Good morning, folks. We have a brisk read this morning as we slide into a hopefully restful weekend, with some port and data center action along with an update on where the air freight surge is actually coming from.

WATCH THIS SPACE-

#1-UAE-based port operator DP World intends to bid for a concession at Brazil’s Itajaí Port, with the concession coming to effect in 2025, Brazilian news outlet Ndmais reports, citing people it says have knowledge of the matter. DP World officials have reportedly expressed their interest in a meeting with Santa Catarina Governor Jorginho Mello who was visiting the UAE, however Itajaí Port’s administration has yet to be consulted on the move, Ndmais writes.

#2-Kuwaiti livestock carrier causes a stir in South Africa: A Kuwaiti vessel transporting thousands of cattle was boarded by animal rights activists in South Africa due to foul odors raising concerns about the welfare of the animals being transported, Reuters reports. The vessel, dubbed Al Kuwait, docked in Cape Town on Sunday to stock up on animal feed and a medical assessment of animals, but a strong saturated Cape Town’s city center led some residents to believe that sewage had overflowed, the newswire writes. The vessel is expected to have continued its journey to Iraq yesterday, the newswire said citing port officials.

DISRUPTION WATCH-

A Somali-bound cargo vessel, dubbed MSC Silver, was targeted by Houthi missiles in theGulf of Aden on Tuesday,Reuters reported earlier this week, citing statements by British maritime security firm Ambrey and the Iranian-backed Houthi group. The Houthis have identified the vessel as “Israeli,” while Ambrey notes that the operator of the Liberian-flagged vessel is publicly listed as in a cooperative with Israeli-based shipping line ZIM, the newswire said citing an Ambrey notice. The Houthis also launched drone attacks against US naval vessels in the Red Sea and Arabian Sea and at sites in Israel’s southern tourist town of Eilat, the newswire added, citing statements by Houthi military spokesman Yahya Sarea.

And another fluke against Greece: Greek-flagged bulk cargo carrier Sea Champion arrived at Yemen's Aden port on Tuesday, after being accidentally targeted by Houthi strikes, Reuters reported earlier this week, citing shipping and military sources. The vessel, which was hauling corn from Argentina to Yemen, had delivered humanitarian shipments to Yemen 11 times over the past five years.

Red Sea disruptions are spurring UK fuel prices, with petrol and diesel prices increasing some 2% in recent weeks, Bloomberg reports, citing data from the RAC motoring organization. The increase comes on the back of higher costs of oil — which has been trading at some USD 80 per barrel — as Red Sea disruptions see tankers rerouted around the Cape of Good Hope, the outlet said. Maintenance season at refineries are also buoying prices, an RAC fuel spokesperson said.

MARKET WATCH-

#1- Baltic index inches up, buoyed by smaller segments: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments – was up 0.2% at 1632 points on Tuesday, hitting a one-month high, Reuters reports. Gains in smaller vessel segments outweighed falls in the capesize index, with capesize declining 2% to 2409 points. The panamax subindex climbed 1.5% to 1706, its highest since 4 January, and the smaller supramax segment rose 39 points to 1129 points, its highest since 10 January, the newswire said.

#2- Oil prices continued to fall on Wednesday, as concerns about delays to US interest rate cuts curbing demand overtook security concerns about Houthi-led attacks against shipping, Reuters reports. Brent declined 0.5% to USD 81.93 a barrel, while West Texas Intermediate (WTI) fell 0.51% to USD 76.65 a barrel, the newswire said. “Oil prices took yesterday as [a] day of correction which was inspired by a lack of any further conflict news from the world's clash points as markets had to settle on what was bothering the macro world,” the newswire cited PVM analyst John Evans as saying.

DATA POINT-

Iraqi ports saw revenues top IQD 74.5 bn in January, according to a transport ministry statement. The month saw the country’s ports handle some 71.5k TEUs in imports and 74.7k TEUs in exports, with 167 importing ships and 203 exporting ships docking at its ports, the statement said.

CIRCLE YOUR CALENDAR-

The UAE will host The World Trade Organization's 13th Ministerial Conference from Monday, 26 February to Thursday, 29 February in Abu Dhabi. The event will gather ministers from around the world to assess the operation of the multilateral trading system and make key decisions regarding the future tasks of the WTO.

The UAE will host the Gulf Aviation Networking Event (GANE) on Thursday, 29 Februaryin Dubai. The event brings together aviation industry leaders to network, gain insights on prevailing trends, learn about new technologies, and take part in panel discussions and presentations run by industry experts.

The UAE will host the Future-Proof Technology Event on Thursday, 29 February in Dubai.

The one-day event gathers industry leaders to discuss how emerging technologies, digitalization, and cross-sector collaboration, could be leveraged to bolster supply chains. The event will see presentations by a panel of experts and major logistics executives.

The UAE will host the TradeTech Forum on 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 Future-Proof Technologies Conference on Thursday, 29 FebruaryDubai. The event will unite industry experts to discuss strategies for adopting sustainable supply chain operations through cross-sector collaboration, advanced technologies, and integrated logistics.

The UAE will host the MRO Middle East on Tuesday, 5 March and Wednesday, 6 March in Dubai. The two-day event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. 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 Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

KSA will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host the 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

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.

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