{"id":71391,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/12\/today-us-west-coast-port-disruptions-are-raising-alarm-the-enterprise-finance-forum-is-happening-in-september\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"today-us-west-coast-port-disruptions-are-raising-alarm-the-enterprise-finance-forum-is-happening-in-september","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/12\/today-us-west-coast-port-disruptions-are-raising-alarm-the-enterprise-finance-forum-is-happening-in-september\/","title":{"rendered":"TODAY: US West Coast port disruptions are raising alarm + the Enterprise Finance Forum is happening in September"},"content":{"rendered":"

Good morning, nice people. <\/span>We hope you had a lovely weekend. We have a packed issue for<\/span> you this morning, particularly on the rail front. But before you dive in: <\/span><\/p>\n

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<\/a> <\/span>The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. The two-day event takes place this <\/span>September<\/span>.<\/span> Stay tuned for more information on the location. <\/span><\/p>\n

This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings<\/span> that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/span><\/p>\n

Day one is our Banking Forum<\/span>, where we\u2019ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry. <\/span><\/p>\n

Day two is all about Fintech and Non-Banking Financial Services. <\/span>We\u2019ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.<\/span><\/p>\n

WHY ATTEND? <\/span>Our guests consistently tell us they attend for two reasons: (1) meaningful discussion of the issues that shape the future of their businesses and (2) an unparalleled chance to network with other senior members of the community.<\/span><\/p>\n

** NEW: MORE NETWORKING TIME- <\/span>Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.<\/span><\/p>\n

WHO SHOULD ATTEND?<\/span> Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow\u2019s founders and c-suite executives.<\/span><\/p>\n

TAP OR CLICK <\/span>HERE<\/a><\/span> if you want to express interest in attending. <\/span>We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p>\n

Do you want to become a commercial partner? <\/span>Email mtaalab@enterpriseadvisory.com.<\/span><\/p>\n

STAY TUNED for more detail <\/span>about our exciting agenda in the weeks to come. <\/span><\/p>\n

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THE BIG LOGISTICS STORY- Iraq\u2019s USD 17 bn Development Road Project<\/span> is getting<\/span> international investment interest, with signals that Lebanon and Hungary are looking at participating in the project. <\/span><\/p>\n

<\/a> <\/span>THE BIG LOGISTICS STORY ABROAD- Low water levels at Panama Canal and <\/span>protracted labor disputes at West Coast ports are threatening to derail normal peak season <\/span>performance at US ports, according to analysis by <\/span>Freight Waves<\/a><\/span> cited by <\/span>Reuters<\/a><\/span> and <\/span>CNBC<\/a><\/span>. The US Chamber of Commerce has urged US President Biden to appoint a committee to mediate the port workers dispute with US Chamber of Commerce CEO Suzanne Clark cautioning \u201ccontinued and potentially expanded service disruptions at these ports heading into peak shipping season,\u201d according to statements cited by Reuters. The drought-hit Panama Canal, which has capped cargo throughput and levied additional charges due to its waterline reaching critical levels, is further compounding the problem, CNBC reported. <\/span><\/p>\n

By the numbers: <\/span>US ports handled just upwards of 2 mn TEU of imports in May, according to Descartes tracking data cited by Freight Waves. <\/span>The value of containers floating off the ports of Oakland, Los Angeles, and Long Beach reached USD 5.2 bn, according to container and customs data cited by CNBC. <\/span><\/p>\n

Are we in for pandemic-level disruption?<\/span> \u201cIf these labor disputes continue to affect port efficiency, we could see backlogs similar to those experienced during the pandemic,\u201d CNBC quotes container tracker Vizion CEO Kyle Henderson as saying. Volumes handled at US ports <\/span>closely track pre-pandemic figures, but were down 20% y-o-y in May. There is also an uptick in shipments en route to US ports as the September-October peak season approaches, but the upturn is well-within seasonal expectations, port authorities told Freight Waves. <\/span><\/p>\n

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The UAE\u2019s NSRC contains fire on an MSC ship in the UAE: <\/span>The UAE\u2019s<\/span> National Search and Rescue Center (NSRC) has medically evacuated a crew <\/span>member from Panamanian-flagged MSC Rita after it caught fire in UAE territorial waters, according to a <\/span>tweet<\/a><\/span>. Video released by the NSRC showed three tugs dowsing the ship\u2019s stern with water in an attempt to extinguish the fire.<\/span><\/p>\n

<\/a> <\/span>WATCH THIS SPACE-<\/span>Iraq is reviving plans to build an LNG depot in Western Al Anbar governorate<\/span>,<\/span>Reuters<\/a><\/span> reported on Saturday. The project was launched in 2011 but was mothballed due to internal conflict in the country. The project will see the establishment of a storage capacity of 3k cubic meters, as well as means of distributing gas to factories and public establishments. Although the number of tanks slated for construction was not revealed, the capacity will be sufficient to cover one month in case of disruptions, according to sources close to the project cited by Reuters. <\/span><\/p>\n

<\/a> <\/span>Aviation fuel demand is undergoing a robust recovery after taking harder hits <\/span>than any other fuel category during the pandemic<\/span>,<\/span>with the trend expected to continue, <\/span>according to a recent <\/span>report<\/a><\/span>(pdf)<\/a><\/span>by Gibson Shipbrokers. The category has rebounded to become the fastest growing fuel product in 2022, contributing 50% to global oil growth demand that year \u2014 a figure that was more than double any other category. China was leading the charge with 90% of growth due to pent up demand being released in Chinese markets, manifesting in a sharp increase in domestic and long-haul travel after the removal of pandemic-related restrictions. <\/span><\/p>\n

This might not last forever, though:<\/span> Demand for aviation fuel is expected to continue growing until 2050 due to a lack of alternatives, but after 2050, alternatives like sustainable aviation fuel could become more readily available, the report said. <\/span><\/p>\n

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MARKET WATCH-<\/span><\/p>\n

<\/a> <\/span>Sluggish market demand and sticky inflation are to blame for an 11.9% year-to-date drop in <\/span>Drewry\u2019s Container Equity Index<\/span>, a weighted index tracking 12 shipping companies, according to <\/span>Drewry<\/a><\/span>. Freight carriers had pinned hopes on improving demand on the back of inventory restocking by major retailers ahead of peak season in 3Q 2023. That expectation has not materialized as retailers seem more focused on working through their existing stocks. This, together with lingering inflation, has been dragging down the index, Drewry said. <\/span><\/p>\n

Asian refiners are poised to switch out Saudi imports in favor of shipments from <\/span>the UAE following Saudi price hikes and output cuts<\/span>, traders told <\/span>Reuters<\/a><\/span>. Saudi Aramco has priced its flagship products at USD 1-2 premiums over UAE products that are of a similar quality. While Chinese and Indian importers have the option to switch out Saudi shipments for cheaper Russian energy, other Asian refiners lack the channels to do so, traders told Reuters. UAE output targets \u2014 as opposed to Saudi output \u2014 will be upped by 200k bpd to 3.2 mn bpd in July, ensuring ample flows from state-owned Abu Dhabi National Oil Company (Adnoc) to Asian refineries. The switch in suppliers is likely to increase spot prices and demand for ADNOC\u2019s flagship Murban and Upper Zakum crude, which make up the lion\u2019s share of UAE exports. <\/span><\/p>\n

OPEC+\u2019s<\/span> May crude output has shrunk to 670k barrels a day (bbl \/ d) in the first month of <\/span>deploying voluntary cuts<\/span> announced back in <\/span>April<\/a><\/span>, according to a <\/span>Platts survey<\/a><\/span> carried out by S&P Global. This includes OPEC\u2019s production dropping 440k bbl \/ d with its total production totalling 28.16 mn bbl\/d in May. Non-OPEC allies\u2019 production also fell 1.66 mn bbl \/ d as countries looked to reverse sliding oil prices, according to S&P. <\/span><\/p>\n

Middle Eastern producers also made cuts: <\/span>Saudi Arabia implemented its 500k bbl \/ d cut announced in <\/span>April<\/a><\/span>, with production averaging 10 mn bbl \/ d in May, according to the Platts survey.<\/span> Iraq has also fallen well below its quota, with its output remaining flat m-o-m at 4.1 mn bbl \/ d in May, attributed to its halting of oil exports to the Turkish port of Ceyhan, which it has yet to <\/span>resume<\/a><\/span>. UAE production also fell to 140k bbl \/ d, followed by Kuwait with a 130k bbl \/ d drop, according to the survey.<\/span><\/p>\n

Looking ahead: <\/span>Output is set to drop even further this summer if countries with voluntary production cuts continue to decrease output and if Saudi Arabia <\/span>proceeds<\/a><\/span> with its additional 1 mn bbl\/d cut. The market is expected to tighten as seasonal consumption patterns typically see global oil demand rising with warmer weather, according to S&P.<\/span><\/p>\n

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ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/span> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p>\n

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

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p>\n

That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span>, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/span> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p>\n

During the program you will learn:<\/span><\/p>\n