{"id":77849,"date":"2024-04-08T00:00:00","date_gmt":"2024-04-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/04\/08\/today-lots-of-egypt-trade-news-dp-worlds-eyes-another-acquisition\/"},"modified":"2024-04-08T00:00:00","modified_gmt":"2024-04-08T00:00:00","slug":"today-lots-of-egypt-trade-news-dp-worlds-eyes-another-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/04\/08\/today-lots-of-egypt-trade-news-dp-worlds-eyes-another-acquisition\/","title":{"rendered":"TODAY: Lots of Egypt trade news + DP Worlds eyes another acquisition"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a packed issue this morning with lots of updates from Egypt and a smattering of M&A, debt and investment updates from around the region and beyond, but first\u2026<\/p>\n

HAPPY EID, EVERYONE- <\/strong>Enterprise Logistics will be taking a break for Eid Al Fitr starting tomorrow<\/strong>, but we will be back in your inbox at our usual time with all the latest regional logistics industry updates on Monday, 15 April.<\/p>\n

THE BIG LOGISTICS STORY ABROAD- Baltimore continues to capture the industry\u2019s <\/strong>attention: <\/strong>Limited access to commercial shipping at Baltimore is set to come online by the end of the month with full capacity expected to be restored by the end of May. A \u201climited access channel 280 feet wide and 35 feet deep\u201d is set to open by month\u2019s end permitting access to RoRo vessels transporting cars and farm equipment. Two auxiliary channels<\/a> which have been opened so far at the accident site of the Baltimore Francis Scott Key Bridge after a Maersk-chartered container ship collided with the bridge two weeks ago<\/a>. The channels have allowed emergency vessels, tugs, and barges to move around wreckage, but do not have the capacity for cargo ships.<\/p>\n

The story continued to grab a lot of ink in the international press<\/strong> over the weekend: <\/strong>Reuters<\/a> | The New York Times<\/a> | Bloomberg<\/a> | The Washington Post<\/a> | BBC<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- Morocco denies playing favorites on Ryanair vs RAM: <\/strong>Morocco\u2019s tourism ministry has denied offering subsidies or other financial aid to Ireland-based budget carrier Ryanair for its domestic flight operations in the country, MAP<\/a> reported on Friday, citing a ministry statement. The ministry sought to address concerns that Ryanair\u2019s new domestic network will affect the competitiveness of national carrier Royal Air Maroc (RAM), indicating that Ryanair\u2019s routes in the country do not overlap with those serviced by RAM and that the new partnership with Ryanair aims to boost \u201ccomplementarity rather than direct competition,\u201d while also promoting tourism by extending tourists\u2019 access, MAP said. <\/p>\n

ICYMI-<\/strong> Ryanair will kick off 11 new domestic routes in Morocco this summer, after receiving the greenlight from Morocco\u2019s government in December<\/a>.<\/p>\n

<\/a>#2- Egyptian grain ships held up in Russia: <\/strong>Two Egyptian ships loaded with wheat have been denied permission to set sail by Russian authorities, who say they do not hold the correct documentation, Egyptian Supply Minister Ali El Moselhi told Bloomberg<\/a> on Thursday. The two ships, which were meant to depart at the end of March, are currently held at Russian ports while Egypt is in communication with Russian embassy officials regarding the issue, El Moselhi said.<\/p>\n

The why: <\/strong>The ships are carrying wheat from Grainflower DMCC, an export partner of Russian trader TD Rif, which has seen its exports blocked and is under investigation by a Russian industry watchdog on the basis of grain safety and quality inconsistencies. The feud is part of the Kremlin\u2019s efforts to increase its control over exports following its invasion of Ukraine in 2022 and enforce an unofficial minimum price for its grain, according to an earlier report<\/a>.<\/p>\n

DISRUPTION WATCH- <\/p>\n

Houthis claim recent attacks against shipping: <\/strong>The Iranian backed group targeted a British ship and US frigates in the Red Sea, as well as two Israeli vessels in the Arabian Sea and Indian Ocean that were en route to Israeli ports, Reuters<\/a> reports, citing televised statements by Houthi military spokesperson Yahya Saree. A German frigate, dubbed Hessen, shot down a Houthi-launched missile in the southern Red Sea over the weekend, Reuters<\/a> reported on Saturday. Hessen\u2019s deployment comes as part of the EU\u2019s Aspides mission<\/a> to the Red Sea. <\/p>\n

<\/a>Is the US warming up to a diplomatic solution after airstrikes fail to stop attacks? <\/strong>Washington is leaning towards a non-military solution to Red Sea disruptions according to statements by President Joe Biden\u2019s special envoy for Yemen Tim Lenderking, Bloomberg<\/a> reported last week. \u201cDiplomatic off-ramps\u201d to de-escalate the situation are on the table including the possibility of a \u201cquid pro quo\u201d arrangement to withdraw the labeling of Houthis as a terrorist entity<\/a> in exchange for a cessation of attacks, Lenderking told reporters last Wednesday. The Houthis could back moves to de-escalate and \u201cshow good faith\u201d by releasing 25 crewmen captured<\/a> during the Galaxy Leader\u2019s hijacking early in the campaign, Lenderking added.<\/p>\n

Tel Aviv braces for<\/strong> an Iranian attack: <\/strong>Navigational signals in Tel Aviv were scrambled on Thursday as Israel braced for a GPS-guided drone or missile attack by Iran or its proxies, Bloomberg<\/a> reported on Thursday. The interference caused deliveries delays and traffic due to disruption on apps including Google Maps, Waze, Gett Taxi, Moovit, and Wolt. Apps showed Tel Aviv residents as being located in Beirut, Lebanon, the outlet said. The move comes as tensions between the regional rivals escalated following a Monday airstrike that saw top Iranian generals killed in Syria<\/a>, with Iran vowing to hit back. Despite Israel\u2019s military not publicly stating that it was behind scrambling navigational signals at Tel Aviv, it nonetheless has \u201cgood intelligence and good early warnings,\u201d that an Iranian attack may come, former director of Israeli military intelligence Amos Yadlin told reporters.<\/p>\n

MARKET WATCH- <\/p>\n

<\/a><\/strong>#1- The next few months could see oil hitting USD 100 a barrel for the first time in <\/strong>two years, <\/strong>Bloomberg<\/a> reports. Saber rattling between Iran and Israel saw oil spike to above USD 90 at the end of last week, hitting its highest since October. However the changes driving up oil are less transient, with a combination of global supply shocks likely seeing these gains extend over the next few months, with JP Morgan Chase & Co. expecting prices to hit USD 100 a barrel by August or September, Bloomberg writes. <\/p>\n

Behind the numbers: <\/strong>Continued Red Sea disruptions, sanctions on Russian oil trade<\/a>, export cuts by Mexico, and recently extended OPEC+ production cuts<\/a> are some of the most important factors which have tightened supplies and buoyed markets. Interruptions in North Sea pipelines, turmoil in Libya, and damage to an oil export pipeline in South Sudan have also shored up markets, Bloomberg said. These shocks also coincide with a ramp up in demand in US markets ahead of the summer. <\/p>\n

Oil prices reached record highs as markets remained vigilant for signs of a direct <\/strong>confrontation between Iran and Israel<\/strong>, Reuters<\/a> reported on Friday. Brent crude rallied 0.57% to USD 91.17 a barrel, while US West Texas Intermediate (WTI) rose 0.37% to USD 86.91 a barrel, the newswire said. Thursday trading saw both benchmarks hit their highest since October.<\/p>\n

#2- <\/strong>Baltic index slumps for third week: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was down 2.5% to 1,628 points on Friday, hitting a seven-week low and marking the third consecutive week of declines, as weaker rates across the board dragged down the index, Reuters<\/a> reported on Friday. The measure was also down 10% w-o-w. The larger capesize subindex dropped 3.4% to 2,274 points, but rose 13% for the week, while panamax dipped 2.2%, to 1,695 points. Meanwhile, the smaller supramax segment fell 1%, to 1,261 points, the newswire also said. <\/p>\n

DATA POINT- <\/p>\n

Jordan\u2019s trade position improved in January: <\/strong>The country\u2019s total exports marked a 2.7% y-o-y increase in January 2024 to JOD 650 mn, while imports declined 19.7% during the same period to some JOD 1.3 bn, seeing a 33.7% reduction in Jordan\u2019s trade deficit, Petra<\/a> reported yesterday. The bump in exports was attributed to growth in fertilizer, garments, and pharma volumes, while diminished values of crude oil and derivatives, machinery, and electrical tools, contributed to the trimmed down import figures, Petra said. <\/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

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<\/b> 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 <\/strong>May to Thursday, 9 May<\/strong> in Riyadh. The trade fair brings together local and international suppliers, public officials, professionals, and logistics players, and provides a platform for networking, exchanging know-how, and showcasing new technologies, products, and services.<\/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":77850,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[145,49,150,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-egypt","tag-morocco","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2e1b8d97-cdf3-40e4-aed6-a9d8d981ca97","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/466.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Lots of Egypt trade news + DP Worlds eyes another acquisition","related_issue":[77847],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.d38dbb33-5e24-4bd5-b186-91482bf7c95f.mp3"},"yoast_head":"\nTODAY: Lots of Egypt trade news + DP Worlds eyes another acquisition - 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