{"id":71750,"date":"2023-06-26T00:00:00","date_gmt":"2023-06-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/26\/today-suez-canal-announces-new-rebates-as-of-1-july-will-russia-back-out-of-the-black-sea-grain-pact-next-month\/"},"modified":"2023-06-26T00:00:00","modified_gmt":"2023-06-26T00:00:00","slug":"today-suez-canal-announces-new-rebates-as-of-1-july-will-russia-back-out-of-the-black-sea-grain-pact-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/26\/today-suez-canal-announces-new-rebates-as-of-1-july-will-russia-back-out-of-the-black-sea-grain-pact-next-month\/","title":{"rendered":"TODAY: Suez Canal announces new rebates as of 1 July + Will Russia back out of the Black Sea grain pact next month?"},"content":{"rendered":"

Good morning, wonderful people. <\/span>We have a packed issue for you this morning, with plenty<\/span> of news from across the region. But first, a quick programming note:<\/span><\/p>\n

Enterprise Logistics will be taking a publication holiday starting tomorrow in observance<\/span> of Eid Al Adha<\/span> and the Egyptian 30 June revolution holiday. We will be back in your inbox on Tuesday, 4 July.<\/span><\/p>\n

THE BIG LOGISTICS STORY- AD Ports inked a 50-year agreement to develop and operate<\/span> a terminal at Karachi Port.<\/span> Meanwhile, DP World will develop and double the capacity of Indonesia\u2019s <\/span>Belawan New Container <\/span>Terminal. <\/span><\/p>\n

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

<\/a> <\/span>Suez Canal announces new rebates for tankers:<\/span> The Suez Canal Authority <\/span>announced new rebates for petroleum products tankers and chemical and liquid bulk tankers transiting the Suez Canal from 1 July until 31 December. Petroleum product tankers traveling from the US Gulf and the Caribbean to West Coast India will get a 20% rebate, while those heading to ports east of Cochin up to Port Klang will get 60%, and Port Klang and its Eastern Ports in the Far East Area will get 75%, according to a <\/span>circular (pdf)<\/a><\/span>. <\/span><\/p>\n

Chemical + liquid bulk tankers:<\/span> Chemical and other liquid bulk tankers originating from the US\u2019s East Coast to Eastern ports up to Port Klang will get a rebate of 15%, while those heading to Port Klang and its eastern ports, will get 25%, according to a separate <\/span>circular (pdf)<\/a><\/span>. Those coming from the US Gulf, Caribbean and South America to West Coast India will get 25%, while those going to ports east of Cochin up to Port Klang will get 55%. Finally, those heading to Port Klang and its Eastern Ports in the Far East Area will get a 75% rebate. <\/span><\/p>\n

It also amended some existing rebates: <\/span>LNG carriers from the American Gulf and ports South of the Gulf heading to ports located East of Cochin port until before Port Klang will get a rebate of 60%, up 5%, according to a separate <\/span>circular (pdf)<\/a><\/span>. Those heading to Port Klang and its eastern ports will also see rebates rise 5% to 75%. Finally, crude oil tankers from US Gulf ports and the Caribbean area and heading to Ports West of the Indian subcontinent will see rebates fall 5% to 25%, according to the circular. <\/span><\/p>\n

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<\/a><\/span> PSA- Foreign vehicles entering the UAE via land at Al Ghuwaifat Port Station must <\/span>have ins.<\/span> on hand starting June 26<\/span>, as per new rules set out by the UAE Federal Authority for Identity, Citizenship, Customs, and Port Security (<\/span>ICP<\/a><\/span>), according to <\/span>WAM<\/a><\/span>. Ins. can be purchased online prior to transiting the border via ICP\u2019s Shory Aber app or its associated <\/span>website<\/a><\/span>.<\/span><\/p>\n

<\/a> <\/span>Kuwait has extended the deadline for consultancy tender for the design, study, <\/span>and preparation of documents for Kuwait\u2019s Railway Project for the second time<\/span>, <\/span>to<\/span> 11 July,<\/span>Zawya<\/a><\/span> reports, citing Kuwait\u2019s <\/span>Central Agency for Public Tenders<\/a><\/span>. The tender was first issued on 15 January with a deadline of 21 February. The bid submission was <\/span>extended<\/span> for the first time till 30 May, before receiving another extension now, Zawya writes. The tender for the first stage of the project includes preparing for the study and design of the 565 km gulf, commercial and economic tracks of the railway project. <\/span><\/p>\n

About the railway:<\/span> The 111 km Gulf track extends from Kuwait\u2019s Nuwaiseeb port \u2014 at its border with Saudi Arabia \u2014 to Al Shadadiya, which includes a freight yard station, a maintenance station, and a passenger station and processing facility. The economic track includes a 38 km track to Port Abdullah and Shuaiba Port, 29 km to Shuwaikh port, 130 km to Al Nayeem, and two tracks to the Iraqi border. Lastly, the 154 km commercial track extends from Al Shadadiyah to Mubarak Al Kabeer Port, according to Zawya.<\/span><\/p>\n

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Qatar is now chair of the <\/span>International Civil Aviation Organization<\/a><\/span> (ICAO)\u2019s <\/span>Technical Cooperation and Implementation Support Committee (TCC), <\/span>according to a <\/span>statement<\/a><\/span>. Qatar\u2019s representative on the ICAO Council Essa Al Maliki was elected as the chairperson of the TCC, which assists and advises the council on their policies and activities related to technical cooperation and assistance, training, operational plans, assessing effectiveness of respective ICAO departments and implementation of the technical cooperation program. The role will also extend to advising the council on reviewing challenges faced by states in development of their civil aviation sectors, and assisting in operational and technical challenges.<\/span><\/p>\n

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<\/a> <\/span>WATCH THIS SPACE #1- Ukraine is \u201c99.9% certain\u201d that Russia will back out of the UN-brokered Black Sea grain pact next <\/span>month<\/span>, <\/span>Reuters<\/a><\/span> quotes a senior Ukranian diplomat as saying. The agreement, which was signed by Russia and Ukraine last July to ease a global food crisis exacerbated by the Russian invasion, allows for grain and fertilizer shipments to depart Ukrainian ports safely. Russia is threatening not to extend the agreement beyond 18 July unless its demands \u2014 including the removal of obstacles to Russian exports \u2014 are met, the newswire writes. Ukrainian Foreign Ministry ambassador at large <\/span>Olga Trofimtseva<\/span> says Russia has found \u201can alternative route and does not need to export ammonia via Odessa,\u201d and will therefore exit the pact.<\/span><\/p>\n

WATCH THIS SPACE #2- The <\/span>Hamedan-Sanandaj Railway is set to be launched within <\/span>the next few months<\/span>, connecting Sanandaj city to Iran\u2019s rail network,<\/span>Tasnim News Agency<\/a><\/span> reports. The railway extends over 151 km with a total of seven stations, including in <\/span>Qorveh, Dehgolan, and Sanandaj<\/span>. The announcement was made at a meeting between members of the <\/span>Kurdistan Assembly of Representatives with the governor of the Kurdistan Province and Iran\u2019s Roads and Urban Development Minister Mehrdad Bazrpash. <\/span><\/p>\n

The two sides also discussed <\/span>the development of the <\/span>Bashmaq<\/span> Border Terminal<\/span>, which is the border crossing between Iraq and Iran; the operation and completion of the parts of the <\/span>International North-South Transport Corridor<\/a><\/span> lying within Kurdistan; and the province\u2019s Saqqez Airport.<\/span><\/p>\n

WATCH THIS SPACE #3- GACA proposes draft regulations to boost Saudi aviation sector:<\/span> Saudi Arabia\u2019s <\/span>General Authority of Civil Aviation (GACA) is proposing draft economic regulations aimed at enhancing the aviation sector\u2019s efficiency and competitiveness, <\/span>Arab News<\/a><\/span> reports. The regulations, which are on a survey platform until 20 July, seek to boost the sector's growth and enhance passenger experience, transparency, and fairness. Under the regulations, the Saudi government would retain ownership of airport lands and grant management to private entities through lease contracts, franchise rights, or public partnerships. The regulations also outline fees for various services, including non navigational services like space rentals, airport facilities, and airport technology, as well as baggage handling, entry fees and public services such as electricity, water, internet and air conditioning. They would also require the airport operator to submit regular reports with expected outcomes, impacts and costs and fees associated with investment programs.<\/span><\/p>\n

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DATA POINT #1- The volume of goods the Islamic Republic of Iran Shipping Lines (IRISL) transported in 1Q 2023-24 <\/span>rose 20% y-o-y<\/span>, <\/span>Tehran Times<\/a><\/span> reports. The quarter runs from 21 March to 21 June. \u201cWe hope that good measures will be taken in the field of shipping logistics in order to develop the marine transport fleet this year,\u201d head of IRISL Mohammadreza Modares Khiabani said, adding that revising the tariffs of sea transportation during the current year is crucial.<\/span><\/p>\n

DATA POINT #2- The Egyptian government disbursed EGP 7.4 bn in net export subsidies<\/span> in the first tranche <\/span>of the <\/span>sixth phase<\/a><\/span> of its export subsidy program, the <\/span>Trade Ministry<\/a><\/span> said in a statement. Some 1.1k companies applied in this tranche of the program, under which exporters are able to receive their subsidies in a single payment rather than in installments over four to five years, in return for a haircut. The program had planned to pay out to a first tranche of applicants on 5-6 July and the second and final tranche on 19-20 July. It is expected to pay out EGP 10 bn in overdue subsidies across the two tranches.<\/span><\/p>\n

ICYMI-<\/span> Egypt plans to quadruple export subsidies in its coming fiscal year, which starts on 1 July, and has allocated <\/span>EGP 28 bn<\/a><\/span> in its draft budget. The larger allocation is aimed at helping the government reach its target to increase exports to <\/span>USD 100 bn a year<\/a><\/span> by the middle of the decade.<\/span><\/p>\n

<\/a> <\/span>DATA POINT #3- King Abdulaziz Port in Dammam handled a record number of <\/span>containers in May<\/span>, according to a <\/span>statement<\/a><\/span>. The new 206.1k TEU record reflects the success of the port\u2019s efforts to improve its efficiency and communication with other ports. <\/span><\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location. <\/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

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

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MARKET WATCH- Stockpiles of oil products at UAE\u2019s Port of Fujairah reached<\/span> a two-week high of 21.8 mn barrels as of 19 June, as inventories on the week rose 12%, according to data from the Fujairah Oil Industry Zone picked up by <\/span>S&P Global<\/a><\/span>. The rebound follows a week that saw a two-month low in inventories. Heavy distillates for fuel oil for power generation and shipping increased 4.7% to a two-week high of 9.8 mn barrels over the week, while light distillates including gas increased 12% to 7.4 mn barrels after falling to a seven-month low the week before. Middle distillates such as diesel and jet fuel also rose to a four-week high by 29% to some 4.6 mn barrels, according to S&P Global data.<\/span><\/p>\n

Low bunker demand for sulfur fuel oil buoyed inventories at Fujairah port<\/span>, despite sellers\u2019 efforts to attract demand, S&P cites local traders as saying. Overall sales volumes were low, and three or four suppliers have been delivering low sulfur fuel oil at lower prices, according to a bunker supplier cited by 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