{"id":77762,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/04\/03\/today-etihad-cargo-expands-us-foothold-mawani-and-sar-boost-rail-and-maritime-connectivity\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"today-etihad-cargo-expands-us-foothold-mawani-and-sar-boost-rail-and-maritime-connectivity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/04\/03\/today-etihad-cargo-expands-us-foothold-mawani-and-sar-boost-rail-and-maritime-connectivity\/","title":{"rendered":"TODAY: Etihad Cargo expands US foothold + Mawani and SAR boost rail and maritime connectivity"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a very busy morning with updates flowing in fast and heavy from all corners of the region cutting across all parts of the industry. Let\u2019s dive right in. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- An initial study for the Saudi-Kuwait railway link is set to be completed within the <\/strong>next three months<\/strong>, as part of the project\u2019s first phase which will determine the railways' route and seek necessary approvals, Kuwait\u2019s Alanbaa<\/a> wrote, citing sources within Kuwait\u2019s Ministry of Public Works. The 650 km long line will connect Kuwait\u2019s Shadadiyah to Riyadh. The design-focused second phase of the project is set to be completed in about a year. Phase three is a three-year construction project, with the line expected to be ready to start handling traffic as early as 2028.<\/p>\n

<\/a>#2- An Emirati company could snap up the chance to<\/strong> operate and <\/strong>manage Iraq\u2019s Grand Faw Port<\/strong>, Alahad news agency<\/a> reports, citing comments by Transport Ministry representative Maytham Al-Safi. The ministry has received several offers from Emirati, Chinese and Singaporean companies and is planning to announce its decision soon. Iraq also plans to launch a strategic plan to rehabilitate its airports, with financial support from the World Bank\u2019s International Finance Corporation, Al-Safi told INA<\/a>. <\/p>\n

ICYMI-<\/strong> Iraq announced in October that it had completed nearly 80%<\/a> of the Grand Faw Port, with plans to kick off operations next year. South Korea-based Daewoo E&C is handling the construction of port infrastructure via a USD 2.6 bn contract awarded by the Transport Ministry almost four years ago.<\/p>\n

#3- The Suez Canal got a mention from Egypt\u2019s El Sisi yesterday: <\/strong>Egyptian President Abdel Fattah El Sisi highlighted plans to increase activity in the Suez Canal and make Egypt a regional hub for \u201ctransportation and transit trade, new and renewable energy, and green hydrogen and its derivatives\u201d during a seven-point speech after being sworn in for his third term. You can read the full speech here<\/a>.<\/p>\n

#4- The<\/strong> UAE has cut back its economic growth forecast for 2024<\/strong>, <\/strong>on the back of lower oil output due to OPEC+ quotas<\/a>, Bloomberg<\/a> reports. GDP growth for the year has been downgraded to 4.2%, down from 5.7% forecasted in December, Bloomberg said, citing the UAE\u2019s central bank. Growth in the country\u2019s non-oil sector remains true to earlier projections of some 4.7%, and the results make it more likely that the UAE will contest oil caps at the next OPEC+ meeting in June. The UAE has the capacity to produce significantly more than the 3 mn barrels per day it currently produces, Bloomberg also said. <\/p>\n

<\/a>#5- Dali vessel owner goes to court to cap liabilities:<\/strong> Singapore-based Grace Ocean and Synergy Marine, which own and manage the Dali, filed a petition (pdf)<\/a> on Monday, in a move to cap their joint liabilities to some USD 43.6 mn on the back of the vessel\u2019s collision in Baltimore<\/a>, AP<\/a> reports. The step is \u201croutine\u201d under US maritime law, the newswire said. A Maryland federal court will decide on the extent of the damages that can be claimed against both firms.<\/p>\n

Cleanup efforts are ongoing to clear debris and <\/strong>to establish a channel for barge traffic to proceed<\/strong>, Bloomberg<\/a> reports. Officials in Baltimore are preparing to open a temporary channel<\/a> around wreckage for commercially essential vessels, with the federal government allocating USD 60 mn<\/a> for cleanup efforts. <\/p>\n

Railroad services provider <\/strong>CSX<\/a><\/strong> is kicking off a new freight service between Baltimore <\/strong>and New York in a bid to ease disruptions to trade<\/strong>, the firm told CNBC<\/a>. The service will move railroad freight that was diverted from Baltimore port to ports at New York and New Jersey. Freight volumes along the new route have not been disclosed, but is expected to meet \u201cflow that would typically transit through the Port of Baltimore,\u201d a CSX spokeswoman said. <\/p>\n

US supply chains will take hits, but impacts are expected to be less severe than <\/strong>disruptions seen during the pandemic or due to Red Sea diversions<\/strong>, senior logistics analyst with Bloomberg Intelligence, Lee Klaskow said. Cars, farm equipment, and construction vehicles bound for Baltimore, as well as container traffic, will have to be diverted to nearby ports. Overall disturbances are expected to be transient, lasting some six to twelve weeks until debris is cleared to allow vessel transits, Klaskow also said.<\/p>\n

MARKET WATCH- <\/p>\n

Oil prices spiked on Tuesday<\/strong>, as potential supply shortfalls on the back of Ukrainian attacks on Russian oil infrastructure and escalation between Israel and Iran due to an airstrike that saw top Iranian generals killed spurred markets, with benchmarks Brent and West Texas Intermediate (WTI) hitting their highest since October before retreating, Reuters<\/a> reported. Brent crude futures for June gained 1.3% to USD 88.57 a barrel by 13.33 GMT, with trading seeing Brent hit USD 89.08 before scaling back, its highest since October. WTI contracts for May rallied 1.6% to USD 85.05, with the day seeing a USD 85.46 peak, also its highest since October. Traders are also keeping an eye on an OPEC+ ministerial panel meeting scheduled for today, with expectations that the panel will not decide on any changes to policy, OPEC+ sources told Reuters. Meanwhile there are indications that demand is set to pick up in China and the US, the newswire said citing manufacturing data for March. <\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Iran\u2019s oil exports reached USD 35.8 bn in the 12 months up to end-March 2024<\/strong>, <\/strong>Reuters<\/a> reports, citing statements made by the head of Iran\u2019s customs Mohammad Rezvanifar. China\u2019s purchase of Iranian oil has enabled the country to maintain a positive trade balance despite US sanctions being reactivated in 2018, the newswire said. Iran would have seen a USD 16.8 bn trade deficit without oil exports, Rezvanifar added. Iran\u2019s total trade saw a 2.6% y-o-y increase during the period to USD 153 bn, with Iran\u2019s exports coming in at USD 86.8 bn, the official added.<\/p>\n

<\/a>#2-<\/strong>Emirati carriers grew their destination network to 603 global destinations in 1Q 2024<\/strong>, <\/strong>an increase of 3% y-o-y on the back of a recovering aviation sector meeting a heightened demand for travel, Wam<\/a> reports. Emirates posted the largest network during the quarter with a total of 143 destinations.<\/p>\n

More routes to be onboarded: <\/strong>Etihad Airways plans to expand to over 125 destinations by 2030, with up to 6 new destinations scheduled to launch this year.<\/p>\n

\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 the 7th edition of the <\/strong>Global Ports Forum<\/a><\/strong> on Sunday, 17 April and <\/strong>Monday, 18 April<\/strong> in Dubai. The event will host discussions on port strategy and development, automation, financing, and enhancing efficiency. <\/p>\n

Egypt will host the 5th edition of the <\/strong>Egypt Facility Management Forum<\/a><\/strong> on Tuesday, 23 <\/strong>April and Wednesday, 24 April <\/strong>in Cairo. Business-owners, developers, service providers, technology leaders and suppliers will attend seminars and exhibitions on the facility management supply chain.<\/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

Qatar will host the <\/strong>Autonomous E-mobility Forum<\/a><\/strong> from Tuesday, 30 April to Thursday, 2 <\/strong>May<\/strong> in Doha. The event will gather industry experts, senior officials, policy and technology experts, as well as government, academic, and media representatives, providing a platform for stakeholders to exchange know-how and recommendations for the implementation of autonomous e-mobility in the real-world. <\/p>\n

Saudi Arabia will host the <\/strong>Saudi Smart Logistics<\/a><\/strong> exhibition and summit from Monday, 6 May to Thursday, 9 May<\/strong> in Riyadh. International and local businessmen, industry professionals, leaders, and sellers will showcase their innovative logistics solutions.<\/p>\n

The UAE will host 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

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":77763,"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":[35,160,37,121,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-iraq","tag-kuwait","tag-ports","tag-rail","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"dd02a112-3a95-442d-9102-e1935b0f40ca","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1170.jpg","photo_position":"above","homepage_title":"Etihad 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