{"id":75182,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/today-dp-world-breaks-on-logistics-park-in-egypts-ain-sokhna-port-israeli-shipping-firm-reroutes-vessels-amid-attack-threats\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"today-dp-world-breaks-on-logistics-park-in-egypts-ain-sokhna-port-israeli-shipping-firm-reroutes-vessels-amid-attack-threats","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/today-dp-world-breaks-on-logistics-park-in-egypts-ain-sokhna-port-israeli-shipping-firm-reroutes-vessels-amid-attack-threats\/","title":{"rendered":"TODAY: DP World breaks on logistics park in Egypt\u2019s Ain Sokhna port + Israeli shipping firm reroutes vessels amid attack threats"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We have another relatively tight issue for you this morning, with some updates on maritime tensions in the region<\/strong>, the ongoing drought in the Panama Canal<\/strong>, and a lot of collaboration and consolidation happening in Saudi Arabia. <\/p>\n

THE BIG LOGISTICS STORY- There\u2019s no single big logistics story this morning<\/strong>, but attention is split between news of DP World breaking ground on its logistics park in Egypt\u2019s Sokhna Industrial Zone<\/strong>, Saudi conglomerate Asyad Holding\u2019s acquisition of a stake in Swissport Saudi Arabia, and more collaboration between Saudia Cargo, Cainiao, and WFS for cargo handling in Belgium. <\/p>\n

^^ We have everything on this story and more in the news well, below.<\/p>\n

<\/a> DP<\/strong> World breaks ground on Sokhna <\/strong>logistics park:<\/strong> Emirati port operator DP World<\/a> has broken ground at its USD 80 mn DP World-Sokhna Logistic Park at Sokhna Industrial Zone, according to a Suez Canal Economic Zone (SCZone) press release<\/a>. The 300k square meter project looks to provide services to local and regional logistics, commerce, and distribution sectors, bolstering supply chains and trade. The first phase of the project is slated for completion by the close of 2024 and will see investments worth USD 50 mn, Regional Director of DP World Group Urs Moll added. Operations at the logistics park will kick off after the construction of the project\u2019s first phase is completed, the statement said. <\/p>\n

Background:<\/strong> DP World had inked the construction agreement<\/a> for the investment with the SCZone Main Development Company in August 2022. <\/p>\n

Heavy rainfall has caused the railway service between Pakistan and Iran to be<\/strong>suspended<\/strong> due to flooding along<\/strong>the track<\/strong>, ARY News<\/a> cites Pakistan Railways officials as saying. A cargo train transporting sulfur from Iran had to stop midway and an Iran-bound train from Quetta had to stop at Dalbandin, the outlet writes.<\/p>\n

<\/a> DISRUPTION WATCH- Israeli <\/strong>shipping company <\/strong>Zim<\/a><\/strong> is temporarily <\/strong>rerouting some <\/strong>of its vessels due to threats to shipping in the Arabian and Red seas<\/strong>, according to a press release<\/a>. The company says it remains committed to serving Eastern Mediterranean and Israeli ports, though longer transit times are expected due to the rerouting.<\/p>\n

REMEMBER- <\/strong>At least two Israeli ships have been targets<\/a> of attempted seizures over the past two weeks, after Yemeni Houthis warned they would attack Israeli ships in regional waters amid the ongoing war in Gaza.<\/p>\n

<\/a> WATCH THIS SPACE- A<\/strong>bu Dhabi Airport <\/strong>has big expansion plans:<\/strong> Abu Dhabi Airport is looking to attract more airlines to fly to the UAE capital as well as increase its passenger capacity from 45 mn to 65 mn within 10 years, managing director and interim CEO of Abu Dhabi Airports Elena Sorlini told The National<\/a>. The airport is eyeing Asia and China in particular as targets from which to attract airlines, Elena Sorlini, managing director and interim chief executive of Abu Dhabi Airports, told The National. \u201cThe target is to enhance the connectivity of Abu Dhabi and to unlock its potential from a tourist, trade and air cargo perspective,\u201d Sorlini added.<\/p>\n

ICYMI-<\/strong>Twenty-eight international airlines<\/a> are now fully operational from Abu Dhabi International Airports Terminal A, making it the primary terminal serving the airport. The transition to Terminal A aims to boost the airport's capacity, with the ability to process some 45 mn travelers annually and handle 79 planes at once. The terminal launched operations<\/a> at the start of November.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

It\u2019s OPEC+ o\u2019clock:<\/strong> OPEC+ member states are meeting tomorrow<\/a> to discuss how the cartel of oil-producing nations will respond to falling oil prices, decide on next year\u2019s production targets, and make a decision on whether to prolong production cuts. <\/p>\n

The experts are still banking on a cut: <\/strong>\u201cWith fundamentals softening and market sentiment bearish, OPEC+ may need to announce another formal cut,\u201d analysts at Eurasia Group said in a report Monday cited by Bloomberg<\/a>.<\/p>\n

But there\u2019s finally some good market news for OPEC+:<\/strong> After nearly two months of almost daily drops, oil prices reversed course and rose yesterday above the USD 80 a barrel mark. The rally in oil prices was on the back of warming market sentiment as it seems increasingly likely that OPEC+ will prolong or deepen production cuts, a weak USD, combined with a 56% weather-related drop in daily output from Kazakhstan\u2019s largest oil fields, according to Reuters<\/a>.<\/p>\n

Another delay is still on the cards:<\/strong> Reuters picked up chatter from OPEC+ sources that the once-delayed meeting may be delayed again<\/a> as African member states seem to be remaining firm on their refusal<\/a> to cut production quotas for 2024.<\/p>\n

Pakistan\u2019s Prime Minister Anwaar ul Haq Kakar is in Kuwait <\/strong>to meet Crown Prince Meshal Al Sabah and Prime Minister Ahmed Al Sabah, where they will ink MoUs on manpower, information technology, mineral exploration, energy, defense, and food security, according to a statement<\/a>.<\/p>\n

TOC Asia<\/a><\/strong> kicked off yesterday and will end today at Marina Bay Sands in <\/strong>Singapore.<\/strong> Representatives of the maritime and logistics industry will focus on challenges in the sector across the Asia-Pacific region as well as network with supply chain experts. <\/p>\n

The China Trade Week Saudi Arabia 2023<\/a><\/strong> kicked off on Sunday and will wrap today<\/strong> in Dammam<\/strong>, with over 200 Chinese firms in attendance. The Chinese companies aim to expand their presence and explore potential investments in Saudi Arabia, according to the event\u2019s website. <\/p>\n

Antwerp XL<\/a><\/strong> will kick off today and run until Thursday at Antwerp Expo <\/strong>Hall<\/strong> 4 in Antwerp, <\/strong>Belgium. <\/strong>The event provides a platform for breakbulk, roro, heavy lift, and project cargo industry members to discuss important industry topics, talk to experts, meet top cargo owners and freight forwarders, and discuss trends and solutions as well as how to overcome challenges in the industry.<\/p>\n

The <\/strong>International Maritime Organization (IMO) Assembly<\/a><\/strong> kicked off earlier this week, and will <\/strong>run till 6 December in London.<\/strong> The event is open to all 175 IMO members and will also be attended by observers from intergovernmental and non-governmental organizations. The assembly will look at approving the work program and budget for the IMO, while electing members of the 40-member council of the IMO. The assembly will also adopt several resolutions on key matters of the IMO\u2019s work.<\/p>\n

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

Russia\u2019s weekly seaborne crude exports rebounded prior to a <\/strong>meeting of <\/strong>OPEC+<\/strong> oil ministers<\/strong> that had been delayed due to disagreements by the group over output targets, Bloomberg<\/a> reports. <\/p>\n

G<\/strong>lobal dry bulk fleet growth will not surpass 3% in <\/strong>2023<\/strong>,<\/strong>Hellenic Shipping News<\/a> reports, citing shipbrokers Intermodal<\/a> \u2019s weekly report. For the first 11 months of 2023, the industry commissioned some 416 bulk carriers with a DWT of 30.72 mn, and an increase of 2.59 mn DWT is expected by the end of the year, totaling 33.31 mn DWT. The sector also decommissioned 86 bulk carriers with a total DWT of 5.62 mn. This has all resulted in a fleet growth of 3% y-o-y. For 2024, the dry bulk trade is poised to add some 495 vessels with a total of 34.8 mn DWT, Intermodal\u2019s head of research department Yiannis Parganas is quoted as saying by the outlet.<\/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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CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Iranian President Ebrahim Raisi will visit Turkey next month to discuss bilateral ties<\/strong>, as well as proposals by the Iran-Turkey Joint Chamber of Commerce for boosting bilateral trade, including through a potential trade agreement, state-aligned Tasnim News Agency<\/a> quotes chairman of the chamber Mehrdad Saadat as saying. Saadat said that Iran\u2019s trade with Europe could grow by taking advantage of Turkey\u2019s trade capacities.<\/p>\n

The third <\/strong>Iran-UAE Joint Economic Cooperation Commission<\/a><\/strong> meeting will be held in the<\/strong> coming weeks<\/strong> in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.<\/p>\n

The <\/strong>International Conference on Air Services Negotiations (ICAN) 2023<\/a><\/strong> will take place <\/strong>between 3-7 December at the Hilton Riyadh Hotel and Residences in Saudi Arabia.<\/strong> The event is hosted by the Saudi General Authority of Civil Aviation<\/a>, and will serve as a meeting point for bilateral, regional air services talks and consultations, as well as a networking platform for policy makers, regulators, air operators, service providers and other stakeholders. <\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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