{"id":71027,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/25\/today-black-sea-grain-agreement-extension-is-off-to-a-rocky-start-will-the-aviation-industry-rut-last-until-2024\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"today-black-sea-grain-agreement-extension-is-off-to-a-rocky-start-will-the-aviation-industry-rut-last-until-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/25\/today-black-sea-grain-agreement-extension-is-off-to-a-rocky-start-will-the-aviation-industry-rut-last-until-2024\/","title":{"rendered":"TODAY: Black Sea grain agreement extension is off to a rocky start + Will the aviation industry rut last until 2024?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, nice people, and happy Thursday. <\/span><span style=\"\">We cap off the week with another tight<\/span><span> issue, with updates from AD Ports and (lots of) diplo and shipping news from Qatar. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">THE BIG LOGISTICS STORY-<\/span><span style=\"font-weight:700\">A new handling facility in Khalifa port:<\/span><span style=\"\">AD Ports Group<\/span><span style=\"\"> and<\/span><span style=\"\"> Brazilian logistics operator and iron ore producer <\/span><span style=\"\">Vale<\/span><span style=\"\"> will develop a mega steelmaking hub in <\/span><span style=\"\">Khalifa Economic Zones Abu Dhabi <\/span><span style=\"\">(KEZAD) and a handling facility in Abu Dhabi\u2019s Khalifa port that can accommodate Valemax vessels. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The final price of the Adnoc L&S IPO will be announced today<\/span><span style=\"\">, after the subscription period <\/span><span style=\"\">for institutional investors ended yesterday. The company had set a price range of <\/span><span>USD 1.99-2.01 for the IPO, which could raise as much as <\/span><span style=\"\">USD 769.4 mn, and could value it as high as USD 4.05 bn. <\/span><span style=\"font-weight:400;\">The company will list its shares on the ADX on 1 June.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">National Marine Dredging doubled its cornerstone investment in the IPO to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.zawya.com\/markets\/equities\/abu-dhabis-national-marine-dredging-doubles-investment-in-adnoc-l-and-s-ipo-to-60mln-w98kj44l\" style=\"\">USD 60 mn<\/a><\/span><span style=\"\">, after the company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5770cf40-7f7d-40da-9e9f-bfcc0a03e185\" style=\"\">upped its IPO size<\/a><\/span><span style=\"\"> from a 15% stake to 19% on strong investor demand, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/markets\/equities\/abu-dhabis-national-marine-dredging-doubles-investment-in-adnoc-l-and-s-ipo-to-60mln-w98kj44l\" style=\"\">Zawya<\/a><\/span><span style=\"\"> reports.<\/span><span style=\"font-weight:400;\"> Retail investors got a 12% slice of the offering, while institutional investors can submit bids for 85%, and another 3% is saved for Adnoc L&S employees and retirees.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">A rebooted Black Sea grain agreement is off to a rocky start <\/span><span style=\"\">with Russia and <\/span><span>Ukraine trading blame on who is stonewalling, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/ukraine-says-russia-prevents-black-sea-grain-deal-port-operating-2023-05-23\/#:~:text=KYIV%2C%20May%2023%20(Reuters),to%20Pivdennyi%20under%20the%20pact.\" style=\"\">Reuters<\/a><\/span><span> reports<\/span><span>. A last-minute breakthrough last week saw the framework \u2014 which has offered considerable relief to global food and fertilizer supply chains affected by the conflict in Ukraine \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/847bf778-b996-4a1f-a5f9-e97044ba2ecb\" style=\"\">extended for another two months<\/a><\/span><span style=\"font-weight:400;\">. Ukrainian officials, however, have accused Russia of \u201cgross violations\u201d by refusing to inspect vessels bound for Ukraine\u2019s primary grain exporting port, and Russian officials have in turn complained that they are unable to export ammonia via a pipeline to Ukrainian ports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DATA POINT #1- Bahrain\u2019s trade surplus shifted to a BAD 152 mn (USD 403.2 mn) deficit <\/span><span style=\"\">in April, with <\/span><span>exports falling <\/span><span>37% y-o-y to BAD 303 mn (USD 804 mn), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bna.bh\/en\/news?cms=q8FmFJgiscL2fwIzON1%2BDqhpFdYW3kvP7NLfmaB2uVA%3D#:~:text=As%20per%20the%20report%2C%20the,remaining%20countries%20accounted%20for%2028%25\" style=\"\">Bahrain News Agency<\/a><\/span><span> reports. The country\u2019s <\/span><span>imports increased 3% y-o-y to BAD 523 mn (USD 1.38 bn) in April. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt2\"><\/a><\/span><span style=\"font-weight:700\"> WATCH THIS SPACE#1- Will the Iran-Turkey-Pakistan freight railway be relaunched?<\/span><span style=\"\"> A Pakistani official proposed to <\/span><span>relaunch a cargo train between <\/span><span>Islamabad, Tehran, and Istanbul <\/span><span>at the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apbf.com.pk\/\" style=\"\">Pakistan Business Forum<\/a><\/span><span>, to boost trade between the three countries<\/span><span>, Pakistani news outlet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dawn.com\/news\/1755404\/proposal-to-revive-cargo-train-with-iran-turkiye\" style=\"\">Dawn<\/a><\/span><span> reported. The cargo train would provide \u201cfaster, more cost-effective, and reliable transportation,\u201d as cargo can travel to Europe via Turkey along this route in 15 days, <\/span><span>Pakistan Business Forum head<\/span><span style=\"font-weight:400;\"> Ejaz Tanveer said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background: <\/span><span>The ITI train has been suspended since July 2022, following disruptions caused by flooding that damaged the rail in the region of Balochistan, Dawn <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dawn.com\/news\/1753314\" style=\"\">reports<\/a><\/span><span>. Prior to this, operations of the railway had first begun<\/span><span> in 2009 but <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gulfnews.com\/world\/asia\/pakistan\/pakistan-iran-turkey-launch-railway-corridor-to-unlock-trade-potential-1.84544948\" style=\"\">remained suspended<\/a><\/span><span> due to technical issues, <\/span><span style=\"font-weight:400;\">only resuming in December 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">WATCH THIS SPACE #2- Egypt\u2019s Suez Canal Economic Zone (SCZone) and China\u2019s <\/span><span style=\"font-weight:700\">Mayor of Tianjin Zhang Gong have agreed to increase cooperation on maritime transport <\/span><span>and logistics services, as well as cooperation with the<\/span><span>Port of Tianjin and Tianjin Economic-Technological Development Area (TEDA)<\/span><span>to attract Chinese investments, according to a SCZone <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid044BktsmvYJcUgr7PtoPVyfQzvdK6Wk14uvKbGSaBRX4PRsLoRS9JL4fYcTzTJahXl\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WATCH THIS SPACE #3- <\/span><span style=\"font-weight:700\">Disc<\/span><span style=\"font-weight:700\">ussions are underway on the tendering process for the new Saudi-Bahrain <\/span><span style=\"font-weight:700\">Causeway<\/span><span style=\"\">, Director of Land Transportation Planning & Studies at the Bahrain Transport Ministry Hussain Ali Yaqoob said, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/projects\/construction\/tendering-process-for-new-saudi-bahrain-causeway-under-discussion-govt-official-a6j229w8\" style=\"\">Zawya Projects<\/a><\/span><span style=\"\">. The new King Hamad Causeway will connect Bahrain to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/847bf778-b996-4a1f-a5f9-e97044ba2ecb\" style=\"\">GCC Railway<\/a><\/span><span style=\"\"> and will supplement the existing King Fahd Causeway. The project, which will be implemented as a public-private partnership, will undergo pre-qualification once final approval is obtained, Yaqoob said. A transaction advisory team, made up of KPMG serving as financial advisors, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aecom.com\/\" style=\"\">AECOM<\/a><\/span><span style=\"\"> as technical consultants, and law firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cms.law\/\" style=\"\">CMS<\/a><\/span><span style=\"\"> as legal advisor<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">            Get <b style=\"font-weight: 700\">Enterprise<\/b> daily          <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>       <a href=\"logistics\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>      <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">Qatar Airways\u2019 CEO doubts the aviation industry will achieve net-zero emissions <\/span><span style=\"font-weight:700\">by 2050<\/span><span style=\"\">,<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/qatar-airways-ceo-doubts-2050-net-zero-goal-can-be-reached-2023-05-23\/\" style=\"\">Reuters<\/a><\/span><span style=\"\">reports. A lack of sustainable aviation fuel (SAF) supplies and alternative hydrogen designs being still in their early stages of development make it unlikely that the target will be met, Qatar Airways CEO Akbar Al Baker said. Boeing CEO David Calhoun also expressed doubts that government incentives attempting to make the transition to SAF affordable \u2014 including the US Inflation Reduction Act\u2019s tax breaks for SAF adoption as well as EU, and UK policies \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/96e9968b-a6e8-4638-9fa8-47b07f8d49ad\" style=\"\">will not be sufficient to achieve price parity<\/a><\/span><span style=\"font-weight:400;\"> with conventional jet fuels. Al Baker\u2019s statement comes ahead of the upcoming annual meeting of the International Air Transport Association where global airlines will discuss the implementation of climate commitments.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Calhoun also expects ongoing supply chain issues in the airline industry to persist until the end of 2024<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/boeing-does-not-expect-all-new-jets-before-mid-2030s-2023-05-23\/\" style=\"\">Reuters<\/a><\/span><span style=\"\">reports. \u201cPriority one for the two airplane manufacturers is stability,\u201d Calhoun said at the Qatar Economic Forum, referring to Boeing and Airbus, which are both experiencing production delays <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/c0c3c724-4aef-4f59-a72d-099ba633da8c\" style=\"\">recently<\/a><\/span><span style=\"font-weight:400;\"> amid the post-pandemic rebound in travel. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Has Saudi Arabia greenlit discussions over a KSA-Kuwait rail link?<\/span><span style=\"\"> The Saudi <\/span><span style=\"\">cabinet has reportedly granted Saudi transport minister and his deputy authorization to negotiate a draft agreement for the KSA-Kuwait railway link project, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/projects\/construction\/saudi-cabinet-clears-kuwait-rail-link-discussions-v69k6x7l\" style=\"\">Zawya<\/a><\/span><span style=\"\">reports, citing a Saudi Press Agency statement. <\/span><span style=\"font-weight:400;\">The railway, which will be used by freight and passenger trains, is a single track line, spanning 111 km from the Nuwaiseeb Port on Saudi Arabia\u2019s northern border with Kuwait to Al Shadadiyah in Kuwait.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background:<\/span><span> Saudi Arabia\u2019s state-owned national railway firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sar.com.sa\/\" style=\"\">Saudi Railway Company<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.my.gov.sa\/wps\/portal\/snp\/agencies\/agencyDetails\/AC380\/!ut\/p\/z0\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8zivQIsTAwdDQz9LQwNzQwCnS0tXPwMvYwNDAz0g1Pz9L30o_ArAppiVOTr7JuuH1WQWJKhm5mXlq8f4ehsbGGgX5DtHg4ASLjhlg!!\/\" style=\"\">Saudi Transport General Authority<\/a><\/span><span> appointed French transport and mobility engineering company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.systra.com\/en\/\" style=\"\">Systra<\/a><\/span><span>to carry out the feasibility study for the railway link <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/8e1d0acd-168c-42d5-94c2-43a0e774ca64\" style=\"\">earlier this month<\/a><\/span><span>.<\/span><span> The value of the tender for the study and detailed design work for the first phase of the railway was set at USD 3.25 mn (KWD 1 mn). Kuwait also <\/span><span style=\"font-weight:400;\">intends to connect to the GCC Railway through an 111-km-long Gulf track, Zawya reports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Saudi Arabia\u2019s Energy Minister has threatened to cause more losses for short sellers <\/span><span style=\"font-weight:700\">who put their money on falling oil prices<\/span><span style=\"\">, advising them to \u201cwatch out,\u201d <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabias-energy-minister-warns-speculators-ahead-opec-meeting-2023-05-23\/\" style=\"\">Reuters<\/a><\/span><span style=\"\">reports. Saudi Arabia and other OPEC+ producers implemented surprise voluntary production cuts in April, leading to a price rally. The growing number of short positions increases the likelihood of further production cuts at the OPEC+ meeting, Reuters quotes analysts at Standard Chartered as saying. Minister Prince Abdulaziz bin Salman emphasized the need for proactive measures by OPEC+ and criticized the International Energy Agency (IEA) for its predictions of a 3 mn barrel per day fall in Russian production after the Ukraine war for contributing to market volatility.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, nice people, and happy Thursday. We cap off the week with another tight issue, with updates from AD Ports and (lots of) diplo and shipping news from Qatar. THE BIG LOGISTICS STORY-A new handling facility in Khalifa port:AD Ports Group and Brazilian logistics operator and iron ore producer Vale will develop a mega [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":71028,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[145,17,878,549,153,121,31,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-71027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-enterprise-logistics","tag-export","tag-port","tag-qatar","tag-rail","tag-saudi-arabia","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c4b703ab-2188-4dc8-ba18-c72c512d8e13","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/5\/1390.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Black Sea grain agreement extension is off to a rocky start + Will the aviation industry rut last until 2024?","related_issue":[71025],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.f797927d-73ef-42a7-8026-90465c556b69.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: Black Sea grain agreement extension is off to a rocky start + Will the aviation industry rut last until 2024? - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/05\/25\/today-black-sea-grain-agreement-extension-is-off-to-a-rocky-start-will-the-aviation-industry-rut-last-until-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Black Sea grain agreement extension is off to a rocky start + Will the aviation industry rut last until 2024?\" \/>\n<meta property=\"og:description\" content=\"Good morning, nice people, and happy Thursday. We cap off the week with another tight issue, with updates from AD Ports and (lots of) diplo and shipping news from Qatar. 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