Good morning, nice people. We hope you decompressed over the Eid break, because the mood in our industry is a bit intense as an intensifying stand-off between Iran and Israel develops…

IT’S THE BIG STORY EVERYWHERE- Are we looking at an Iran-Israel war? Saudi, G7, Egyptian, and G20 leaders are all pushing Tel Aviv and Tehran to cool off lest they tip things over into a wider regional conflagration. It’s the singular priority in policymaking circles this morning, as underscored by the banner headline in the Wall Street Journal: Biden wanted to avoid a regional war. Now he’s got one. We have more on how this story is affecting our industry in the news well, below.

HAPPENING THIS WEEK-

The Global Ports Forum will kick off on Wednesday in Dubai. The event will host discussions on port strategy and development, automation, financing, and enhancing efficiency.

PSA-

Abu Dhabi has issued new regulations governing all types of drone activity in the emirate and its freezones, according to a statement released earlier this month. The move is set to standardize drone procedures and systems, extending regulation to cover all aspects of drone design, manufacturing, and operations including maintenance and training. The new regulations will also allow the Department of Municipalities and Transport oversight, certifications and permits, establishing rules and standards for drone flight conditions, take-off, and landing, while also putting together guidelines for drone-related infrastructure.

WATCH THIS SPACE-

#1- Egypt has cleared some USD 8 bn of imported commodities at its ports since the start of the previous month of March, as it tries to boost commodity supplies in local markets in a bid to stabilize prices, whilst prioritizing the intake of basic commodities, food, medicines, feed, and production inputs, according to a statement released on Friday. The country is cracking down on importers that have abandoned cargoes at ports, seeking to impose fines on importers who refuse to move their goods from ports even after receiving the required FX to do so earlier this month.

#2- EU Parliament has passed a new law requiring the majority of heavy-duty vehicles sold in the EU to be emissions free by 2040, Reuters reported last week. The law mandates a 90% curb in CO2 emissions from new heavy vehicles by 2040, forcing manufacturers to sell a larger share of emissions free trucks to balance remaining sales of CO2 emitting vehicles, the newswire said. Truck manufacturers must also cap the carbon emissions of their fleets by 45% by 2030 and 65% by 2035. Germany, which has a substantial automotive industry, had initially expressed reservations towards the move. The new legislation must still be approved by EU countries, but the step is usually seen as a formality, Reuters added.

RED SEA WATCH-

Yemen’s Houthis attacked four vessels, including a US warship, Reuters reported last week, citing statements by the group. The MSC Darwin, MSC GINA, MV Yorktown, and the US Navy destroyer were targeted with drones and missiles, Houthi spokesman Yahya Sarea said in a televised speech. The US military destroyed a Houthi air defense system, a ground control station located in Houthi-controlled parts of Yemen, and a drone launched by the group over the Red Sea, Reuters reported, citing Monday statements by Centcom.

An Israeli ship-based missile defense system shot down a drone in the Red Sea that had raised alarms in the port city of Eilat, with the incident marking the first of its type, as Eilat suffers repeated attacks by Houthi-launched drones, Reuters reported, citing a Tuesday statement by the Israeli military. The Israeli warship that shot down the presumably Houthi-launched drone employed C-Dome, an analog to the land based Iron Dome system that Israel has employed to counter rocket and drone attacks.

Aspides commander asks for more warships: More warships are needed to patrol the southern part of the Red Sea dubbed a high-risk area, AP reported last week, citing comments made by Greek navy Rear Admiral Vasilios Gryparis. The commander of the EU naval mission to the Red Sea, dubbed Aspides, says only four frigates are defending an area twice the size of the EU. In less than two months since the naval mission was established, Aspides has warded off nearly a dozen attacked and escorted 68 vessels.

MARKET WATCH-

#1- Oil prices fell during trade today as risk premiums were curbed following Iran’s attack on Israel, Reuters reports. Brent crude fell 0.2% to USD 90.25 a barrel, while US West Texas Intermediate (WTI) rose 0.37% to USD 86.91 a barrel, the newswire said. Tensions leading up to Iran’s attack saw Brent hit USD 92.18 a barrel on Friday, the benchmark’s highest since October.

#2- Baltic index logs strong weekly gains: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 2.3% to 1,729 points on Friday, its highest since 28 March, as improved rates across the board buoyed the index, Reuters reported. The larger capesize subindex rose 3.1% to 2,552 points, up 12% for the week, while panamax gained 2.2% to 1713 points, topping a more than one week high. Meanwhile, the smaller supramax segment boosted 1%, to 1,272 points, and was also up for the week, the newswire said.

DATA POINT-

KSA’s King Abdul Aziz Port saw a 13.1% y-o-y boost in TEUs handled in 2024 to some 2.3 mn TEUs, SPA reported last week. The port also handled 289k TEUs in March, setting a new record for monthly volumes. The addition of 12 new shipping services in 2023, and of five new lines since the start of this year, contributed to the port’s boosted performance, SPA said.

CIRCLE YOUR CALENDAR-

Egypt will host the Egypt Facility Management Forum on Tuesday, 23 April and Wednesday, 24 April in Cairo. Business-owners, developers, service providers, technology leaders and suppliers will attend seminars and exhibitions on the facility management supply chain.

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.

Iran will host the Iran-Africa International Summitfrom Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.

Saudi Arabia 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.

Qatar will host the Autonomous E-mobility Forum from Tuesday, 30 April to Thursday, 2 May in Doha. The event will gather industry experts, senior officials, policy and technology experts, as well as government, academic, and media representatives, providing a platform for stakeholders to exchange know-how and recommendations for the implementation of autonomous e-mobility in the real-world.

Saudi Arabia will host the Saudi Smart Logistics exhibition and summit from Monday, 6 May to Thursday, 9 May in Riyadh. The trade fair brings together local and international suppliers, public officials, professionals, and logistics players, and provides a platform for networking, exchanging know-how, and showcasing new technologies, products, and services.

The UAE will host 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.

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

Tags: