Red Sea disruptions

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What we're tracking today

TODAY: Red Sea reroutes continue + Qatar’s Flag Logistics set to establish Oman hub

Good morning, nice people. We have all the latest on disruptions to shipping in the Red Sea and the ramifications this morning, as well as all the details on Oman’s newest logistics hub.

PSA-

#1- Oman opened the OMR 3.2 mn Wadi Afful Bridge in Rakhyut, Dhofar yesterday, according to a statement. The project involved paving 1.3k kilometers of asphalt, including a 300-meter concrete bridge.

#2- Saudi Ports Authority (Mawani) will run a virtual workshop for Prominent Vessel Owners in Saudi Arabia on Tuesday, 30 January, according to a statement. The workshop will look into the challenges faced in KSA vessel registry and discuss incentives for the adoption of international standards to boost the appeal of flagging under KSA. Participants can register here.

WATCH THIS SPACE-

#1- The rehabilitation of Iraq’s Khor Al-Zubair Port in Basra is 97% complete and is set to be finalized by 2025, according to a statement. The project — which is funded by ODA loans from the Japan International Cooperation Agency (JICA) — involves setting up a power station, a firefighting system, a 340-meter oil berth, and a 50k square-meter truck yard. The second phase of the project will involve adding marine tugs, boats, and a drydock in the future.

AND-Iraq is making moves to join the WTO: Iraq is taking “serious steps” to join the World Trade Organization (WTO) to further the country’s aspirations to boost transparent cooperation and strategic commercial trade partnerships globally, head of Iraq’s team focusing on WTO accession Saqr Abduallah Al-Muqbel told INA on Thursday.

#2- The US rolls out its first price cap-related sanctions for 2024: The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned UAE-based shipowner Hennesea Holdings for violating price caps on Russian oil while employing US-based services, according to a statement released on Thursday. The move sees the outfit’s assets in the US blocked, with severe restrictions on its transactions.

ICYMI:December saw OFAC tighten its sanctions guidelines and hit out at a UAE-based subsidiary of Russia’s state-owned fleet operator Sovcomflot, in addition to a UAE-based and two Hong Kong based “under-the-radar” traders.

#3- Boeing’s woes continue: A Boeing 747 freighter operated by US air freight giant Atlas Air was forced to make an emergency landing at Miami International Airport late Thursday after suffering an engine fire shortly after take off, Reuters reported on Friday. The US Federal Aviation Administration (FAA) and National Transportation Safety Board are looking into the incident, with a post-flight check revealing a “a softball-size hole above the engine,” the newswire cited the FAA as saying. No injuries were reported as a result of the incident.

ICYMI:Aircraft maker Boeing is facing mounting scrutiny following an incident with an Alaska Airlines 737 MAX 9 flight that saw a panel fly off mid flight and subsequent investigations by the airline revealed manufacturing flaws in its Boeing 737 MAX 9 fleet.

Akasa and Delta Airlines have orders on the books: Indian budget carrier Akasa Air has ordered 150 Boeing 737 Max aircrafts, with the order not including the MAX 9 variant that is undergoing scrutiny, Reuters reported on Thursday, citing a company statement. US Delta Airlines also plans to follow-through with an order of 100 Boeing 737 MAX 10 aircraft, CNBC reported on Friday, citing statements by CEO Ed Bastian. The order’s first deliveries are slated for next year, but the airline does not intend to take them aboard until they have “1,000% confidence” that they are safe, Bastain said.

#4- Australian minister blames DP World for ongoing labor dispute: Australian Workplace Relations Minister Tony Burke is refusing to intervene in the dispute between DP World and the Maritime Union of Australia (MUA), accusing the former of running a political and media campaign rather than resolving matters with its workers, The Guardian reported on Thursday, citing comments by Burke following a meeting with both parties on Thursday. Burke said that if DP World had invested into reaching an agreement instead of a media campaign, then a resolution could have been reached. Union workers have been fighting for better pay since October, and Australia’s Fair Work Commission (FWC) workplace tribunal recently told workers that their work stoppages could continue at DP World’s Sydney, Brisbane, and Fremantle terminals. Burke told reporters that he has made it clear that both parties are expected to be at the table to negotiate and resolve this matter, and that they can rely on the FWC to facilitate, the newswire reports.

MARKET WATCH-

#1- Qatar Energy is set to ink a long-term agreement with Indiato provide LNG at a cheaper price and more flexible terms, Reuters reports, citing sources with knowledge of the matter. Qatar Energy and Indian companies are set to sign the agreement — which would extend to 2050 — by early February. The agreement would extend beyond 2028 contracts for the supply of 8.5 mn tonnes per year (tpy) of LNG to Indian buyers, supporting India’s aim to boost the share of natural gas in its energy mix to 15% by 2030. Qatar aims to increase liquefaction capacity to 126 mn tpy by 2027, up from 77 mn, to strengthen its presence in Asia and Europe amid increased competition from US supplies.

REMEMBER – Qatar Energy and Shell previously signed two long-term liquified natural gas (LNG) sale and purchase agreements (SPA) for the supply of up to 3.5 mn tons per year of LNG to the Netherlands for 27 years. Qatar Energy also inked two LNG SPAs with TotalEnergies to supply France with gas.

#2- Oil prices saw an increase on Thursday as OPEC forecasted a robust demand growth in 2024 and 2025, and as a cold snap disrupted US production and tensions remained high in the Middle East, Reuters reported on Thursday. Brent crude rallied 0.6% to USD 78.37 while West Texas Intermediate (WTI) crude rose 1.0% to USD 73.26 a barrel. OPEC expects global demand for oil to increase 2.25 mn barrels per day (bp) for 2024, and by 1.85 mn bpd for 2025, the newswire said citing an OPEC report.

#3- Severe weather conditions hitting Texas and Louisiana have disrupted US LNG exports, Bloomberg reported on Thursday. The cold snap has led to cancellations and delays in shipments from facilities in the two states, including Cameron LNG and Cheniere Energy. The extreme weather also saw some ports closed. Disruptions are expected to resolve by next week as temperatures get warmer. Global markets are not expected to be impacted as LNG stocks in Asia and Europe remain high, with European gas futures falling to their lowest in five months on Wednesday, the outlet said.

#4- The Baltic Exchange’s dry bulk sea freight index is at its lowest in four months, after dipping for an eighth consecutive session on Wednesday, Reuters reported. Losses were mitigated however by an uptick in panamax rates. The overall index — which factors rates for capesize, panamax, and supramax vessels — fell 1.2% to settle at 1308 points on Wednesday, its smallest decline over the previous eight sessions.

#5- Russia beats out Saudi Arabia as China’s primary crude oil supplier in 2023,exporting some 107 mn tons and pulling far ahead of rivals KSA and Iraq, Reuters reported on Saturday, citing Chinese customs data. Western sanction on Russian crude has led to it being sold at a discount to other products, boosting demand from refineries in India and China. Saudi Arabia’s exports to China declined 1.8% for the year to just under 86 mn tons as the country ceded market share in China to cheaper Russian crude, the newswire said.

DATA POINTS-

#1- Dubai’s Roads and Transport Authority (RTA) reduced travel time by 50% and increased vehicular capacity on a number of roads by up to 25% in 2023, according to a statement on Sunday. The RTA, as part of its ongoing Quick Traffic Improvements Plan, upgraded intersections and expanded roads to reduce travel time and eliminate congestion.

#2- Queen Alia International Airport (QAIA) handled some 67.4k tons of cargo in 2023, a 9.9% y-o-y increase, according to an Airport International Group (AIG) press release. QAIA also saw 77.7k aircraft movements in the same period, a 13.7% y-o-y increase. The airport recorded 6.4k tons of cargo in December 2023, a 30.4% y-o-y increase, and 5.6k aircraft movements in the same period, a 1.5% y-o-y decrease, according to the release. The annual figures are driven by AIG’s partnerships with new airlines, with a total of 44 cargo and passenger airlines operating via QAIA in 2023, according to the release.

#3- Global air cargo tonnages rebounded during the second week of 2024, increasing 24% from the previous week, Transport & Logistics Middle East reports, citing WorldACD Market Data. This followed a 30% drop in the second half of December and a 3% fall in the first week of January. Despite a 24% y-o-y decrease in pricing, rates remain 31% above January 2019 levels. Last year, increased demand to Europe from Asia Pacific and the Middle East & South Asia showed a potential move to air cargo amid ongoing disruptions in the Red Sea. Cargo owners are also increasingly eyeing air transport due to longer ocean voyages.

CIRCLE YOUR CALENDAR-

The UAE will host Transport Middle East from Tuesday, 23 January through to Thursday, 25 January in Abu Dhabi. The event will see more than 30 speakers come together to tackle the current challenges in global transportation and logistics.

The UAE will host the Middle East Bunkering Convention from Monday, 5 February through to Wednesday, 7 February in Dubai. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE will host Sustainable Aviation Futures MENA from Monday, 12 February through to Wednesday, 14 February in Dubai. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

The UAE will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), automation, workplace management and other topics.

The UAE will host theTradeTech Forumon Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March inDubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

Reroutes continue and air freight demand surges amid continued Red Sea disruptions

The US military carried out more strikes against the Houthis on Thursday, targeting two anti-ship missile sites, Reuters reports. The missiles were reportedly being prepped for firing and were judged to be “an imminent threat” to shipping and US Navy vessels in the area, the newswire writes, citing comments made by the US military.

The latest attack came on the heels of another round of American strikes earlier on Wednesday night targeting 14 missile sites, Bloomberg reported on Thursday, citing the US Central Command (Centcom). The strikes were reported near Hodeida and Saada, the newswire cited Yemeni media as saying. Wednesday’s strikes were preceded by a drone attack against a US-owned bulk carrier, dubbed the Genco Picardy, which resulted in material damage but no injuries to crewmen, Centcom also said.

Yemen’s Houthis launched two anti-ship ballistic missiles at a US-owned chemical tanker on Thursday night, causing no damage or injuries, Reuters reported on Friday, citing the US military. The Houthis claimed responsibility for the attack against the vessel, dubbed Chem Ranger, claiming “direct hits,” the newswire added.

Safety granted to some:Russian, Chinese, and vessels from “all other countries” besides the US, UK, and Israel are safe to transit the Red Sea, Houthi senior political adviser and spokesman Mohammed Al-Bukhaiti told Russian outlet Izvesti in a Friday interview. Israeli vessels and those with links to Israel will continue to be singled out and targeted, Bukhaiti affirmed.

The US slaps the Houthis with an X: The US has re-designated the Houthis as a terrorist group in the wake of the Iranian-backed militia’s latest attack against a US-owned vessel which coincided with Wednesday’s US-led strikes, Reuters reported on Thursday. The move is intended to cut off funding and weapons the group could use to support its attacks against shipping, the newswire said. Joe Biden also vowed to continue airstrikes while recognizing that they have not yet deterred the Houthis, Reuters reported separately on Friday. “Are they stopping the Houthis? No. Are they gonna continue? Yes,” the newswire cited Biden as telling reporters aboard Air Force One.

Italy wants a decision on an EU naval mission for the Red Sea by today in a bid to launch operations as early as possible, Reuters reported last week, citing statements by the country’s foreign minister. The EU’s Political and Security Committee bloc gave its initial backing for the move earlier last week. Italy, Germany, and France are expected to contribute to the force which will coordinate with the existing US-led naval coalition, the newswire added. Red Sea disruptions are contributing to Italy’s economic woes, stifling exports and worsening an already flagging outlook for businesses and industries, Bloomberg reported on Friday, citing a report by Italian business association Confindustria.

Increased attacks have led to a surge in the number of grain carriers rerouting away from the Red Sea and Suez Canal, Reuters reported on Thursday, citing analysts and traders as saying on Friday. Recent attacks included the targeting of two dry bulk carriers — US-owned Gibraltar Eagle and Greek-owned Zografia. Out of the 7 mn tons of grain cargoes a month transiting the Suez Canal, 3 mn tons were rerouted, with the number diverting this week increasing from 20% to 45%, the newswire cited a Kpler analyst as saying. The disruptions could threaten global food security as lengthy transit times for foods risk spoiling and decreased quality, making them “unsellable,” Bloomberg reported on Friday.

Egypt is feeling the ramifications:Egypt has lost about USD 150 mn in Suez Canal revenue due to ongoing Red Sea disruptions, Bloomberg’s chief emerging markets economist Ziad Daoud said on X. Daoud added that the amount is small in relation to Egypt’s annual GDP of USD 400 bn+, but cautioned that the costs will continue to pile up and come amid a currency crisis in the country. Trade volumes through the Suez Canal fell almost 44% y-o-y during the week ending 19 January to a seven-day moving average of 2.8 mn tons, according to data from the IMF’s PortWatch.

There is already an evident spike in air freight cargo bound for Europe, CNBC reported on Thursday, citing ocean and air freight platform Xeneta. Air cargo volumes from Vietnam — an apparel manufacturing hub — to Europe have jumped 62% for the week ending 14 January, with volumes for the week noting a 16% y-o-y increase, the outlet wrote citing Xeneta data. Flights are on average 93% full in terms of cargo and it is likely that air freight rates will jump by as much as 10% if demand continues to spike, Xeneta data showed. “This is all a result of companies trying to mitigate the ocean transit delays,” chief air freight officer for Xeneta Niall van de Wouw said.

Red Sea disruptions have exposed the vulnerability of China’s export-oriented economy to supply chain shocks, Reuters reported on Friday. US companies are increasingly relying on factories in Turkey and Vietnam to fill supply gaps, with the risk that more will join the move as Western countries attempt to reduce reliance on Chinese suppliers, the newswire said. Chinese exporters are also contending with a surge in shipping costs and ins. premiums due to the disruptions, eating away at their profit margins, the newswire cited a Chinese exporter as saying. Chinese Premier Li Qiang stressed the need to ensure supply chains remain “stable and smooth” in a speech at Davos, without making specific references to Houthi-led attacks against shipping in the Red Sea.

Oil markets can endure short-term disruptions but there could be tanker shortages if the situation persists,CEO of Saudi oil giant Aramco Amin Nasser told Reuters at Davos. Demand growth and tighter stocks — after consumers used up 400 mn barrels of reserves in the past two years — are expected to further tighten markets, Nasser added, but spare capacity in OPEC could fill shortfalls in the market.

MARKET REAX–

Rerouting is changing refueling patterns and boosting demand for bunker fuel at African and Mediterranean ports, Reuters reported on Thursday citing traders. Hundreds of vessels have opted to sail around the southern tip of Africa, adding some 10 to 14 days to their journeys and boosting demand for bunker fuels at ports in Mauritius, Gibraltar, the Canary Islands, and South Africa. Low-sulfur bunker fuel prices at Cape Town have surged 15% to next to USD 800 per metric ton since attacks started mid-November, the newswire wrote, citing data from a supplier. While container ships were the first to divert, oil tankers and dry bulk carriers soon followed. The sudden influx of vessels is also straining port infrastructure in Africa, another supplier told the newswire.

Singapore and Rotterdam — among the largest bunkering hubs globally — may also see more customers due to competitively priced fuel, Reuters said. Although Rotterdam and Singapore have yet to see an uptick in demand, that is expected to change over the next few weeks as vessels opt to fill up their tanks on competitively priced fuels to hedge against uncertainties due to reroutes, the newswire noted, citing traders and analysts.

Iraqi oil exports have reportedly not been affected by disruptions, Reuters reported on Thursday, citing statements made by Iraqi Oil Minister Hayan Abdel-Ghani on the sidelines of the World Economic Forum in Davos. Iraq exports some 90% of its oil to Asia, and thus has no need to go through the Red Sea, Abdel Ghani said.

Tracking data says otherwise: Some 6 mn barrels of Iraqi crude loaded at Basra and another 3 mn barrels of Saudi crude and refined products loaded at ports on the Persian Gulf have diverted away from the Red Sea, with most rerouting immediately following the first round of US-led strikes against the Houthis on 12 January, Bloomberg reported on Friday, citing ship tracking data. The large volumes of rerouted Iraqi shipments tracked by the outlet seems to contradict the Iraqi oil minister’s statements at Davos.

OTHER DISRUPTION STORIES WORTH NOTING-

CMA CGM switches routes for its NEMO service: The French shipping giant has rolled out route changes for its NEMO service connecting Europe, with the Indian Ocean and Australia. Vessels operating the route will no longer transit the Suez Canal, and will instead reroute via the Cape of Good Hope, both ways. (Statement)
Winter weather + rerouting of vessels is causing congestion: The rerouting of vessels away from the Red Sea, compounded by winter storm-related disruptions, is expected to last several months. Companies including Maersk will offer customers the option to transfer cargo to air freight at ports in the UAE and Oman and fly their cargoes to Europe or the US. (Reuters)
More diversions = more container emissions: Container shipments of finished and semi-finished goods from manufacturing hubs in Asia to European markets are facing longer journey times due to rerouting, leading to an increase in vessel emissions. (Reuters)

Qatar’s GWC subsidiary Flag Logistics set to establish Oman hub

Qatar-based GWC subsidiary Flag Logisticsis establishing a logistics hub — dubbed Flag Oman — in Khazaen Economic City, according to a statement. The company is set to become the first to move into Khazaen, which will give a boost to strategic links between Oman and the GCC. No details regarding the investment ticket or a timeline for launch were disclosed in the statement.

More details: Flag Oman will establish and operate infrastructure covering a 50k square meter (sqm) site at Khazen, with specialized areas for various logistics services including dry, ambient, chilled and frozen warehousing, bulk storage, records management and marshaling areas. The hub’s warehouse and distribution center will cover a 27.5k sqm area, the statement notes.

Regional links: Flag Oman is poised to be a regional hub connecting Muscat, Doha, Bahrain, Jeddah, Riyadh, and Dubai.

Oman is doubling down on Khazaen: Oman’s Transport Communications and Information Technology Ministry inked an agreement late last year establishing Khazaen Logistics Complex within Khazaen to clear transactions in a bid to facilitate procedures within the economic city. Khazaen Dry Port Company has also established a partnership with French shipping giant CMA CGM to process containers via Khazaen’s ports.

About Flag Logistics: The fully-owned GWC subsidiary operates in Qatar, KSA, UAE, Bahrain, and Oman, with a focus on comprehensive logistics solutions, including 3PL, transportation, customs clearance, and value-added services, the statement said.

UAE and WEF launches Global TradeTech initiative + KSA and Oman look to boost economic and trade ties

UAE kicks off trade platform at Davos: The UAE has inked an agreement with the World Economic Forum (WEF) to launch the Global TradeTech Sandbox — a component of the larger Trade Tech Initiative — in a bid to drive innovation in trade technology, Wam reported on Saturday. The sandbox looks to drive innovation by implementing versatile regulations and establishing best practices while streamlining collaboration between exporters, logistics companies, ports, regulators, and customs officials to enable smoother trade, Wam notes. The agreement signed by the UAE and WEF launches the initial three-year phase of the TradeTech initiative.

About Trade Tech: The partnership between the UAE and WEF looks to leverage digitalization and advanced technologies to facilitate trade in merchandise and services, according to the initiative’s website. Trade Tech has four components: a forum for industry leaders to gather and share best practices, an annual research report, a regulatory sandbox for companies and startups to experiment with innovations, and an incubator for startups in the TradeTech space.

KSA + Oman eye stronger economic and trade ties: The Oman Chamber of Commerce and Industry hosted the Omani-Saudi Business Forum yesterday to boost trade ties and activate agreements and strategic partnerships between the two countries, Oman News Agency reports. The forum also discussed potential investments in special economic and trade zones and hosted B2B meetings between businesses from the two countries to discuss trade and investment partnerships.

OTHER STORIES WORTH KNOWING THIS MORNING-

Qatar + Czech Republic talk enhancing trade: Qatar’s Emir Tamim bin Hamad Al-Thani met with President of the Czech Republic Petr Pavel to discuss strengthening economic and trade ties between the two countries. (Statement)

Bahri charters two methanol-powered vessels + Egypt’s TijaraHub launches B2B e-commerce platform

SHIPPING + MARITIME-

Bahri to charter methanol-powered vessels from Proman:National Saudi shipping firm Bahri subsidiary Bahri Chemicals and methanol producer Proman have inked a five-year agreement to charter two methanol-powered vessels, according to a statement released on Thursday. The two ships — the Stena Provident and the Stena Progressive — will be used to transport a variety of products internationally. The IMOIIMeMAX ships are advanced dual-fuel tankers that are highly efficient for transporting cargo, the statement said.

Egypt has added a new dry bulk ship with a total tonnage of 82k to its commercial fleet, according to a statement released last week. The Wadi Al-Arish vessel is 299 m long, 32.2 m wide, with a draft of 14.5 m. It will be operated by Egypt’s commercial fleet operator the National Navigation Company, partially owned by the Holding Company for Maritime and Land Transport and the Suez Canal Authority’s Canal Shipping Agencies. The move comes just seven months after Egypt added the Wadi Al-Malouk cargo vessel to its fleet. Egypt’s recent fleet expansion is part of its efforts to position itself as a logistics and trade hub. The country’s national commercial fleet is now composed of 14 vessels, according to a statement.

E-COMMERCE-

Egyptian wholesale e-commerce service TijaraHub launched a B2B e-commerce platformto help SMEs in Egypt and Turkey reach global markets, according to a statement from last week. The platform currently displays products from over 300 Egyptian factories and aims to reach 1k factories by the end of 2024. The company plans to release a mobile application by March 2024. The launch of the platform comes on the back of “the revival of relations between Egypt and Turkey on both political and economic levels and the increase in the volume of trade exchange between the two countries,” TijaraHub’s CEO and co-founder Mohamed Sharif said in the statement.

RAIL-

Jordan is exploring the construction of a new train line linking Amman and Zaqra and reaching Queen Alia International Airport, Jordan News reported last week, citing Director-General of the Jordan Hejaz Railway Corporation Zahi Khalil. The train line would cover a distance of 65 km and handle 40k – 50k passengers a day.

OTHER STORIES WORTH KNOWING THIS MORNING-

Bahrain’s Tamkeen supports MAE Aircraft Management Company: Bahrain’s state-owned fund Tamkeen is supporting MAE Aircraft Management Company — a JV between regional Air Cargo groups MENA Aerospaceand Asia Cargo Network — with a training program for Bahraini aviation graduates planning to work in the local air freight industry. (Statement)
Flydubai heads to Kenya: UAE airline Flydubai launched four weekly flights from Dubai International Airport to Moi International Airport, Mombasa. (Press release)

Fire erupts at Russian LNG terminal + Peru’s Chinese-owned mega port starts operations later this year

A fire erupted at Novatek’s LNG processing Ust-Luga complex near St. Petersburg following a suspected Ukrainian drone attack yesterday, Reuters reports, citing Interfax-Ukraine news agency. Novatek has said the incident, which resulted in a partialsuspension of operations at the terminal, was the result of “external influence,” without elaborating further, Bloomberg reports, citing a company statement. The terminal, located in the Gulf of Finland, is one of Russia’s two main energy-export facilities and a key Baltic Sea access point to global markets.

Peru’s USD 3.5 bn Chancay port project will come online later this year, connecting China with South American markets, Reuters reported last Thursday. The first phase of construction is slated for completion in November. China’s state-owned shipping company Cosco holds a 60% stake in the port and Peruvian mining company Volcan — part owned by Swiss commodity and mining company Glencore — holds the remaining 40% stake.

Details: Construction on the port project — part of China’s Silk Road initiative — started in 2018. The port can accommodate large cargo ships and cut the journey time for some exporters by two weeks, allowing some shippers to bypass the Panama Canal by providing direct access to the Pacific. Peru plans to establish an economic zone near the port and Cosco will build an industrial hub nearby to process raw materials, Brazil’s Ambassador to Peru Clemente Baena Soares told Reuters.

Japanese carrier Ocean Network Express (ONE) has inked contracts for twelve 13k TEU methanol dual-fuel container newbuilds set to begin deliveries in 2027, according to a statement released last week. The order is divided equally between China’s Jiangnan Shipyard, and Yangzijiang Shipbuilding. The new vessels represent ONE’s inaugural methanol-duel powered fleet as the carrier looks to curb emissions as part of its sustainability strategy.

The Panama Canal’s revenues have dropped by USD 100 mn per month since last October, Reuters reported last week, citing comments made by the canal’s administrator Ricaurte Vasquez. The drop in revenues is the result of shipping restrictions enforced due to the severe drought that has limited the canal’s ability to accommodate vessels. If current conditions continue, a cumulative loss of almost USD 700 mn could be seen by April, Vasquez added. However, the waterway is still set to meet fiscal year income targets due to a recent toll increase.

Calendar

JANUARY

23-25 January (Tuesday-Thursday): Transport Middle East, Abu Dhabi, UAE.

FEBRUARY

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai, UAE.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Dubai, UAE.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

12-15 February (Monday-Thursday): African Air Expo, Cape Town, South Africa.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference, Dubai, UAE.

26-29 February (Monday-Thursday): World Trade Organization’s 13th Ministerial Conference, Abu Dhabi, UAE.

27 February (Tuesday) : TradeTech Forum, Abu Dhabi, UAE.

28 February (Wednesday): Industrial and Building Technology event, Dubai, UAE.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition, Dubai, UAE.

MARCH

3-5 March (Sunday-Tuesday): Sustainable Green Blue Infrastructure Conference 2024 (Marlog), Green Plaza Mall, Egypt.

4-8 March (Monday-Friday): Logistics & Transport Management 2024, Dubai, UAE.

5-6 March (Tuesday-Wednesday): ShipTek International Conference & Awards 2024, The Address Dubai, UAE.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Center, Dubai, UAE.

6 March (Wednesday):The Gulf Ship Finance Forum, Waldorf Astoria Dubai International Financial Centre, UAE.

6 March (Wednesday): The Logistics Middle East Awards, Dubai, UAE.

7 March (Thursday): Truck and Fleet Conference 2024, Dubai, UAE.

12-14 March (Tuesday- Thursday): IATA World Cargo Symposium, Hong Kong International Airport, Hong Kong.

20 March (Wednesday): Construction work scheduled to begin on the 162 km Rasht-Astara Railway in Iran.

APRIL

27 April- 1 May (Saturday-Wednesday): Iran Expo 2024, Tehran International Permanent Fairground, Iran.

29 April- 2 May(Monday-Thursday): GLA Global Logistics Conference, Dubai, UAE.

30 April- 2 May(Tuesday-Thursday): Autonomous E-mobility Forum, Doha, Qatar.

April: Driftx. Abu Dhabi, UAE.

MAY

2-3 May (Thursday-Friday): Geneva Dry, Hotel President Wilson, Geneva, Switzerland.

2-4 May(Thursday-Saturday): The International Conference on Logistics Operations Management: smart, sustainable and green logistics (GOL), Marrakesh, Morocco.

3-5 May (Friday-Sunday):2024 IEEE 15th international conference on Logistics and Supply Chain Management, University of Sousse, Tunisia, Tunis.

7-9 May (Tuesday-Thursday): Annual Investment Meeting (AIM) Congress, Abu Dhabi, UAE.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre, UAE.

14-16 May (Tuesday-Thursday): Airport Show, DWTC, Dubai, UAE.

20-22 May (Monday-Wednesday): The Electric Vehicle Innovation Summit (EVIS), Abu Dhabi, UAE.

21-23 May (Tuesday-Thursday): WAGA 2024, Riyadh, Saudi Arabia.

JUNE

2-4 June (Sunday-Tuesday):IATA Annual General Meeting (AGM) and World Air Transport Summit, Dubai, UAE.

19-21 June (Wednesday-Friday): World Freezones Organization’s Annual International Conference and Exhibition, Bari, Italy.

OCTOBER

6-8 October (Sunday-Tuesday): Routes World 2024, Bahrain.

7-9 October (Monday-Wednesday): AFSIC – Investing in Africa, London.

22-24 October (Tuesday-Thursday): Asean Ports and Logistics 2024, Johor, Malaysia.

NOVEMBER

11-14 November (Sunday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

13-15 November (Wednesday-Friday): The Bahrain International Airshow, Sakhir Airbase, Bahrain.

DECEMBER

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central, Dubai, UAE.

20 December (Wednesday): The 5th Iran-Senegal Joint Economic Cooperation Commission, Dakar.

EVENTS WITH NO SET DATE

1Q 2024: Construction of phase 3 of Agility’s logistic park in Abidjan, Côte d’Ivoire to be completed.

1Q 2024: Egypt’s Transport Ministry to launch pre-qualification tender for Cairo-Alex freight railway.

1H 2024: Civil Construction subcontracts for construction firms in Oman for implementation of the Abu Dhabi – Suhar rail link to be announced.

2H 2024: Bahri’s barges for Saline Water Conversion Corporation (SWCC) to begin initial and commercial operation.

King Salman Energy Park is set to become operational.

2025

Mid-2025: Iraq will complete phase one of the construction of the Grand Faw Port.

DHL and Aramco’s logistics and procurement hub in Saudi Arabia will commence operations.

AD Ports-operated Safaga Port’s multi-purpose terminal will become operational.

Phase 3 of APM Terminals Tangier MedPort to be complete and operational.

1Q 2025: Sadr Park’s Logistics Center in Riyadh to be completed.

1Q 2025: Phase twoof Jafza Logistics Park to be completed.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.

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Reroutes continue and air freight demand surges amid continued Red Sea disruptions

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Fire erupts at Russian LNG terminal + Peru’s Chinese-owned mega port starts operations later this year

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Reroutes continue and air freight demand surges amid continued Red Sea disruptions

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TODAY: Red Sea reroutes continue + Qatar’s Flag Logistics set to establish Oman hub

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Reroutes continue and air freight demand surges amid continued Red Sea disruptions

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Fire erupts at Russian LNG terminal + Peru’s Chinese-owned mega port starts operations later this year

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