{"id":77343,"date":"2024-03-13T00:00:00","date_gmt":"2024-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/13\/today-dp-world-expands-global-freight-forwarding-wants-more-paperless-trade\/"},"modified":"2024-03-13T00:00:00","modified_gmt":"2024-03-13T00:00:00","slug":"today-dp-world-expands-global-freight-forwarding-wants-more-paperless-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/13\/today-dp-world-expands-global-freight-forwarding-wants-more-paperless-trade\/","title":{"rendered":"TODAY: DP World expands global freight forwarding + wants more paperless trade"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a relatively quiet morning as the first week of Ramadan draws to a close, but we have a couple of key updates from DP World to dig into this AM.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1-<\/strong>Oman\u2019s integrated logistics <\/strong>solutions provider <\/strong>Asyad Group<\/a><\/strong> has issued a tender for infrastructure development at phase 1 of Muscat International Airport Freezone (MIAFZ)<\/strong>, according to a press release<\/a>. MIAFZ will be air freight-focused, contributing to supply chains for pharmaceuticals, perishables, and e-commerce. Asyad is looking to engage with private sector firms that can provide construction services, the statement notes. The tender has a 25 March deadline.<\/p>\n

<\/a>#2- <\/strong>Transport sector investments buoyed the UAE\u2019s construction market: <\/strong>The value of UAE\u2019s construction market in 2023 hit USD 94 bn and is projected to achieve over a 3% average annual growth rate (AAGR) between 2025 and 2028, Wam<\/a> reports, citing figures from London-based GlobalData. Growth in the UAE\u2019s construction market was driven by new investments in transport and renewable energy infrastructure, together with better performance in the EV market, GlobalData said.<\/p>\n

#3- <\/strong>O<\/strong>PEC continues to forecast relatively strong growth in global demand for oil <\/strong>in 2024 and 2025<\/strong>, <\/strong>while boosting its economic forecast for the year, Reuters<\/a> reports. The cartel sees global demand for oil increasing by 2.25 mn barrels per day (bpd) in 2024, and by 1.85 mn bpd in 2025, with both figures unchanged from last month\u2019s projections, the newswire said. OPEC also boosted its outlook for economic growth in 2024 by 0.1% to 2.8%, citing an expectation that a \u201crobust dynamic\u201d in global economic growth seen towards the end of 2023 would spill over into 1H 2024, while keeping 2025\u2019s forecast for economic growth unchanged at 2.9%, the newswire also said.<\/p>\n

IEA disagrees:<\/strong> The International Energy Agency\u2019s (IEA) most recent forecast saw a more conservative 1.22 mn bpd bump to oil demand this year, with the agency due to update its forecast this Thursday, Reuters said. OPEC also expects that demand for oil will continue to increase over the next 20 years, while the IEA sees demand plateauing by 2030, as economies transition to green energy. <\/p>\n

\n

DISRUPTION WATCH- <\/p>\n

Yemen\u2019s Houthis fired <\/strong>two anti-ship ballistic missiles<\/a><\/strong> at a Liberian-flagged <\/strong>container ship dubbed the Pinocchio on Monday, <\/strong>Reuters<\/a> reports, citing US Central Command (Centcom). The Iranian-backed group described the targeted vessel as \u201cAmerican,\u201d the newswire said, citing the group\u2019s military spokesperson Yahya Sarea.<\/p>\n

<\/strong><\/a><\/strong>Somali pirates hijack UAE-bound bulk carrier:<\/strong>A Bangladeshi bulk carrier, dubbed Abdullah, was boarded by 20 armed men some 600 miles off of Somalia\u2019s coast yesterday, Bloomberg<\/a> reports, citing British security firm Ambrey. The SR Shipping-owned vessel was enroute from Mozambique to the UAE hauling a cargo of coal. Following the forced boarding, the vessel stopped, before changing its heading towards Somalia, ship tracking data showed. \u201cWe\u2019re waiting for communications with the pirates. The ship is being controlled by the pirates near the Somali coast,\u201d SR Shipping CEO Mehrul Karim told Bloomberg. <\/p>\n

Europe-bound t<\/strong>ankers hauling jet fuel and diesel from Indian refiner Reliance are <\/strong>rerouting around the Cape <\/strong>of Good Hope<\/strong>, Reuters<\/a> reports, citing shipping sources and ship tracking data. Reliance\u2019s charter contracts with tanker owners allow them the flexibility to sail through the Red Sea or divert via the Cape of Good Hope, with most tanker owners opting for the longer but safer route around the Cape of Good Hope, shipping sources told the newswire. Reliance\u2019s refining complex in Gujarat, India is the world\u2019s largest, with capacity to process some 1.4 mn barrels of oil per day, the newswire also said.<\/p>\n

Iraq\u2019s Islamic Resistance targeted Israel\u2019s Ben Gurion Airport with unmanned <\/strong>aerial vehicles yesterday,<\/strong> Lebanon\u2019s Iran-aligned Al Mayadeen<\/a> reports. The attacks come as part of the second phase of the group\u2019s campaign against Israel, which looks to block Israel\u2019s access to Mediterranean shipping and stop operations at Israel\u2019s ports, the outlet said citing the Iraq-based militia.<\/p>\n

MARKET WATCH- <\/p>\n

#<\/strong>1- <\/strong>Oil prices were largely unchanged on Tuesday<\/strong> as OPEC stuck by its projections for <\/strong>2024 and 2025 demand<\/strong>, Reuters<\/a> reports. Brent crude futures for May deliveries rose USD 0.24 to USD 82.45 a barrel by 14.20 GMT, while West Texas Intermediate (WTI) April contracts gained USD 0.31 to USD 78.24 a barrel, the newswire said. Crude imports for China, the world\u2019s largest importer, were up y-o-y for the first two months of 2024, but were below previous months, continuing a downward trend, the newswire added citing recent Chinese market data. <\/p>\n

#2- <\/strong>Baltic index rallies, buoyed by larger segments: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was up 1.4% to 2,377 points, its highest in nearly three months, as gains in the larger capesize and panamax segments propped up the index, Reuters<\/a> reports. The capesize subindex bumped up 1.6%, to 4,314, its highest in three months, while panamax gained 1.7% to 1,893 points. The smaller supramax segment fell 2 points to 1,316 points, the newswire said. <\/p>\n

DATA POINT- <\/p>\n

King Abdulaziz Port in Dammam, Saudi Arabia handled a record high 235.8k containers in <\/strong>February 2024<\/strong> \u2014 a 25.4% y-o-y increase \u2014 Saudi Ports Authority (Mawani) said in a news release<\/a>. Additionally, the number of incoming containers surged 49% y-o-y to 142.7k last month, while outgoing containers rose 25% y-o-y to 86.3k containers.<\/p>\n

\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

The UAE will host <\/strong>Abu Dhabi Mobility Week<\/a><\/strong> from Wednesday, 24 April to Wednesday, 1 <\/strong>May <\/strong>in Abu Dhabi. The event, organized by The Department of Municipalities and Transport \u2013 Abu Dhabi (DMT)<\/a>, will feature announcements, forums, and introduce a mobility strategy for the emirate. <\/p>\n

Iran will host the <\/strong>second Iran-Africa International Summit<\/a><\/strong>from Wednesday, 24 April <\/strong>through to Friday, 26 Apri<\/strong>l in Tehran. The event will see Iran receive trade ministers from more than 40 African countries. <\/p>\n

Saudi Arabia will host a special <\/strong>World Economic Forum<\/a><\/strong> event fr<\/strong>om Sunday, 28 April through to Monday, 29 April<\/strong> in Riyadh. The event will focus on global collaboration and energy.<\/p>\n

The UAE will host the 23rd edition of the <\/strong>Airport Show<\/a><\/strong> from Tuesday, 14 May through to <\/strong>Thursday, 16 May<\/strong> in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year\u2019s \"Sustainability and Innovation,\" theme. <\/p>\n

The UAE will host <\/strong>The Electric Vehicle Innovation Summit<\/a><\/strong> from Monday, 20 May to <\/strong>Wednesday, 22 May <\/strong>in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.<\/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":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":77344,"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":[276,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-https-ent-news-2024-1-1213-jpg","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"0632c89d-75c0-43db-b270-ceaa1391716b","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/1129.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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