{"id":75916,"date":"2024-01-04T00:00:00","date_gmt":"2024-01-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/04\/today-uks-inchcape-snaps-up-a-big-stake-in-norways-leth-suez-transit\/"},"modified":"2024-01-04T00:00:00","modified_gmt":"2024-01-04T00:00:00","slug":"today-uks-inchcape-snaps-up-a-big-stake-in-norways-leth-suez-transit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/04\/today-uks-inchcape-snaps-up-a-big-stake-in-norways-leth-suez-transit\/","title":{"rendered":"TODAY: UK\u2019s Inchcape snaps up a big stake in Norway\u2019s Leth Suez Transit"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisk and compact issue for you this morning as we close out the week, let\u2019s dive right in.<\/p>\n

<\/a> <\/p>\n

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PSA-<\/p>\n

<\/a> <\/strong>Iraq<\/strong> puts off collection of customs duties till mid-year<\/strong>:<\/strong> The Iraqi cabinet has extended the implementation of Cabinet Resolution (23035) of 2023 in its first session of the year, Iraqi News Agency (INA)<\/a> reports. The resolution postpones customs duties collection for imported goods and merchandise by government bodies, with a new deadline set for 30 June. The extension applies to all imports, unless a contract specifies that the exporter bears customs duties, INA said.<\/p>\n

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DISRUPTION WATCH-<\/p>\n

Houthi attacks show no sign of letting up:<\/strong> Yemen\u2019s Iranian-backed Houthi militia fired two anti-ship ballistic missiles into the Southern Red Sea late Tuesday, US Central Command (Centcom) said<\/a>. While no damage was reported, multiple commercial ships in the area reported the impact of the missiles in the water. The incident marks the 24th Houthi-led attack against merchant shipping in the region since attacks began in mid-November, Centcom said. A spate of attacks<\/a> on shipping in the Red Sea over the weekend pushed major carriers to continue rerouting shipments away from the region. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- Iraq transport ministry to take over management of Iraq\u2019s airports<\/strong>: <\/strong>Iraq's Transport Ministry held a meeting earlier this week to discuss procedures for separating the management of Iraq\u2019s airports from the Iraqi Civil Aviation Authority<\/a> \u2014 and placing them under the purview of the ministry\u2019s General Company for Airport Manag<\/a>ement and Air Navigation<\/a>(GCANS)<\/a>, according to a statement<\/a>. The discussions also handled amendments to the internal regulations of GCANS, and transferring airport employees to the ministry. Technical, legal, and financial questions pertaining to the transfer were also talked over, the statement said.<\/p>\n

AND- <\/strong>Iraq\u2019s Grand Al-Faw Port looks to wrap up work on the facility\u2019s five berths by <\/strong>October 2024<\/strong>, with 85% of the project completed so far, according to a statement<\/a>. Berths no. 1 and 2 have been completed, the statement said.<\/p>\n

#2- The Arab Trade Line is active: <\/strong>Egypt\u2019s Transport Ministry has activated the Arab Trade Line which links Egypt, Jordan, and Iraq, Al Masry Al Youm<\/a> reports. The first truck has departed from Jordan for Alexandria, bound for Italy.<\/p>\n

#3- <\/strong>Iran\u2019s national airline <\/strong>Iran Air<\/a><\/strong> puts on hold plans to resume flights to Saudi Arabia <\/strong>following a nine-year hiatus<\/strong>, Iran\u2019s Islamic Republic News Agency IRNA<\/a> reports. The delay is due to legal and technical complexities in procedures, IRNA said, citing Director General of Public Relations Office of IranAir Hessam Qorbanali. Iran and Saudi Arabia agreed in March<\/a> 2023 to restore relations.<\/p>\n

<\/a>#4- <\/strong>India\u2019s Petronet LNG likely to renew its gas imp<\/strong>ort <\/strong>agreement with Qatar: <\/strong>Indian gas importer Petronet LNG<\/a> may sign an agreement this month to extend its long-term LNG imports from Qatar to beyond 2028, Reuters<\/a> reports, citing comments made by India\u2019s Oil Secretary Ministry Pakaj Jain. Petronet is in a 7.5 mn metric ton per year long-term LNG import agreement with Qatar, while Indian Oil Corp, Bharat Petroleum Corp, and Gail have a 1 mn metric ton per year agreement, the outlet reports.<\/p>\n

#5- <\/strong>OPEC+<\/strong> is gearing up to hold a monitoring meeting with its <\/strong>Joint <\/strong>Ministerial Monitoring Committee (JMMC) in early February<\/strong>, Reuters<\/a> reports, citing three sources with knowledge of the matter. OPEC+ convenes every two months to oversee the implementation of its production agreements. The JMCC meeting is set to follow up on the group\u2019s decision<\/a> at a 30 November OPEC+ summit to make more voluntary supply cuts. <\/p>\n

#6- <\/strong>Is Budapest Airport close to being sold<\/strong>?<\/strong> The discussions for the purchase of Hungary\u2019s Budapest Airport are close to being finalized, Hungary\u2019s Economy Minister Marton Nagy told Hungarian outlet ATV<\/a>. Hungary\u2019s government submitted a bid of EUR 2-3 bn to purchase a 51% stake, and was looking to attract Qatar\u2019s QIA<\/a> to join as a financial or strategic investor.<\/p>\n

A third terminal is possible:<\/strong> The Hungarian government aims<\/a> to expand the airport following the acquisition by building a third terminal to increase capacity for both passenger and cargo services. The terminal will be possible with QIA\u2019s involvement, ATV writes. Qatari involvement was first suggested by Hungarian Prime Minister Viktor Orban at the Qatar Economic Forum in May. <\/p>\n

\n

MARKET WATCH-<\/p>\n

#1- <\/strong>Asia\u2019s fuel oil market is set to be oversupplied in 2024<\/strong>, as Kuwait\u2019s Al Zour refinery ramps up to full capacity and Russia sends ample flows to China and India, Reuters<\/a> reports. Very low sulfur fuel oil (VLSFO) prices will vary depending on volumes coming out of Kuwait\u2019s Al Zour refinery, with a possibility that VLSFO will be diverted to power generation in Kuwait by the end of the second quarter of 2024. High sulfur fuel oil (HSFO) prices for the year are set to be capped by a glut in Russian supplies, the newswire said.<\/p>\n

<\/a>#2- <\/strong>US<\/strong> overtakes Qatar and Australia as LNG export leader: <\/strong>The US exported some 91.2 mn metric tons of LNG in 2023 \u2014 an all time record \u2014 overtaking Qatar and Australia as global exports leader, according to data compiled by Bloomberg<\/a>. The boost in output was due to the restart of Freeport LNG in Texas, which had been closed following an accident in June 2022. Qatar, which led global exports in 2022, saw its output fall for the first time since 2016, declining 1.9% and placing it third globally. Australia came in at second globally, with its volumes seeing \u201clittle change,\u201d the outlet said.<\/p>\n

#3- T<\/strong>he Shanghai Containerized Freight Index witnessed a 40% increase for the <\/strong>week <\/strong>ending 29 December 2023<\/strong>, reaching 1.8k points, Seatrade Maritime News<\/a> reports, citing analyst Linerlytica. The recent disruptions in the Red Sea and the Panama Canal water level crisis are set to push shipping rates up due to vessel diversions. Increases are also expected due to the introduction of the EU Emission Trading Systems (ETS). The ETS will now require ships entering Europe to pay a carbon tax based on the distance between the last non-EU port to the first EU port, with the exception of the UK, Tangier, and Port Said.<\/p>\n

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DATA POINTS-<\/p>\n

#1- <\/strong>Jordan reports surge in export certificates<\/strong>:<\/strong> Certificates of origin issued by the Amman Chamber of Commerce (ACC) for the export of goods topped JOD 1.43 bn in 2023, up 62% y-o-y, according to statistics cited by Petra<\/a>. ACC issued 35.7k certificates for the year, up 4% y-o-y, with KSA taking the lion\u2019s share of certificates at 8.6k, followed by the UAE (4.2k) and Iraq (2.2k). Export certificates play a crucial role in facilitating the country\u2019s exports, and cover a wide range of product categories, including agricultural and animal products, natural resources, re-exported goods, and others, the outlet said. <\/p>\n

Who were Jordan\u2019s leading export partners?<\/strong> In terms of export values, Iraq was Jordan\u2019s chief export partner, accounting for JOD 659 mn of the country\u2019s exports, followed by the UAE (JOD 194 mn) and KSA (JOD 98 mn). <\/p>\n

#2- State-owned <\/strong>General Company for Ports of Iraq<\/a><\/strong> raked in<\/strong> IQD 985 bn in revenues in <\/strong>2023,<\/strong> according to a transport ministry statement<\/a>.<\/p>\n

#3- <\/strong>Oman has set aside USD 2.3 bn for development projects in 2024, with 33.9% of <\/strong>that sum earmarked for infrastructure,<\/strong> the Times of Oman<\/a> reported. 9.6% of the fund will be allocated to commodity production, 13.5% to services, 32.7% to social segments, and 10.3% to other sectors. Funds are set to be dispersed throughout the year, in accordance with project progress, the report said. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

The UAE will host <\/strong>The Dubai International Pharma and Technologies Conference and Exhibition<\/a><\/strong> from Tuesday, <\/strong>9 January through to Thursday, 11 January <\/strong>in Dubai.The event will bring together the entire pharma value chain, from suppliers, manufacturers, distributors to pharmacists.<\/p>\n

The UAE will host <\/strong>Transport Middle East<\/a><\/strong> from Tuesday, 23 January through to Thursday, 25 January<\/strong> in Abu Dhabi. The event will see more than 30 speakers come together to tackle the current challenges in global transportation and logistics.<\/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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PSA- Iraq puts off collection of customs duties till mid-year: The Iraqi cabinet has extended the implementation of Cabinet Resolution (23035) of 2023 in its first session of the year, Iraqi […]<\/p>\n","protected":false},"author":1,"featured_media":75917,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[193,32,51,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-customs","tag-trade","tag-transport","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4b55ce3c-9542-4174-a0ce-c27288467a35","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/9\/302.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: UK\u2019s Inchcape snaps up a big stake in Norway\u2019s Leth Suez Transit","related_issue":[75914],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.88c42d45-07a1-44e7-86ed-bbcc5d171145.mp3"},"yoast_head":"\nTODAY: UK\u2019s Inchcape snaps up a big stake in Norway\u2019s Leth Suez Transit - 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\/2024\/01\/04\/today-uks-inchcape-snaps-up-a-big-stake-in-norways-leth-suez-transit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: UK\u2019s Inchcape snaps up a big stake in Norway\u2019s Leth Suez Transit\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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We have a brisk and compact issue for you this morning as we close out the week, let\u2019s dive right in. 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