Good morning, nice people. It’s a relatively calm morning on the logistics front as the global aviation industry awaits a response from Israel regarding Iran’s retaliatory strike last Saturday. Airspaces remain open, while airlines continue to divert or cancel flights in the region. We also have an update from across the pond in Baltimore…

THE BIG LOGISTICS STORY- The FBI has opened a criminal investigation into thecollapse of Baltimore’s Francis Scott Key Bridge last month. FBI agents boarded the Dali to carry out court-authorized law enforcement activity relating to the crash, a spokesperson told the newswire. The FBI’s probe will likely focus on whether the vessel’s crew began exiting the port while knowing that there were serious problems with the Dali’s systems, the newswire said citing the Washington Post. The ship’s “black box”, which records data on the vessel’s position, speed, heading, and other variables, was recovered by safety investigators, the newswire also said.

This story got ink in the international press:Reuters | AP | The Washington Post | CNN | The Guardian | BBC

WATCH THIS SPACE-

#1- Egyptian authorities have continued to hold a Liberian LNG carrier which ran aground at the entrance of the Gulf of Aqaba, according to a statement. The stranded vessel was released without leakages to the surrounding marine environment, but the extent of damage to coral reefs due to the accident is still being assessed, the statement said. The tanker had reportedly suffered an engine malfunction, before being towed to Sharm El Sheikh Port, with the incident seeing Egypt’s environment ministry declare a state of environmental emergency in Southern Sinai, Reuters reported.

#2- Iran will allow Indian authorities to meet with 17 Indian crewmen who were aboard the captured MSC Aries, The Independent reports, citing an announcement made during a Sunday call between Iran’s foreign minister Hossein Amir Abdollahian and his Indian counterpart Subrahmanyam Jaishankar. “We are following up on the details of the seized ship and soon it will be possible for the representatives of the Indian government to meet with the crew of the said ship,” Abdollahian said.

Over on land… Iranian customs officers seized a cargo of Israeli-manufactured chemical fertilizer at Bazargan Customs, Mehr reports. The cargo was transiting to Uzbekistan, Mehr said.

#3- Share prices of Indian firms exporting rice and tea to the Middle East have slumped, as Iran’s attack against Israel raises concerns of disruptions to supply chains, Bloomberg reports. Investors are concerned that the latest turmoil will see a hike in delivery and reins. costs, the outlet said. “Higher costs and delay in orders are the biggest worries for these companies now,” independent market analyst Ambareesh Baliga told Bloomberg, adding that a broader conflict risks disruptions to regional supply chains.

^^ We have all the latest on Iran-linked disruption in the news well, below

MARKET WATCH-

#1- Oil prices are on the rise this morning in response to solid economic growth in China, as global markets await Israel’s response to the Iranian strike, Reuters reports. Brent crude oil futures for June rose 0.5% to USD 90.58 a barrel, while West Texas Intermediate (WTI) futures for May rose 0.6% to USD 85.90 a barrel, the newswire said.

But the attack caused major banks to up their forecasts for oil: Citi hiked its short-term oil forecast to USD 88 a barrel, up from USD 80 a barrel, on the back of a higher risk premium, Reuters reports. The bank however does not see oil pushing past USD 100 in the near term. Societe Generale increased its second quarter forecasts for Brent to USD 91 a barrel, and WTI to USD 87.50 a barrel, the newswire said. Meanwhile, JP Morgan tied expectations for further gains in oil to an Israeli retaliation, retaining a USD 90 base case for Brent past May, the bank said in a note.

#2- Drewry’s World Container Index (WCI) fell 1% to USD 2,795 per 40-foot container for the week ending Thursday, but was up 64% when compared to the same period last year, maritime research and consultancy firm Drewry reported on Thursday. The latest WCI index is also 97% greater than the average 2019 pre-pandemic rate of USD 1,420. YTD, the index has averaged at USD 3,333 per 40-foot container, USD 626 greater than the 10-year USD 2,707 average.

The Drewry Port Equity Index has increased 8% YTD, falling short of S&P 500’s 9% bump during the same period, Drewry reported yesterday. Global Terminal Operators (GTOs) and Regional Terminal Operators (RTOs) were up 11.4% and 2.9%, respectively. In terms of quarterly performance, the index was up 5.1% in 1Q 2024, compared to a 10.2% gain during the same period for the S&P 500. GTOs and RTOs saw growths of 6.6% and 2.8% during the quarter.

DATA POINT-

#1- Jordan’s Aqaba Port saw a 20% y-o-y dip in container imports to 87.7k containers in Q1 2024, Petra reported yesterday, citing data from the Jordanian Logistics Association (JLA). Containers exported via the port dropped 29% to 22.8k containers during the same period, marking a notable decrease in container traffic at the port. Nevertheless, imported containers rose 9% y-o-y in March, an upturn which indicates some relief to disruptions due to the Red Sea crisis, JLA head Nabil Al-Khatib said.

#2- Dubai International Airport jumped to second place globally in passenger numbers in 2023, rising from the fifth spot from the year prior, marking a 31.7% y-o-y increase to 87 mn passengers, according to the latest Airports Council International report.

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.