Egypt restarts LNG imports + issues a warning to importers on abandoned goods

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What we're tracking today

TODAY: Lots of Egypt trade news + DP Worlds eyes another acquisition

Good morning, friends. We have a packed issue this morning with lots of updates from Egypt and a smattering of M&A, debt and investment updates from around the region and beyond, but first…

HAPPY EID, EVERYONE- Enterprise Logistics will be taking a break for Eid Al Fitr starting tomorrow, but we will be back in your inbox at our usual time with all the latest regional logistics industry updates on Monday, 15 April.

THE BIG LOGISTICS STORY ABROAD- Baltimore continues to capture the industry’s attention: Limited access to commercial shipping at Baltimore is set to come online by the end of the month with full capacity expected to be restored by the end of May. A “limited access channel 280 feet wide and 35 feet deep” is set to open by month’s end permitting access to RoRo vessels transporting cars and farm equipment. Two auxiliary channels which have been opened so far at the accident site of the Baltimore Francis Scott Key Bridge after a Maersk-chartered container ship collided with the bridge two weeks ago. The channels have allowed emergency vessels, tugs, and barges to move around wreckage, but do not have the capacity for cargo ships.

The story continued to grab a lot of ink in the international press over the weekend: Reuters | The New York Times | Bloomberg | The Washington Post | BBC

WATCH THIS SPACE-

#1- Morocco denies playing favorites on Ryanair vs RAM: Morocco’s tourism ministry has denied offering subsidies or other financial aid to Ireland-based budget carrier Ryanair for its domestic flight operations in the country, MAP reported on Friday, citing a ministry statement. The ministry sought to address concerns that Ryanair’s new domestic network will affect the competitiveness of national carrier Royal Air Maroc (RAM), indicating that Ryanair’s routes in the country do not overlap with those serviced by RAM and that the new partnership with Ryanair aims to boost “complementarity rather than direct competition,” while also promoting tourism by extending tourists’ access, MAP said.

ICYMI- Ryanair will kick off 11 new domestic routes in Morocco this summer, after receiving the greenlight from Morocco’s government in December.

#2- Egyptian grain ships held up in Russia: Two Egyptian ships loaded with wheat have been denied permission to set sail by Russian authorities, who say they do not hold the correct documentation, Egyptian Supply Minister Ali El Moselhi told Bloomberg on Thursday. The two ships, which were meant to depart at the end of March, are currently held at Russian ports while Egypt is in communication with Russian embassy officials regarding the issue, El Moselhi said.

The why: The ships are carrying wheat from Grainflower DMCC, an export partner of Russian trader TD Rif, which has seen its exports blocked and is under investigation by a Russian industry watchdog on the basis of grain safety and quality inconsistencies. The feud is part of the Kremlin’s efforts to increase its control over exports following its invasion of Ukraine in 2022 and enforce an unofficial minimum price for its grain, according to an earlier report.

DISRUPTION WATCH-

Houthis claim recent attacks against shipping: The Iranian backed group targeted a British ship and US frigates in the Red Sea, as well as two Israeli vessels in the Arabian Sea and Indian Ocean that were en route to Israeli ports, Reuters reports, citing televised statements by Houthi military spokesperson Yahya Saree. A German frigate, dubbed Hessen, shot down a Houthi-launched missile in the southern Red Sea over the weekend, Reuters reported on Saturday. Hessen’s deployment comes as part of the EU’s Aspides mission to the Red Sea.

Is the US warming up to a diplomatic solution after airstrikes fail to stop attacks? Washington is leaning towards a non-military solution to Red Sea disruptions according to statements by President Joe Biden’s special envoy for Yemen Tim Lenderking, Bloomberg reported last week. “Diplomatic off-ramps” to de-escalate the situation are on the table including the possibility of a “quid pro quo” arrangement to withdraw the labeling of Houthis as a terrorist entity in exchange for a cessation of attacks, Lenderking told reporters last Wednesday. The Houthis could back moves to de-escalate and “show good faith” by releasing 25 crewmen captured during the Galaxy Leader’s hijacking early in the campaign, Lenderking added.

Tel Aviv braces for an Iranian attack: Navigational signals in Tel Aviv were scrambled on Thursday as Israel braced for a GPS-guided drone or missile attack by Iran or its proxies, Bloomberg reported on Thursday. The interference caused deliveries delays and traffic due to disruption on apps including Google Maps, Waze, Gett Taxi, Moovit, and Wolt. Apps showed Tel Aviv residents as being located in Beirut, Lebanon, the outlet said. The move comes as tensions between the regional rivals escalated following a Monday airstrike that saw top Iranian generals killed in Syria, with Iran vowing to hit back. Despite Israel’s military not publicly stating that it was behind scrambling navigational signals at Tel Aviv, it nonetheless has “good intelligence and good early warnings,” that an Iranian attack may come, former director of Israeli military intelligence Amos Yadlin told reporters.

MARKET WATCH-

#1- The next few months could see oil hitting USD 100 a barrel for the first time in two years, Bloomberg reports. Saber rattling between Iran and Israel saw oil spike to above USD 90 at the end of last week, hitting its highest since October. However the changes driving up oil are less transient, with a combination of global supply shocks likely seeing these gains extend over the next few months, with JP Morgan Chase & Co. expecting prices to hit USD 100 a barrel by August or September, Bloomberg writes.

Behind the numbers: Continued Red Sea disruptions, sanctions on Russian oil trade, export cuts by Mexico, and recently extended OPEC+ production cuts are some of the most important factors which have tightened supplies and buoyed markets. Interruptions in North Sea pipelines, turmoil in Libya, and damage to an oil export pipeline in South Sudan have also shored up markets, Bloomberg said. These shocks also coincide with a ramp up in demand in US markets ahead of the summer.

Oil prices reached record highs as markets remained vigilant for signs of a direct confrontation between Iran and Israel, Reuters reported on Friday. Brent crude rallied 0.57% to USD 91.17 a barrel, while US West Texas Intermediate (WTI) rose 0.37% to USD 86.91 a barrel, the newswire said. Thursday trading saw both benchmarks hit their highest since October.

#2- Baltic index slumps for third week: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 2.5% to 1,628 points on Friday, hitting a seven-week low and marking the third consecutive week of declines, as weaker rates across the board dragged down the index, Reuters reported on Friday. The measure was also down 10% w-o-w. The larger capesize subindex dropped 3.4% to 2,274 points, but rose 13% for the week, while panamax dipped 2.2%, to 1,695 points. Meanwhile, the smaller supramax segment fell 1%, to 1,261 points, the newswire also said.

DATA POINT-

Jordan’s trade position improved in January: The country’s total exports marked a 2.7% y-o-y increase in January 2024 to JOD 650 mn, while imports declined 19.7% during the same period to some JOD 1.3 bn, seeing a 33.7% reduction in Jordan’s trade deficit, Petra reported yesterday. The bump in exports was attributed to growth in fertilizer, garments, and pharma volumes, while diminished values of crude oil and derivatives, machinery, and electrical tools, contributed to the trimmed down import figures, Petra said.

CIRCLE YOUR CALENDAR-

The UAE will host the 7th edition of the Global Ports Forum on Sunday, 17 April and Monday, 18 April in Dubai. The event will host discussions on port strategy and development, automation, financing, and enhancing efficiency.

Egypt will host the 5th edition of 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 second 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.

Egypt seeks to lease LNG terminal as it starts importing natural gas + issues a warning to importers on abandoned goods

Egyptian authorities are in talks to lease a floating storage regasification unit (FSRU), with plans to dock the terminal at the Gulf of Suez, an Egyptian Oil Ministry source told Enterprise. Egypt is seeking a five-year extendable contract, they added.

Why? Because Egypt is back to importing LNG. The Egyptian government has purchased at least two shipments of LNG and could contract for more shipments soon as it looks to stock up on gas supplies ahead of peak consumption in summer, our source said. The first two shipments will be regasified in Jordan’s Aqaba to be delivered next month. Egyptian Natural Gas Holding has locked in one shipment for delivery next month, with plans for more deliveries, sources told Bloomberg on Thursday.

ICYMI- Egypt and Jordan last year inked an agreement to reduce operational costs of LNG shipments by jointly using the floating LNG terminal at Jordan’s southern port of Aqaba.

Remember: Egypt had bid farewell to the era of leasing FSRU years ago when it ended a contract with the Norwegian Höegh Gallant in 2018 as the government pulled the plug on gas imports following the discovery of Zohr field, which has allowed Egypt to re-emerge as a natural gas export hub.

But isn’t Egypt a net exporter of LNG? After becoming a net exporter of LNG in 2018, Egypt has been trying to position itself as an important LNG exporter to Europe and to fully utilize the 12 mn tons a year capacity from its two liquefaction plants in Damietta and Idku. However, a fall in domestic gas production resulted in LNG exports dropping 52% y-o-y to 3.52 mn tons in 2023. Domestic natural gas production has dropped to 5.5 bn cubic feet per day from 7 bn cubic feet per day following the Zohr discovery, our source said, explaining that it’s normal for gas fields to yield less output over time. Israeli imports bring total production to 8.8 bn cubic feet per day, the source added.

While consumption is on the rise: With hotter weather arriving earlier than usual this year on the back of climate change, this summer is expected to lead to a higher consumption of energy than last year, our source said. Consumption is also expected to remain higher than production as Egypt sets up more power stations and as the uses of domestic and industrial gas expand.

IN OTHER EGYPT NEWS- Importers abandoning their goods at Egyptian ports could be slapped with fines: The Central Bank of Egypt (CBE) is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so, Al Mal reports, citing sources it says have knowledge of the matter

That’s not all: The CBE is also looking into blacklisting the importers who don’t clear their goods from ports — issuing instructions to have their bank accounts monitored, Al Mal added.

Still early stages: The central bank is yet to take any official steps regarding the matter, a government source told Enterprise, adding that each case will be evaluated individually.

Why would an importer not collect their goods? Some importers have declined to receive their goods as they wait for the USD-EGP rate to further depreciate, which will in turn mean a cheaper customs bill — importers can store their goods at local ports for up to a month without paying any fees or fines, according to the current regulations. Meanwhile, some importers of foodstuff have abandoned their imports that have been stuck at ports for some time now while the FX crisis get resolved as a way to avoid paying hefty storage costs and fees, especially knowing that there is a high chance their goods have gone bad and won’t be sellable, our source said.

Importers are already moving: There has been a noticeable shift in the rate at which importers are collecting their goods since Egyptian Prime Minister Moustafa Madbouly unveiled the government’s plan to confiscate neglected goods, our source tells us.

REMEMBER- The government has cleared some USD 2.8 bn worth of goods from the country’s ports thanks to the recent spate of foreign currency injections as of late March. Some remaining USD 1.7 bn of goods have had their paperwork completed and secured the required FX through the banking system, but these goods remain unclaimed by their importers, Madbouly said two weeks ago.

DP World is reportedly eyeing an acquisition of Hong Kong-based Cargo Services Far East

UAE-based port operator DP World is reportedly finalizing the acquisition of Hong Kong-based logistics firm Cargo Services Far East, Bloomberg reported on Friday, citing sources with knowledge of the matter. The potential acquisition could be valued between USD 300 mn and USD 400 mn, with the move set to expand DP World’s Asian footprint.

Details are scant: Both firms are working to finalize the transaction, with an announcement possible in the coming days, sources told Bloomberg. A final value of the acquisition depends on the assets included in the sale. We first caught wind of the talks back in November, with sources at the time valuing a potential takeover at USD 800 mn.

About the company: Cargo Services Far East — owned by Hong Kong tycoon John Lau — operates in cold chain logistics, ocean and freight shipping, and fashion distribution, according to Bloomberg. The company has offices in 35 cities in China, Singapore, Australia, South Africa, and the US. The firm’s stock dipped by around 31% over the last 12 months, valuing the company at around USD 212 mn, the outlet also said.

DP World has been on an expansion spree: DP World inked an agreement with Brazil’s leading railway operator Rumo to establish a new terminal for grains and fertilizers at Port Santos last month. The port operator also announced in February that it was gearing up to develop a new USD 50 mn logistics center in South Korea’s Busan New Port, with construction slated to begin at the end of the year and operations kicking off by 2Q 2026.

Investcorp JV will redevelop NYC’s JFK Airport Terminal 6

A brand new terminal at JFK courtesy of Investcorp: ADX-listed global investment manager Investcorp Capital and New York-based investment firm Corsair Capital will invest USD 4.2 bn in the redevelopment of New York’s JFK Airport Terminal 6 via their JV Investcorp Corsair Infrastructure Partners, according to an ADX filing (pdf) released on Thursday. The JV’s airport platform Vintage Airport will be responsible for developing, operating, and managing the new terminal.

What to expect: The redevelopment will include a 1.2 mn sqft terminal with 10 gates, waiting areas and 100k sqft worth of amenities including two AirTrain airport rail stations. The first phase of construction is currently ongoing and is expected to be completed in 2025, followed by the second phase in late 2027.

This marks Investcorp Capital’s first investment in infrastructure: “We had recently announced that Investcorp Capital had strategically incorporated infrastructure into its portfolio of asset classes, expanding its potential for growth and diversification,” Investcorp Vice Chairman Hazem Ben-Gacem said, adding that this marks its first investment into the asset class.

Background: Investcorp acquired a 50% stake in Corsair’s USD 4.8 bn infrastructure business back in December, forming Investcorp Corsair Infrastructure Partners and marking Investcorp’s inaugural entry into infrastructure investment, according to a press release at the time.

Dubai Aerospace Enterprise secures AED 2.75 bn loan from Emirates NBD

Emirates NBD extends loan to DAE: Dubai Aerospace Enterprise (DAE) will receive a AED 2.75 bn five-year unsecured term loan with Emirates NBD to support the state-owned firm’s general corporate needs and future financing requirements, according to a statement released on Thursday. The AED- denominated loan “will serve to further strengthen our exceptional liquidity,” DAE CEO Firoz Tarapore said.

Second round of financing in a month: DAE secured USD 420 mn in funding from China Construction Bank (CCB) last month to bolster liquidity. The five-year credit facility was earmarked to support “the future financing needs of the business,” the firm said. CCB also provided DAE with a four-year USD 300 mn unsecured loan in 2020.

Where’s the money going? DAE is a global aviation services firm with two divisions, DAE Capital and DAE Engineering. DAE Capital is an aircraft lessor with a fleet of some 500 aircraft worth more than USD 17 bn. DAE Engineering provides maintenance, repair, and overhaul services to clients across Europe, the Middle East, Africa, and South Asia.

Political and security concerns continued to weigh down performance in Lebanon’s private sector in March

How Lebanon’s private sector performed in March: Lebanese firms saw continued but marginal deterioration in business conditions in March, with output and new orders declining at slower rates, according to BlomInvest Bank’s Lebanon PMI (pdf) report for the month. The headline figure inched up to 49.4 from 49.1 in February. While still below the 50.0 cut-off separating contraction from growth, the latest figure indicates a softer rate of decline.

Lackluster demand + security concerns persist: Lower business activity was seen across Lebanon, with anecdotal evidence attributing the decline in output to weak demand, the report said. New orders fell for their eighth consecutive month, with weak client purchasing power and regional security concerns resulting in a drop in business’ volumes at the softest pace observed during the current contractionary period.

Regional security concerns hurt exports: Export demand saw faster declines in March, with the fall in new business from non-domestic customers being the quickest since December 2022, as anecdotal evidence pointed to Red Sea disruptions and the Gaza War eroding international sales, the report indicated.

Red Sea disruptions also edged inflation and hurt supply chains: Shipping and ins. costs rallied in March on the back of continued Red Sea disruptions, leading to the fastest increase in input costs since November 2023, the report said. Together with a hike in raw materials costs, these factors led firms to adjust pricing strategies and boost output prices at the quickest rate seen in seven months, passing on higher costs to consumers. Aside from effects due to Red Sea disruptions, strike action at ports also saw delays in the receipt of imports, with average input lead times lengthening to their greatest extent in almost a year. Employment also saw marginal decreases in March, the report also said.

The silver lining: The uptick in the headline figure indicates “resilience” in Lebanon’s local market, BlomInvest Bank research analyst Stephanie Aoun said in her comment to the report. Backlogs also decreased, despite lower staff capacity, as falling workloads saw firms clear existing orders.

Businesses retained a somber outlook for the next 12 months, with respondents citing regional conflicts and political uncertainty as driving subdued forecasts.

ICYMI- Kuwait released its first public PMI this March, and the UAE and Saudi Arabia’s non-oil private sectors continued to expand in March at slower rates while Egypt’s PMI rose slightly.

ADC + ACT team up on hazmat yard, Tunisair preps for summer peak season, Qatar Energy + Craig International ink MRO agreement

PORTS-

ADC + ACT to manage Aqaba Zone’s hazardous materials yard: The Aqaba Development Corporation (ADC) and Aqaba Container Terminal (ACT) have signed an agreement to jointly manage and operate the inaugural hazardous materials yard within the Aqaba Special Economic Zone, according to a statement released on Thursday. “This collaboration underscores our dedication to fostering a secure and efficient supply chain, driving the development and prosperity of the Aqaba area and the surrounding region,” Aqaba Development Corporation’s CEO Hussein Al Safadi said.

SUPPLY CHAINS-

Qatar Energy+ Craig Internationalsign MRO agreement: Qatar Energy has inked a three-year agreement with smart procurement company Craig International to procure and provide products and services for maintenance, repair, and overhaul (MRO) operations, according to a statement released on Thursday. The agreement, which can be extended for two additional years, will be executed by Craig International’s Qatar office. “Having increased our headcount in the Middle East, from five in 2018 to over 70 today and expanded our supply chain, we’re demonstrating our commitment to the local market and are well-placed to meet the increasing demand for smart, efficient, and sustainable procurement,” Craig International’s director of Middle East operations Steve Gibson said in the statement.

TRADE-

Iran and Turkey have inaugurated the new Razi Khoy-Kapıkö border crossing in a bid to boost regional trade, Mehr reported on Thursday citing Deputy Coordinator of Economic Affairs for West Azerbaijan province, Javad Karami. The inauguration comes as part of a recently inked a 30-clause MoU that looks to increase economic collaboration between Iran and Turkey, Karami said.

Egypt’s Misrayon & Polyester Fiber Company exports again: Egypt’s recently revived state-owned textile manufacturer Misrayon & Polyester Fiber Company has shipped five containers of artificial silk to Turkey — its first export in 12 years, according to a statement released on Thursday. Another 14 containers are heading to Turkey and Europe this month and the company plans to up its export volumes by 150% the following month. By next month, Misrayon is aiming to be making a monthly USD 1.3 mn from exports and EGP 30 mn from domestic sales.

SHIPPING + MARITIME-

German shipping giant Hapag-Lloyd launched a shipping service, JDX, to Jeddah Islamic Port to boost KSA’s connection with African ports, according to a statement released last week by Saudi Ports Authority (Mawani). The new service, with a capacity of up to 4.25k TEUs, will operate weekly voyages to Tangier Port in Morocco and Damietta Port in Egypt.

DP World Southampton has recorded a spike in freight imported by train rather than lorry after introducing incentives in September and January, BBC reported on Thursday. The company says rail’s share of containers being transported rose to 35% in March 2024, compared to 21% in early 2023, the outlet said. The switch to rail has resulted in 13.5k lorry journeys being avoided and about 4.5k tonnes of CO2 emissions being saved in six months, DP World Southampton director John Trenchard told the BBC.

Background: DP World introduced its Modal Shift Programme last year, which involves a 12-month trial that will see clients receiving import shipments at DP World’s Southampton terminal charged a flat GBP 10 fee per container. This fee can be reimbursed when clients choose to transfer their consignments to railheads more than 140 miles from the terminal, while those moving to a railhead within 140 miles will receive an additional payout of GBP 100 per container as of last January, according to the BBC.

IN OTHER DP WORLD NEWS- The company and Abu-Dhabi based RAKBANK have inked a strategic agreement to bolster UAE trade finance, Wam reported on Thursday. Leveraging DP World’s trade network and real-time insights, RAKBANK aims to boost its risk assessment capabilities and facilitate access to business financing. “This partnership with RAKBANK will be beneficial to facilitate global trade and provide greater visibility to everyone along the supply chain,” DP World Trade Finance’s Senior Executive Officer Sinan Ozcan said.

OTHER STORIES WORTH KNOWING THIS MORNING-

Yemeni authorities to cooperate on marine meteorology: Yemen’s Civil Aviation and Meteorology Authority has inked an agreement with the country’s Marine Affairs Authority to exchange data and expertise to mitigate weather-related disasters, as well as push forward the establishment of a national center for marine metrology. (Statement)
Gulf Air flies to Munich: Bahraini national carrier Gulf Air is launching weekly flights to Munich, Germany starting 1 July 2024. (Statement)
IAG Cargo resumes Abu Dhabi service: London-based IAG Cargo is set to reopen services between London and Abu Dhabi starting 20 April after a four-year hiatus. (Statement)
Hamad International Airport announces Indonesia services: Garuda Indonesia, in partnership with Qatar Airways, will operate daily flights from Jakarta to Doha starting 4 April. (Press release)
Egypt’s Ain Sokhna Port receives new harbor crane: Port operator DP World has received a new advanced mobile harbor crane at Ain Sokhna Port, Egypt, with a capacity of 125 tons and a discharge rate of 10k tons daily. (Statement)
Tunisair is preparing for the summer season: Tunisair is making 17k flights available with 2.7 mn seats from 15 June to 15 September with a 19% y-o-y increase in capacity. The airline is also resuming regular flights to Portugal, Switzerland, France, Spain, Italy, Turkey, Algeria, Morocco, Libya, Mali, Guinea, and Sengal. (Statement)

Russia is struggling to repair its refineries amid US sanctions + US trade deficit inches up in February

Russia is struggling to repair its refineries amid US sanctions, as engineers face challenges sourcing US-made parts damaged in a string of Ukrainian drone strikes, sources close to Russian oil giant Lukoil told Reuters on Thursday. A broken turbine at Lukoil-owned Norsi refinery, Russia’s fourth largest, saw the facility’s output cut by some 40%, with a US-based company standing as the only one capable of making the repairs, sources said. Ukrainian attacks have hit at least a dozen refineries in Russia so far this year, shutting down 14% of Russia’s refining capacity in this year’s first quarter, according to Reuters’ calculations. Meanwhile US-based Honeywell, a key supplier of spare parts, is working hard to disrupt parts getting to Russia via third parties, as the company looks to maintain compliance with sanctions, the newswire said citing a company email.

The US trade deficit inched up 1.9% y-o-y to USD 68.9 bn in February, a near-yearly peak, Bloomberg reported on Thursday, citing Commerce Department data. Imports increased to USD 332 bn, driven by gains in capital goods such as mobile phones, foods, and motor vehicles, the outlet said. Exports reached USD 263 bn, boosted by a rise in shipments of civilian aircraft and crude oil. Adjusted for inflation, the trade deficit reached USD 87 bn in February, the largest since July.

OTHER STORIES WORTH KNOWING THIS MORNING-

Boeing compensated Alaska Airlines some USD 160 mn in 1Q 2024, to make up for the impact of the temporary suspension of the carrier’s 737 MAX 9 fleet. The payments made up for losses seen in the quarter, with further compensation expected. (Reuters)
Maersk welcomes its newest LNG large methanol-enabled container ship: AP Moller Maersk has unveiled the Astrid Maersk, the second of 18 large methanol-enabled vessels slated for delivery between 2024-2025. The company deployed the Laura Maersk in September and the Ane Maersk in January, which are among 25 vessels to be fitted with dual-fuel engines that can run on green methanol. (Statement)

Calendar

APRIL

17-18 April (Wednesday-Thursday): Global Ports Forum, Dubai, UAE.

23-24 April (Tuesday-Wednesday): Egypt Facility Management Forum 2024, Cairo, Egypt.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week, Abu Dhabi, UAE.

25-26 April: Driftx. Abu Dhabi, UAE.

24-26 April (Wednesday-Friday): The Iran-Africa International Summit, Tehran, Iran.

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

28-29 April (Sunday – Monday): World Economic Forum, Riyadh, Saudi Arabia.

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

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

MAY

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

2-4 May(Thursday-Saturday): The International Conference on Logistics Operations Management, Marrakesh, Morocco.

3-5 May (Friday-Sunday): The Logistics and Supply Chain Management Conference, Tunisia, Tunis.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

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

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

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

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

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

21-24 May (Tuesday-Friday): Global Supply Chain Forum 2024, Bridgetown, Barbados.

26-28 May (Sunday-Tuesday): ProPak Mena 2024, Cairo, Egypt.

27-30 May (Monday-Saturday): Comex Technology Show, Muscat, Oman.

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.

27 June (Thursday): East Med Maritime Conference, Beirut, Lebanon.

29 June (Saturday): The Investment Conference in cooperation with the European Union, Brussels.

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.

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

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

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

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

DECEMBER

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

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.

The Cross-Border Digital Trade Forum, Dubai.

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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