{"id":71351,"date":"2023-06-08T00:00:00","date_gmt":"2023-06-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/08\/today-qatarenergy-in-talks-for-lng-vessels-middle-east-carriers-could-be-in-for-a-full-recovery-by-2024\/"},"modified":"2023-06-08T00:00:00","modified_gmt":"2023-06-08T00:00:00","slug":"today-qatarenergy-in-talks-for-lng-vessels-middle-east-carriers-could-be-in-for-a-full-recovery-by-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/08\/today-qatarenergy-in-talks-for-lng-vessels-middle-east-carriers-could-be-in-for-a-full-recovery-by-2024\/","title":{"rendered":"TODAY: QatarEnergy in talks for LNG vessels + Middle East carriers could be in for a full recovery by 2024"},"content":{"rendered":"

Good morning, everyone.<\/span> We cap off the week with another light issue, as the newsflow<\/span> continues to crawl through the end of the week. <\/span><\/p>\n

THE BIG LOGISTICS STORY- Bunkering services provider Peninsula has launched operations in the Suez Canal<\/span>, a couple of weeks after Minerva kicked off its operations. Over in Saudi Arabia, PIF-owned lessor AviLease has secured a USD 1.1 bn loan to expand its fleet.<\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

PSA- Al Ain\u2019s Mohammed Bin Khalifa Street will see partial closures from <\/span>today until<\/span> Monday, 26 June<\/span>, according to Abu Dhabi\u2019s <\/span>road and transport authority<\/a><\/span>.<\/span><\/p>\n

<\/a> <\/span>WATCH THIS SPACE #1-<\/span>QatarEn ergy in talks with South Korean firms for LNG vessel<\/span> sale:<\/span> South Korea\u2019s \u2018Big 3\u201d shipbuilding companies \u2014 <\/span>HD Hyundai Heavy Industries<\/a><\/span>, <\/span>Hanwha Ocean<\/a><\/span>, and <\/span>Samsung Heavy Industries<\/a><\/span> \u2014<\/span> are set to begin negotiations for an order of USD 10.7 mn worth of LNG vessels from <\/span>QatarEnergy<\/a><\/span>, <\/span>Business Korea<\/a><\/span> quotes industry sources as saying. Hyundai and Samsung are set to wrap their negotiations with QatarEnergy before the month is out, with Hanwha Ocean following by September, according to the Korean news outlet. <\/span><\/p>\n

The expected order will consist of around 40 vessels, with Hyundai ordering 10, Hanwha ordering, and Samsung looking to purchase 16. <\/span>The contract is set to be finalized with the shipowner that will operate the vessels by the end of the year, according to the news outlet.<\/span><\/p>\n

<\/a><\/span> WATCH THIS SPACE #2- <\/span>The Dubai government is \u201cfairly close to making a decision\u201d on the expansion of Al Maktoum International Airport<\/span> (DWC), Emirates President Tim Clark said, according to <\/span>The National<\/a><\/span>. The expansion is \u201cdefinitely needed,\u201d Dubai Airports CEO Paul Griffiths said at a press briefing, citing the need for more capacity.<\/span><\/p>\n

A lot of question marks remain:<\/span> \u201cWe will need a new terminal at DWC but the affordability of it, when we will need it, the capacity it needs to be \u2014 these are very much open questions based on the forecast of how quickly <\/span>Emirates<\/span>, flydubai and other airlines are going to grow over the next decade,\u201d Griffiths said. Dubai Airports \u2014 the state-owned operator of DXB and DWC \u2014 is currently in talks with aviation stakeholders to determine the timetable of the project, Griffiths said. <\/span><\/p>\n

REMEMBER-<\/span>Dubai plans to expand Al Maktoum Airport with the aim of transforming it into the world\u2019s largest airport by the year 2050<\/span>, <\/span>Dubai South said<\/a><\/span>. The expansion will include a comprehensive transportation infrastructure connecting air, land, and sea. Talks to expand the airport <\/span>were recently reported to have restarted<\/a><\/span> after being delayed for several years on the back of the pandemic, falling oil prices and Expo 2020. <\/span><\/p>\n

FROM THE RUMOR MILL<\/span>- Has Gulf Energy Maritime sold its long-range fleet? <\/span>Dubai-based tanker company <\/span>Gulf Energy Maritime<\/a><\/span> (GEM) has reportedly sold its entire LR1 fleet of 11 tankers, bringing in some USD 120 mn from the sale, according to global shipping news source <\/span>TradeWinds<\/a><\/span>. The fleet was put up for sale at the end of April with a few of the buyers reportedly flocking in and snagging five Korean-bult LR1\u2019s in May, according to <\/span>Splash<\/a><\/span>. While the buyers were not revealed, TradeWinds writes that the counterparts were reportedly in Turkey, India and the Middle East. <\/span><\/p>\n

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<\/a> <\/span>Middle East-based carriers are on track for a \u201cfull recovery\u201d to pre-covid levels by <\/span>2024<\/span>, the <\/span>Jordan Times<\/a><\/span> quoted the International Air Transport Association\u2019s (IATA) regional chief Kamil Al Awadhi as saying. Regional passenger traffic has continued its recovery and stands at 12% below 2019 levels as of April, while cargo traffic in April was 3% above 2019 levels, according to IATA <\/span>data (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span>. Projections also see Middle East annual passenger traffic doubling to 515 mn by 2040. The latest statements echo earlier <\/span>reports<\/a><\/span> by the international body indicating that the global aviation sector was on the mend, with the Middle East \u201cleading the charge.\u201d<\/span><\/p>\n

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We have tons more in the pipeline \u2014 come help us build new publications.<\/span> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.<\/span><\/p>\n

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