{"id":78519,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/14\/today-iran-inks-chabahar-port-development-agreement-with-india\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"today-iran-inks-chabahar-port-development-agreement-with-india","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/14\/today-iran-inks-chabahar-port-development-agreement-with-india\/","title":{"rendered":"TODAY: Iran inks Chabahar port development agreement with India"},"content":{"rendered":"

Good morning, nice people. <\/strong>The news cycle has slowed considerably as we hit a mid-week lull, but there is a bit of major port development news emerging from Iran that will have repercussions on trade with Central Asia. Let\u2019s jump right in.<\/p>\n

HAPPENING TODAY-<\/p>\n

UAE will host <\/strong>Data Center Nation<\/a><\/strong> today in Dubai. <\/strong>The event gathers regional data center hyperscalers, enterprise end-users, consultants, and developers to network and get up to date on the latest products and services offered by vendors.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- The <\/strong>Jordanian cabinet has extended exemptions on custom duties and sales tax on <\/strong>maritime freight till 30 June<\/strong>, <\/strong>Petra<\/a> reported last week. The exemptions \u2014 which were issued on 21 January \u2014 come in a bid to control rising prices of basic commodities on the back of Red Sea disruptions.<\/p>\n

The kingdom has been working hard to mitigate the aftershocks:<\/strong> A special group tasked with following up on the Red Sea crisis\u2019 impact on Jordanian trade \u2014 which includes the Jordan and Amman Chambers of Commerce, the Jordanian Navigation Syndicate, and the Jordanian Logistics Association \u2014 urged Aqaba Container Terminal late last month to provide incentives<\/a> for marine routes that continue to serve Aqaba Port despite disruptions. The group also proposed waiving storage fees for shipping providers and owners of empty containers prepared for export.<\/p>\n

<\/a><\/strong>#2- EU greenlights emissions-free truck mandate for 2040: <\/strong>EU nations have approved a law mandating a 90% cut in CO2 emissions from new heavy-duty vehicles sold in the EU by 2040, Reuters<\/a> reports. The law stipulates truck manufacturers will have to sell a large share of fully CO2-free trucks \u2014 including electric vehicles and those running on hydrogen fuel \u2014 in order to offset any unsold CO2-emitting vehicles in 2040. The European Automobile Manufacturers' Association describes the policy as the \u201cworld's most ambitious,\u201d emphasizing the need for rapid infrastructure development, including 50k truck-suitable public electric charging points by 2030.<\/p>\n

The transition will happen gradually:<\/strong> The law will phase-out emissions from trucks gradually, with targets set for a 45% emissions reduction by 2030 and 65% reduction by 2035. New buses sold will also have to cut emissions by 90% in 2030 and 100% in 2035. <\/p>\n

Most of Europe is on board:<\/strong> Only Italy, Poland and Slovakia opposed the new policy, while Germany agreed to back the law following the addition of a preamble stating that the European Commission would consider counting trucks that run on CO2 neutral fuels towards the targets. The Czech Republic abstained from Monday\u2019s vote. <\/p>\n

MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices edged up Tuesday<\/strong> after shedding USD 1 the previous session on the <\/strong>back of diminished hopes over incoming US interest rate cuts<\/strong>, <\/strong>Reuters<\/a> reports. Brent crude futures notched up to USD 83.40 a barrel by 03.15 GMT, while US West Texas Intermediate (WTI) crude futures slid up to USD 79.17 a barrel, the newswire said. Despite oil rallying last week due to stalled efforts to reach a ceasefire in Gaza, improved demand in the US and China are driving benchmark contracts higher, Reuters added.<\/p>\n

#2-<\/strong>UAE\u2019s Fujairah Port oil inventories dipped 2.5% for the week ending 6 May to 20.2 <\/strong>mn barrels<\/strong>, <\/strong>hitting its lowest in six weeks, S&P Global<\/a> reported last week, citing Fujairah Oil Industry Zone and tracking data. Exports of oil products at Fujairah \u2014 except for fuel oil \u2014 hit 1.3 mn barrels for the week beginning 29 April, the highest seen since 2016, with the ramp up in exports eroding stocks. Oil stocks at the bunkering hub are up 17% since the end of 2023, S&P Global also said. <\/p>\n

DATA POINT- <\/p>\n

<\/a>Qatar recorded<\/strong> a 7.8 % y-o-y growth in air cargo and mail in April 2024<\/strong>, hitting 200.8k <\/strong>tons<\/strong>, <\/strong>Qatar Civil Aviation Authority (QCAA) said on X<\/a>. Aircraft movement boosted 18.6% during the period to 22.3k, while passenger numbers surged 31% to 4.3 mn. <\/p>\n

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

Saudi Arabia <\/strong>will host the <\/strong>Saudi Maritime & Logistics Congress<\/a><\/strong> from Wednesday, 18 <\/strong>September to Thursday, 19 September <\/strong>in Dammam. The two-day event looks to gather up to 10k attendees and 200 exhibitors, and will discuss topics including interlinked logistics, developments in supply chains, digitalisation, decarbonisation, the energy transition, and workforce development.<\/p>\n

Iran will host the <\/strong>International Exhibition of Rail Transportation and Related<\/a><\/strong>Industries<\/a><\/strong> from Saturday 18 May to Tuesday 21 May <\/strong>in Tehran. The exhibition looks to attract domestic and international firms to showcase Iran\u2019s local rail manufacturing capabilities and to acquaint industry players with developments made in the industry worldwide.<\/p>\n

The UAE will host <\/strong>The Electric Vehicle Innovation Summit<\/a><\/strong> from Monday, 20 May to 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

Saudi Arabia will host the <\/strong>Future Aviation Forum<\/a><\/strong> from Monday, 20 May to <\/strong>Wednesday, 22 May<\/strong> in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large. <\/p>\n

Barbados will host<\/strong>UNCTAD<\/a><\/strong>\u2019s<\/strong>Global Supply Chain Forum<\/a><\/strong> from Tuesday, 21 May to Friday, 24 May<\/strong> in Bridgetown. UNCTAD is holding the event in collaboration with the Government of Barbados, which aims to evaluate the role global supply chains have in supporting economic growth, creating jobs, and reducing poverty. Global industry leaders, policymakers and experts will convene to discuss forthcoming issues and explore innovative solutions. <\/p>\n

Oman will host the <\/strong>Comex Technology Show<\/a><\/strong> from Monday, 27 May to Saturday, 30 May<\/strong> in Muscat. The event will see representation from industry leaders and decision makers to showcase buyer potential in innovative technology, in transportation, logistics, energy and healthcare sectors.<\/p>\n

Egypt will host <\/strong>ProPak MENA<\/a><\/strong> from Sunday, 26 May to Tuesday, 28 May<\/strong> in Cairo. The conference will see F&B manufacturing industry professionals network and discover the latest equipment and logistic solutions for processing and packaging.<\/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":78520,"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":[39,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-jordan","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"24d073a2-98be-4acd-ab7b-315ee7db432e","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/1375.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Iran inks Chabahar port development agreement with India","related_issue":[78517],"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\/5\/.431f4ef0-c5a3-4652-8bc8-e212d508b3e7.mp3"},"yoast_head":"\nTODAY: Iran inks Chabahar port development agreement with India - 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