{"id":75993,"date":"2024-01-09T00:00:00","date_gmt":"2024-01-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/09\/today-chinas-cosco-shopping-halts-shipping-to-israel-amid-red-sea-attacks\/"},"modified":"2024-01-09T00:00:00","modified_gmt":"2024-01-09T00:00:00","slug":"today-chinas-cosco-shopping-halts-shipping-to-israel-amid-red-sea-attacks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/09\/today-chinas-cosco-shopping-halts-shipping-to-israel-amid-red-sea-attacks\/","title":{"rendered":"TODAY: China\u2019s Cosco Shopping halts shipping to Israel amid Red Sea attacks"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>The news cycle continues to be dominated by unrest in the Red Sea with Suez Canal shipping volumes impacted and we have some news emerging from Morocco\u2019s planned port expansion.<\/p>\n

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

\n

PSA- <\/p>\n

Temporary bridge closure in Abu Dhabi:<\/strong> A bridge connecting Al Maryah Island to Al Zahiyah in Abu Dhabi is now closed until Saturday, 3 February, Abu Dhabi\u2019s Integrated Transport Center<\/a>said<\/a>.<\/p>\n

\n

WATCH THIS SPACE- <\/p>\n

#1- The l<\/strong>aunch of four international companies in Qatar under the Belt and Road <\/strong>Group is <\/strong>set to boost Chinese investments in the country<\/strong>, Gulf Times<\/a> reports, citing a government official. The group is looking to enhance collaboration in several sectors including infrastructure, trading, and airport and port development, Chairman of the Belt and Road Group Pegasus Wong is quoted as saying. \u201cOur primary mission is to foster cooperation between enterprises in China, Hong Kong, and Qatar, aligning seamlessly with the Belt and Road Initiative,\u201d Wong added.<\/p>\n

<\/a>#2- Egypt aims to boost its trade with Africa by 20% to reach USD 7.4 bn within five <\/strong>years<\/strong>, Egyptian Commercial Service\u2019s Chairman Yahya Elwathik Bellah told Asharq Business<\/a>. The target is outlined in the AfCFTA framework<\/a> signed in 2018, Bellah said, which has been endorsed by 47 African nations to date and is set to come into force this year.<\/p>\n

#3- Etihad looks to recover to the pre-pandemic volume of <\/strong>18 mn passengers a year by 2025<\/strong>, Group CEO Antonoaldo Neves told Wam<\/a>. The carrier is also looking to add new destinations in 2024 including Boston, USA and Nairobi, Kenya, along with more frequent flights to India, Egypt, Sri Lanka, Pakistan, and the Maldives. Etihad has also returned to service large capacity aircraft such as the A380 in a bid to nearly double its 86-aircraft fleet to 160 by 2030, Neves added.<\/p>\n

\n

DATA POINTS- <\/p>\n

<\/a>#1- KSA\u2019s e-commerce sector is expected to rake in some SAR 260 bn annually by 2025<\/strong>,given a projected 15% CAGR between 2020 and 2025, according to a Commerce Ministry 4Q 2023 trade bulletin (pdf)<\/a>. <\/p>\n

AND- KSA\u2019s Jazan-Farasan Ferry Project\u2019s cargo ferries made over 4.3k<\/strong> trips in 2023<\/strong>, carrying over 47k freight trucks loaded with goods, SPA<\/a> reports citing a Transport General Authority (TGA) quarterly report. The service also transported over 488k passengers for the year and a total of 92k vehicles. The service is pro bono, with six daily trips for freight and two for passengers.<\/p>\n

<\/a>#2- <\/strong>Astarachay highway bridge increases vehicle capacity<\/strong>:<\/strong> The new Astarachay highway bridge connecting Iran and Azerbaijan has increased vehicle capacity at the border to 300, state-news agency Azertac<\/a> reports. The new bridge was built to boost trade and transit between the two countries. Iran and Azerbaijan also plan to expand their transit capacity with the Astara-Rasht railway project<\/a>, scheduled to be commissioned in 2027. Iran and Russia are finalizing the technical details for the EUR 1.6 bn project, including inking an agreement for a loan from the Russia side for the project.<\/p>\n

#3- <\/strong>Clarkson\u2019s indicates shipping market drop in 2023, but still above long-term trend:<\/strong>Maritime consultancy and shipping solutions agency Clarksons<\/a> \u2019 annual shipping market index, ClarkSea, recorded a 37% y-o-y drop to USD 23.6k in average day rates in 2023, although it was still 33% above the 10-year trend, Seatrade Maritime<\/a> reports, citing ClarkSea index<\/a>. Global seaborne trade climbed by 3% y-o-y to USD 12.3 bn tonnes and world fleet capacity grew by 3.2% y-o-y to 2.3 bn dwt. Seaborne tonne-mile trade rose by 5% y-o-y, with oil and oil products increasing by 7% to 10% y-o-y fuelled by the redistribution of Russian oil flows. Dry bulk trade increased by 4.3% y-o-y, but container volumes remained weak.<\/p>\n

\n

MARKET WATCH-<\/p>\n

Saudi Arabia has lowered the February price of its Arab Light oil to Asian companies<\/strong>, reaching <\/strong>a 27-month low<\/strong>, Reuters<\/a> said, citing an Aramco statement. The move follows increased competition and worries about an oversupply in the market. Saudi Aramco cut the official selling price (OSP) for February-loading Arab Light to Asia by USD 2 a barrel from January, setting the OSP at USD 1.5 over Oman\/Dubai quotes. The kingdom\u2019s price cut \u2014 the largest in 13 months \u2014 is in line with market expectations, as refiners called for competitive rates against other Middle Eastern producers and Atlantic Basin cargoes.<\/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

KSA will host the <\/strong>Roshn Supply Chain Forum<\/a><\/strong> on Thursday, 11 January<\/strong>, in Riyadh. The event will host a series of discussions centering around supply chain growth with applications to real estate by bringing together consultants, contractors, manufacturers and other supply chain professionals. <\/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":"

Good morning, ladies and gents. The news cycle continues to be dominated by unrest in the Red Sea with Suez Canal shipping volumes impacted and we have some news emerging from Morocco\u2019s planned port expansion. PSA- Temporary bridge closure in Abu Dhabi: A bridge connecting Al Maryah Island to Al Zahiyah in Abu Dhabi is […]<\/p>\n","protected":false},"author":1,"featured_media":75994,"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":[122,162,49,161,153,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cargo","tag-e-commerce","tag-egypt","tag-ksa","tag-qatar","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7636e0e0-20bd-4c70-aa30-946a285c1875","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/1529.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: China\u2019s Cosco Shopping halts shipping to Israel amid Red Sea attacks","related_issue":[75991],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.1fd2f153-14d4-4142-8ec2-829b617be41a.mp3"},"yoast_head":"\nTODAY: China\u2019s Cosco Shopping halts shipping to Israel amid Red Sea attacks - 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\/09\/today-chinas-cosco-shopping-halts-shipping-to-israel-amid-red-sea-attacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: China\u2019s Cosco Shopping halts shipping to Israel amid Red Sea attacks\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents. 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