Egypt reportedly secures 20 LNG cargoes to cover winter demand

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What we're tracking today

TODAY: Egypt’s LNG tender yields results + Nvidia chips make their way into UAE data centers

Good morning, nice people. It’s a hefty issue this morning with updates from Egypt, the UAE, and a smattering of news from around the world. But first, let’s unpack big aviation news taking shape state-side…

THE BIG LOGISTICS STORY ABROAD- Boeing workers go on strike: Over 30k Boeing workers at the company’s US West Coast factory went on strike on Friday after rejecting a contract proposal demanding higher wages. The strike at Boeing’s 737 Max jets production hub worsens the firm’s already existing supply chain troubles and threatens to further lengthen delivery delays. Contract negotiations are slated to resume this week as the manufacturer looks to avoid potential damage to its finances.

Things could drag on: The strike “could go on for a while,” as workers remain confident they can nab larger wage boosts and improved pensions, Reuters reported, citing a National Public Radio interview with union leader Jon Holden.

A dark outlook: Boeing had been making progress towards boosting production levels back to 38 a month by the end of this year, but now “that’s going to take longer,” CEO Brian West said at a conference on Friday. The manufacturer has some 4.7k 737 MAX jets on order. The last Boeing workers’ strike, back in 2008, closed plants for almost two months and cut revenue by some USD 100 mn per day.

The effects are set to ripple through Boeing’s supply chain, with suppliers slated to feel the impacts of “delayed orders and financial strain,” Moody’s supply chain specialist John Doigian was quoted as saying by Reuters. Regardless, key Boeing supplier of 737 Max jet fuselage Spirit AeroSystems will “remain close to Boeing at this time,” spokesperson Joe Buccino was quoted as saying by Reuters.

IN OTHER BOEING NEWS- US FAA head to testify on Boeing next week: The head of the US Federal Aviation Administration (FAA) is set to testify before the US Senate panel on the FAA’s oversight of Boeing’s safety measures, Reuters reports. The hearing, set for on 25 September, comes as the FAA’s Michael Whitaker has ramped up scrutiny on the plane manufacturer. A production audit into Boeing fuselage supplier Spirit was launched after a 737 MAX 9 lost a door plug mid-air in January.

HAPPENING THIS WEEK-

#1- British trade ministers are in Riyadh for talks on a trade agreement with the GCC, according to a statement. Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander are both set to lead negotiations, with Reynolds saying he’s looking for a “high-quality trade [agreement] that supports jobs, helps UK companies sell their products to the region and increases choice for consumers.”

REMEMBER- The GCC and the UK are hoping to wrap trade talks by the end of this year, with six rounds of talks having taken place so far.

#2- The Intelligent Transport Systems World Congress will open its doors today in Dubai and run through to Friday.The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.

LATER IN THE WEEK- The Saudi Maritime and Logistics Congress will kick off on Wednesday in Dammam and conclude on Thursday. The event will gather international industry leaders in the maritime sector to discuss a range of topics including interconnected logistics, supply chains, digitalization, decarbonization and workforce development.

WATCH THIS SPACE-

#1- A logistics hub on the cards for Cairo International Airport? Chinese state-owned construction firm and China Energy subsidiary Gezhouba Group proposed establishing a “logistics cargo city” at Cairo International Airport during a meeting with Egypt’s Aviation Ministry, according to a statement. The statement did not provide any concrete details about the proposal, but said it would strengthen Egypt’s position as a logistics hub regionally and internationally, particularly in light of growing demand for air cargo services.

#2- Morocco is set to expand Tangier-Mediterranean Freezone’s Tanger Automotive City to address the growing demand from industrial investors, Morocco World News reported on Thursday. Under the plan, the zone will nearly double in size, with the area to be extended to 1.18 hectares, up from 517 hectares. Neither the timeline nor the investment ticket have been disclosed.

#3- Saudi Arabia’s second flag carrier Riyadh Air kicked off test flights on Thursday, with its maiden flight launching from King Khalid International Airport in Riyadh to King Abdulaziz International Airport in Jeddah, it said in a statement posted on X. The move is part of a process to secure the Air Operator Certificate from the General Authority of Civil Aviation. Riyadh Air plans to start commercial operations next year.

#4- The Red Sea crisis shifts fortunes in Asia’s freight industry: The Red Sea crisis affected the earnings for several Asian firms in 1H 2024 with companies who rely on exports reporting a costly impact, Bloomberg reported on Thursday. “We believe rates will return to below breakeven once supply chains normalize, due to the structural challenges facing the industry,” Bloomberg Intelligence noted, highlighting that the supply and demand gap will likely weigh on the outlook for container rates and liner earnings.

Transportation companies are benefiting from the higher freight rates: Chinese shipping firm Cosco Shipping Holdings saw a boost in earnings driven by higher revenues from its container shipping business, while Orient Overseas International’s transpacific trade route saw improved performance from higher freight rates. Port operator China Merchant Port Holdings saw an increase in transhipment cargoes in its Sri Lanka ports, while Adani Ports recorded a rise in overall volumes. Cathay Pacific Airways also saw a 10% y-o-y boost in cargo volume.

IN OTHER RED SEA NEWS- Towing operation begins on oil tanker stranded in Red Sea: Operations to tow the abandoned Greek-registered oil tanker Sounion have been launched in the Red Sea using at least two tugboats owned by a Greek-based salvage company, Reuters reported on Saturday, citing shipping sources. The oil tanker, which is carrying 1 mn barrels of crude oil, was abandoned after being struck by Yemen’s Houthis in August. The oil will be transferred from the ship upon the completion of the towing operation, which is being secured by the EU’s Aspides Red Sea Task Force.

Background: The Sounion was evacuated by Aspides following the initial attack last month. The vessel was struck by several projectiles off the coast of Yemen’s Hodeidah Port, causing a fire to break out onboard.

#5- US confirms tariffs on Chinese imports: The US has confirmed that steep tariff hikes on Chinese imports, including a 100% duty on EVs, will go into effect on 27 September, Reuters reported on Friday. Despite industry complaints the move could disrupt supply chains, US officials argue that these "tough, targeted" measures will reduce reliance on Chinese supplies and counter China's market dominance. The tariffs will target key renewable energy components including solar cells, semiconductors, and EV batteries in a bid to protect domestic US industry from China's imports propped up by state subsidies. The action also maintains Trump-era tariffs on USD 300 bn worth of Chinese goods, while offering temporary relief for US port operators and medical suppliers.

ICYMI- The Biden administration has postponed its final decision on imposing the tariffs multiple times, citing a statement from the US Trade Representative’s Office (USTR). The tariffs were initially set to take effect on 1 August.

MARKET WATCH-

#1- Oil prices inched up in early morning trading as expectations rose regarding a US interest rate cut this week, Reuters reports. Brent crude futures for November were up USD 0.03 to USD 71.64 a barrel, while West Texas Intermediate (WTI) crude futures for October increased USD 0.16 to trade at USD 68.81 a barrel.

#2- Saudi crude supply to China poised for a jump next month: The Kingdom’s oil exports to the world’s top consumer China are expected to climb to 46 mn bbl in October, up from 43 mn in September, Reuters reports, citing trade sources. The boost follows Aramco’s decision to slash the official selling price of its flagship Arab Light crude to Asian buyers to its lowest level in nearly three years.

The price cut spurred demand from Chinese refiners, including major players like Sinopec and PetroChina, keeping Saudi crude in close competition with Russia as China’s top suppliers.

#3- India’s oil secretary Pankaj Jain called for OPEC+ to raise its oil output to meet the rising fuel demand in countries like India, Reuters reports. India imports over 80% of its oil needs, and the country’s refiners will buy oil from suppliers that offer cheaper rates, Jain was quoted as saying. He added that Indian fuel retailers might lower gasoline and gasoil prices if crude oil prices stay low.

#4- Baltic index falls to two-week low: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 1.9% to 1,890 points on Friday. The capesize index fell 4.2% to 3,089 points, while the panamax index jumped by 1.9% to 1,428 points. The smaller supramax index added one point settling in at 1,264 points.

#5- The Drewry World Container Index decreased 13% to USD 4,168 per 40-ft container on Thursday, according to the latest index readings. Spot rates for 40-ft containers are now 60% below the previous pandemic peak of USD 10.4k in September 2021, but remains 193% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 4.1k per 40ft container, which is USD 1.3k higher than the 10-year average rate of USD 2.8k

DATA POINTS-

#1- The global air freight market is projected to grow at a 10.3% compound annual growth rate (CAGR) between 2024 and 2031 to reach USD 162.39 bn, up from USD 74.12 bn in 2023, according to a report by global tech group SkyQuest. The boost in e-commerce, global supply chains, and expansion of the manufacturing industry has increased demand for international air freight services.

#2- The UAE's non-oil foreign trade volume increased by 10.3% to 273.5 mn tons in 2023, up from 248 mn tons in 2022, Al Khaleej reports, citing data from the Federal Competitiveness and Statistics Centre. Non-Arab Asian countries were top trading partners with a 44% share, followed by European countries at 17%, and GCC countries at 12%. Imports rose 20% to 129.3 mn tons, while exports grew 13% to 120 mn tons.

THE FINANCE FORUM-

Headlining the EnterpriseAM Finance Forum: We’ll be joined for the first time on stage by a senior government official, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.

Among the topics on the agenda, which you can view here:

Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
Looking from the outside in — what foreign investors and strategics think about Egypt right now.
The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?

Haven’t requested an invitation yet? Do it today — space is limited. Tap or click hereto let us know you’re interested.

** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.

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***

CIRCLE YOUR CALENDAR-

The UAE will host the World Freezones Organization’s Annual International Conferenceand Exhibition from Monday, 23 September to Wednesday, 25 September in Dubai. The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.

The UAE will host the Freight Summit Global Conference from Monday, 23 September to Thursday, 26 September in Dubai. The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.

The UAE will host the Global Aerospace Summit from Wednesday, 25 September to Thursday, 26 Septemberin Abu Dhabi. The summit will gather key players in the global aerospace supply chain industry along with high level industry and government officials to discuss industry services, legal structure and resource sharing.

Bahrain to host the Routes World forum from Sunday, 6 October to Tuesday, 8 October. The event will bring together VPs and network planning heads from some 250 carriers to discuss global air route networks.

Saudi Arabia to host the Global Logistics Forum from Saturday, 12 October to Monday, 14 October in Riyadh. The forum will gather key industry players, government officials, and industry experts to discuss optimizing operations and driving growth in the logistics sector. The event will take a specific look at how the sector can adapt with regards to global climate change and incorporate sustainability into their supply-chain operations.

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

Egypt reportedly secures 20 LNG cargoes for some USD 907 mn to cover winter demand

More LNG shipments secured: Egypt has reportedly bought 20 cargoes of LNG for some USD 907 mn to cover domestic needs between October and December, Reuters reported on Friday, citing trading sources with knowledge of the matter. The Egyptian General Petroleum Corporation (EGPC) reportedly awarded the tender under a six-month deferred payment plan.

The suppliers: The tender was reportedly awarded to commodity trading giant Glencore, crude and oil trader Gunvor, MEX International, Trafigura, Vitol, Hartree, BB Energy, TotalEnergies, Shell, Saudi Aramco, and BP. “Aramco is said to have won the most number of cargoes, around 6-7, with the rest winning cargoes between 1 to 3,” S&P Global reported on Friday, citing sources familiar with the transaction.

The details: The EGPC received offers from over 15 major firms at “very competitive rates that were 30-40% less than expected market prices,” a trading source told Reuters. The offers were around USD 1-plus per mn British thermal unit (BTU) premium to the benchmark Dutch TTF, which is around USD 0.60/mn BTU — “far less than market expectation.” The lower than expected premium partially came as a result of “confidence in EGPC” and its “strong ties” with global energy firms, one source told Reuters.

Costs + timeline for delivery: Egypt is paying some USD 45 mn per 3.5 ton BTU cargo — putting the total cost of all 20 cargoes at USD 907 mn, according to S&P Global. Egypt will receive seven deliveries next month, six in November, and seven in December.

Winter shipments are a bit of a rarity for Egypt: The tender marks the country’s first winter LNG tender since 2018, Reuters writes.

Background: EGPC issued the tender for the 20 shipments last week, split between 17 shipments of LNG for its floating import terminal at Ain Sokhna, as well as three more cargoes for delivery to Jordan’s Aqaba, in one of the state-owned firm’s largest ever tenders. The tender closed on 12 September.

More to come? “We will need to import another 17-20 shipments in 1Q 2025,” a government source told Enterprise last week.

UAE’s G42 starts receiving Nvidia chips after the US approves sale

G42 to purchase Nvidia’s AI chips: UAE tech giant G42 has started receiving AI chips from US chipmaker Nvidia after the US government approved the sale earlier this year without making the transaction public, Semafor reports, citing people familiar with the matter. This includes Nvidia’s H100 chips, a graphics processing unit (GPU) chip which “delivers exceptional performance, scalability, and security,” according to the chipmaker.

G42 has begun deploying the AI chips at its data centers, after removing China-made hardware from the centers, making “long-term investments” to ensure data protection, and using hardware solely manufactured by Western nations, which has swayed US officials to accept the transaction, according to Semafor’s sources.

US defense tech is being used to lock down G42’s data centers: The data centers are equipped with military-grade encryption and are isolated from other systems, including security cameras and cooling, to prevent potential attacks. Additionally, G42 has reportedly tapped US defense department contractors to test and secure its data centers against potential breaches, particularly by China, according to the news platform.

Background: G42 secured a USD 1.5 bn investment from Microsoft that should see the firm receiving large-scale AI components, including the Nvidia chips, alongside the two partnering on AI investments abroad. Concerns that the US might pull the plug on the partnership have been swirling for a few months, with reports that Pentagon officials are doubting G42’s commitment to fully divest from China, despite reports that it has already sold all its stake in China.

The UAE isn’t the first GCC nation to secure Nvidia’s chips, with Qatar’s telco Ooredoo recently purchasing thousands of Nvidia’s AI GPUs as part of its GPU-as-a-service offering. A year ago, Saudi Arabia also acquired some 3k H100 chips in a transaction worth USD 120 mn, and could also gain access to Nvidia’s H200 chips next year as the US government mulls greenlighting the move.

Dubai inaugurates two bridges as part of road upgrade project

Dubai inaugurates two new bridges: Dubai’s Roads and Transport Authority (RTA) cut the ribbon on two major bridges spanning 1.2k meters as part of the Garn Al Sabkha-Sheikh Mohammed bin Zayed Road Intersection Improvement Project, according to a statement. The project includes the construction of four bridges and is now 97% complete, with works pegged to finish next month with the opening of the final bridge.

About the bridges: The first 601 meters long two-lane bridge serves eastward traffic from Garn Al Sabkha Street to Sheikh Mohammed bin Zayed Road then northward towards Al Qusais and Deira. The second 664-meter-long two-lane bridge should reduce traffic from Sheikh Mohammed bin Zayed Road heading southward towards Al Yalayis Street and Jebel Ali Port.

More to come: The final 943 meters long bridge will connect the intersection of Garn Al Sabkha Street with Al Asayel Street and reduce traffic flow between Sheikh Zayed Road and Sheikh Mohammed bin Zayed Road.

Doubling down on bridges: The RTA opened two bridges this month on Al Khail Road at Zaa’beel and Al Quoz 1 this month with a cumulative capacity of around 8k vehicles per hour. Dubai opened a two-lane bridge back in June to reduce travel time from Garn Al Sabkha Street to Sheikh Mohammed bin Zayed Road.

RTA is supersizing developments: RTA awarded a USD 90 mn in contract in early January for improvements to the Umm Suqeim Street Project and awarded an AED 700 mn (c. USD 190.6 mn) contract later in February for the Al Khail Road Improvement Project.

High-level delegation from Egypt land in Riyadh to boost trade + investment

Egyptian high-delegation lands in Riyadh: Egyptian Prime Minister Moustafa Madbouly touched down in Riyadh yesterday alongside Egypt’s Finance Minister Ahmed Kouchouk and Egypt’s Investment Minister Hassan El Khatib for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries, according to a statement.

The talks focused on showcasing potential investments and Egypt’s ongoing economic reform program, with talks specifically honing in on the government’s newly released tax policy and efforts to eliminate barriers currently faced by Saudi investors. The Saudi side stressed Egypt’s “tremendous investment potential,” with Saudi commerce minister Majid bin Adbullah Al Kassabi pointing to the industrial, agricultural, and real estate sectors as particularly promising.

A bilateral investment agreement in the works? The two sides also made headway on an Agreement on Promotion and Mutual Protection of Investments between the two countries, which aims to help protect Saudi investors as they look to double their investments in the country in the coming period, Saudi investment minister Khalid Al Falih said in a statement.

The first round of the GCC and Indonesia freetrade agreement negotiations have concluded, Wam reported on Friday. The talks, which were held from 9 to 13 September in Jakarta, aimed to establish a framework for future negotiation rounds and set objectives for an agreement, which should be reached within 24 months. The negotiations touched on a variety of sectors, including trade in goods and services, investment, customs, technical barriers to trade, digital trade and sanitary measures.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Chinese Premier Li Qiang met last week to discuss strengthening their comprehensive strategic partnership, Wam reported on Thursday. The talks covered expanding cooperation in economy, trade, investment, renewable energy, education, and culture.

Li also visited Dubai, where he met with Ruler Sheikh Mohammed bin Rashid Al Maktoum at Za’abeel Palace, Wam reported separately. Their discussions centered on strengthening bilateral partnerships in trade, tourism, technology, and culture, as well as exploring new investments. Both parties highlighted the UAE's role in the Belt and Road Initiative and concluded with talks on regional developments and promoting sustainable peace and growth.

Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi met with the leaders of the Chinese city of Shenzhen yesterday to discuss ramping up cooperation between Ras Al Khaimah and China in trade and investment, Wam reported on Thursday. The meeting saw two MoUs inked, the first promoting cooperation between the Ras Al Khaimah Economic Zone and Shenzhen's Longhua District across sectors such as the digital economy, new energy, healthcare, and advanced manufacturing, and the second with construction giant THi to explore joint ventures on a range of projects, from industrial facilities to educational institutions, according to a press release.

A slew of updates on ports, cargo, aviation, and e-commerce from KSA, Kuwait, the UAE, Jordan and Qatar

PORTS-

Jeddah Islamic Port adds ONE’s RG2 shipping service: The Saudi Port Authority (Mawani) has added Japanese carrier’s Ocean Network Express’ (ONE) new RG2 shipping service to Jeddah Islamic Port, according to a statement. The service connects Jeddah Islamic Port to key regional ports, including the UAE’s Jebel Ali, Jordan’s Aqaba, Egypt’s Ain Sokhna, and India’s Mundra with weekly trips with a 2.9k TEU capacity.

AVIATION-

GCAA + Volar Air to build UAE’s first green aviation hub: The UAE’s General Civil Aviation Authority and Hong Kong-based Volar Air Mobility have signed an MoU to develop the UAE’s first Green Aviation Technology Hub, according to a statement. The hub, the agreement for which was signed on the sidelines of the Advanced Air Mobility Symposium 2024, will support R&D for sustainable aviation technologies and bring together global stakeholders to collaborate.

dnata secures Royal Jordanian contract at JFK: UAE-based air services provider dnata was awarded a multi-year contract to deliver passenger, ramp, and baggage services for Royal Jordanian Airlines at John F. Kennedy International Airport (JFK) in New York, according to the Dubai Media Office. The contract, which covers 360 annual flights, will see dnata serve approximately 125k passengers per year. Financial details of the transaction were not disclosed.

Background: The company supports over 30 airlines at JFK, with over 1k staff managing more than 21k flights annually. dnata has been serving Royal Jordanian Airlines in Detroit since 2019.

Qatar Airways plans to resume flights between Doha and Abha from 2 January, 2025, with two weekly flights on Thursdays and Saturdays, according to a press release. In addition, the Qatari flag carrier will increase the number of weekly flights between Doha and Neom from two to four.

OTHER STORIES WORTH KNOWING THIS MORNING-

Etihad expands its Paris service: The UAE’s Etihad Airways is boosting its service between Abu Dhabi and Paris to double daily flights using the Airbus A380 and Boeing 787-9 Dreamliner starting 15 January 2025. (Statement)
Dubai launches heavy vehicle monitoring taskforce: Dubai Police have launched the Joint Patrol Units for Heavy Vehicles, a taskforce for monitoring and enforcing technical compliance by heavy vehicles operating in and transiting through the city. (Statement)
Qatar Airways ramps up its KSA flights: Qatar Airways is operating two weekly flights to Saudi Arabia’s Abha International Airport starting 2 January 2025, in partnership with the Saudi Air Connectivity Program. Flights to NEOM will also double to four weekly flights through the winter season. (Statement)
Emirates to receive first Airbus A350 in October: Emirates is set to receive its first Airbus A350 in October, the first of five Airbus planes set to be delivered by the end of the year. (Wam)
BAC + APSCO ink agreement for aviation fuel services in Bahrain: Bahrain Airport Company (BAC) has signed a strategic agreement with the Arabian Petroleum Supply Company (APSCO) to be the second into-plane service provider at Bahrain International Airport. (Statement)
Menzies Aviation opens new cargo facility in Mozambique: Menzies Aviation, Kuwaiti logistics giant Agility’s ground handling subsidiary, has inaugurated a new cargo facility at Maputo International Airport (MPM) in Mozambique. (Statement)

DSV acquires DB Schenker in a EUR 14.3 bn transaction

DSV snaps up DB Schenker for EUR 14.3 bn: Danish logistics management giant DSV has finalized an agreement to acquire Deutsche Bahn’s logistics unit Schenker for EUR 14.3 bn in an all-cash transaction, the Financial Times reported on Friday. The acquisition is set to make the company the world’s largest freight-forwarder, doubling DSV’s revenues to EUR 39 bn and increasing its workforce to 147k employees.

What we know: DSV intends to finance the acquisition through debt and by selling a share-stake of up to EUR 5 bn, the FT writes. The agreement, contingent on regulatory approval, is expected to close in 2Q 2025. Deutsche Bahn’s supervisory board and Germany’s transport ministry are expected to approve the agreement in the coming weeks.

Tough competition: DSV was competing for the firm against a rival bid from an Abu Dhabi Investment Authority-backed consortium, which also includes CVC and Singapore’s GIC.

REMEMBER- Saudi shipping firm Bahri dropped out of the race to snap up Schenker in July. Danish shopping firm Maersk dropped out of the race earlier the same month.

DHL Express is investing over EUR 100 mn to boost shipping capacity in 4Q 2024 in preparation for a “healthy surge in demand for express services” during the end-of-year peak season, CEO John Peason said in a statement (pdf) published on Thursday. The shipping giant will integrate eight new Boeing 777 freighters into its fleet to expand its aviation capacity on trans-Pacific and intercontinental routes between Asia and Europe. The firm is also boosting its handling and sorting capabilities in its ground network.

Almost 42% of crude production and over 52% of natural gas output in the US Gulf of Mexico due to shutdown after Hurricane Francine’s landfall in Louisiana, Reuters reported on Friday, citing the US Bureau of Safety and Environmental Enforcement (BSEE). The Gulf of Mexico — which accounts for 15% of overall domestic oil production and 2% natural gas output — recorded 732.3k barrels per day of oil and 973.2 mn cubic ft of natural gas still offline two days after Francine made landfall on Wednesday, up from a loss of 730k barrels and natural gas to 992 mn cubic ft on Thursday, the newswire adds.

OTHER STORIES WORTH KNOWING THIS MORNING-

Great Eastern Shipping renewing its fleet: India’s Great Eastern Shipping is acquiring five second-hand vessels for a total of USD 160 mn as part of its fleet renewal program where it will replace 20-year-old vessels. The firm has sold six older ships for around USD 100 mn. (Economic Times)
Flights canceled at Charleroi Airport due to strike: Belgium’s Charleroi Airport canceled all flights on Thursday and Friday due to a joint union strike. At least 87 flights were canceled on Friday alone. (Reuters)
China Development Bank makes a hefty Airbus order: China Development Bank Financial Leasing’s aviation unit is purchasing 80 Airbus A320neo aircraft to boost its aviation capacity and fuel efficiency, with delivery expected to begin in 2030. The investment ticket has not been not disclosed. (Reuters)
UK cracks down on Russia’s ghost fleet: The UK has placed sanctions on 10 additional Russian ships as part of an effort to crack down on Russia’s use of a so-called ghost fleet to circumvent Western sanctions on trading Russian oil. All 10 vessels were previously overseen by UAE firm Oil Tankers SCF MGMT FZCO, which was used by Russia shipping company Sovcomflot. (Reuters)

Calendar

SEPTEMBER

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition (AICE), Dubai, UAE.

23-26 September (Monday-Thursday): Freight Summit Global Conference, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

30 September - 2 October (Monday-Wednesday): African, Middle East & Islamic Finance Aviation 100 Awards, Dubai, UAE.

OCTOBER

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

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi, UAE.

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

8-10 October (Tuesday-Thursday): AntwerpXL Expo, Antwerp, Belgium.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh, Saudi Arabia.

13 October (Sunday): International Transport Workers’ Federation (ITF) Congress, Marrakesh, Morocco.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah, Saudi Arabia.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh, Saudi Arabia.

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

22-24 October (Tuesday-Thursday): Global Ports Forum, Singapore.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai, UAE.

NOVEMBER

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh, Saudi Arabia.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

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

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

13-15 November (Wednesday-Friday): ITC North-South - New Horizons, Astrakhan, Russia

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Damman, Saudi Arabia.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam, Saudi Arabia.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

20-21 November (Wednesday-Thursday): Saudi Rail Exhibition, Riyadh, Saudi Arabia.

DECEMBER

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh, Saudi Arabia.

10-11 December (Tuesday-Wednesday): Rail Industry Summit, Casablanca, Morocco.

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

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

EVENTS WITH NO SET DATE

IATA Annual General Meeting (AGM) and World Air Transport Summit, New Delhi, India.

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.

The Cross-Border Digital Trade Forum, Dubai.

2025

FEBRUARY

4-5 February (Tuesday-Wednesday): Seatrade Maritime Qatar, Doha, Qatar.

APRIL

16-17 April: Global Ports Forum, Dubai, UAE.

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.

NOVEMBER

4-6 November: The International Air Cargo Association TIACA’s Air Cargo Forum 2025, Abu Dhabi, UAE.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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