{"id":80218,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/07\/today-adnoc-and-osaka-gas-ink-supply-agreement-dubai-ramps-up-london-gateway-investments\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"today-adnoc-and-osaka-gas-ink-supply-agreement-dubai-ramps-up-london-gateway-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/07\/today-adnoc-and-osaka-gas-ink-supply-agreement-dubai-ramps-up-london-gateway-investments\/","title":{"rendered":"TODAY: Adnoc and Osaka Gas ink supply agreement + Dubai ramps up London Gateway investments"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a compact read as the weekend draws nearer, with a big LNG supply agreement for Adnoc to delve into and some zones and ports ground to cover. Let\u2019s check in on the Boeing debacle unfolding state-side first\u2026<\/p>\n

THE BIG LOGISTICS STORY- Chaos in the factory: <\/strong>Testimony coming in from the National Transportation Safety Board (NTSB)\u2019s two-day hearing into Boeing\u2019s Boeing 737 Max mid-flight door blowout paints a bleak picture of conditions at the aviation giant\u2019s factory. Transcripts of interviews conducted by NTSB investigators during the seven months since the accident report that workers were under pressure to do their jobs too fast to avoid mistakes. One Boeing employee, identified as a Door Master Lead, told investigators planes required much of the work during the assembly process to be redone when problems were discovered, as happened with the door plug that was removed to fix some rivets. The worker said there was no special training to open, close, or remove a door plug versus a regular door saying \u201c[we were] put in uncharted waters to where\u2026 we were replacing doors like we were replacing our underwear.\u201d<\/p>\n

Boeing said it is working on design changes it hopes to implement within the year and then to retrofit across the fleet to avoid any future incidents<\/strong>. The aviation giant says it has said no paperwork to document the removal of four key missing bolts that led to the door blowout, but has taken a proactive measure placing a bright blue and yellow sign with big lettering stating \"Do not open\" on the door plug when it arrives at the factory. The hearings are set to conclude today.<\/p>\n

The hearings are grabbing headlines in the international press: <\/strong>Reuters<\/a> | AP<\/a> | CNN<\/a> | Washington Post<\/a> | The New York Times<\/a> | Bloomberg<\/a> | The Guardian<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/strong><\/a>#1- Egypt launches its largest ever wheat tender: <\/strong>Egyptian state grain buyer GASC yesterday launched a tender for up to 3.8 mn tons of wheat for import over a seven-month period, marking its largest tender to date, traders tell Reuters<\/a>. This volume accounts for nearly a third of the authority\u2019s yearly wheat requirement, Bloomberg<\/a> writes. Bidders are required to offer quantities for at least three months of shipment and must submit their offers by next Monday. <\/p>\n

The details: <\/strong>GASC is looking to secure monthly shipments starting October and until April on a free-on-board basis. The authority will settle payment through 270-day letters of credit.<\/p>\n

Traders are baffled:<\/strong> \u201cThis is a very strange tender,\u201d one trader told Reuters, adding that traders it would be \u201cvery difficult to submit a freight offer six or seven months in advance.\u201d Another added that it is unlikely that GASC ends up securing shipments for the entire 3.8 mn tons it is after. <\/p>\n

IN OTHER EGYPT NEWS-<\/strong> Egypt is set to partner with an unnamed German logistics company to hold the <\/strong>country\u2019s largest logistics exhibition<\/strong>, which will aim to boost logistics ties with the African continent, Youm 7<\/a> reports, citing a statement by Exhibitions and Conventions Authority Chairman Sherif Al Mawardi. The exhibition is slated to take place in Egypt in 2026 with a focus on supply chains, shipping and logistics handling.<\/p>\n

<\/strong><\/a>#2- <\/strong>Jordan is exploring the feasibility of setting up its own national maritime shipping company<\/strong>, Roya<\/a>News<\/a> reports, citing Jordan\u2019s Transport Minister Wessam Tahtamouni. The ministry is in the process of conducting a comprehensive market survey to evaluate the feasibility of the project. The ministry is also collaborating with the private sector to find alternative routes to and from Aqaba in light of the Red Sea crisis.<\/p>\n

Aqaba\u2019s struggles: <\/strong>Jordan has seen improvement<\/a> after it was hit hard last quarter, with operations at Aqaba port \u2014 the country\u2019s only maritime gateway \u2014 severely affected by the Red Sea shipping disruptions. Jordan has set up a task force to handle the drop in volumes<\/a> at Aqaba, which urged Aqaba Container Terminal to provide incentives for marine routes that continued to serve Aqaba Port in late January, while also proposing waiving storage fees for shipping providers and owners of empty containers prepared for export.<\/p>\n

<\/a>#3- <\/strong>Emirates and Oman Air among airlines in hot water with India<\/strong>:<\/strong> India\u2019s Directorate General of Goods and Services Tax Intelligence (DGGI) office has sent show-cause notices to 10 airlines \u2014 including Emirates, Omar Air, British Airways, Lufthansa and Singapore Airlines \u2014 that it says have failed to pay a total of INR 100 mn (USD 1.1 mn) in taxes, Economic Times<\/a> reports. The notices pertain to outstanding tax dues associated with the import of services by Indian branches from their parent companies.<\/p>\n

Background:<\/strong> The DGGI\u2019s investigation, which launched in August last year, requested a list of tax exempt and non-exempt services from 10 airlines, only four of whom provided the list, according to the news outlet. The period in question runs from when the GTS was introduced in 2017 until March of this year.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices dipped in early morning trading in response to an unexpected rise in US crude <\/strong>oil and gas inventories<\/strong>, Reuters<\/a> reports. Brent crude futures fell USD 0.21 to USD 76.27 a barrel by 00.20 GMT, while US West Texas Intermediate (WTI) futures declined USD 0.25 to USD 72.92 a barrel. <\/p>\n

#2- <\/strong>Baltic <\/strong>index <\/strong>sees upward tick for third day: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 has risen 0.5% to USD 1,685 points<\/a>, driven by high capesize rates. Capesize gained 2.3% to USD 2,402 \u2014 the highest level since July 30 \u2014 while the panamax index fell 1.1% to a three-week low of 1,678 points. The smaller supramax index dipped 0.8% to 1,320 points. <\/p>\n

\n

PSA-<\/p>\n

Hapag-Lloyd tacks on surcharge for Egypt-Americas shipments<\/strong>:<\/strong> Shipping giant Hapag-Lloyd will add a USD 200 per container peak season surcharge (PSS) on container shipments from Egypt to the Americas, according to a statement<\/a>. The PSS will be applied to vessels traveling to Central America, the Caribbean, and South America\u2019s West Coast effective 20 August until further notice. It will be extended to Colombia, Ecuador, Puerto Rico, and the US Virgin Islands starting 4 September.<\/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

Saudi Arabia will host the <\/strong>Saudi Warehousing and Logistics Expo<\/a><\/strong> on Monday, 2 <\/strong>September to Wednesday, 4 September <\/strong>in Riyadh. The event will bring together leaders in the supply chain, warehousing, and logistics industry from across the Kingdom to discuss investments, trade, geopolitical risks, and localized manufacturing.<\/p>\n

Egypt will host the <\/strong>Egypt International Airshow<\/a><\/strong> on Tuesday, 3 September to Thursday, <\/strong>5 September <\/strong>in El Alamein. The event will host a range of discussions touching on industrialization, digitalization, and globalization in the regional commercial aviation sector. During the event, aircrafts and innovative aerospace products, and services will be showcased.<\/p>\n

Saudi Arabia will host <\/strong>SkyMove MENA<\/a><\/strong> on Tuesday, 10 September and Wednesday, 11 <\/strong>September<\/strong> in Riyadh. The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry.<\/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":80219,"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":[49,39,123,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-jordan","tag-shipping-maritime","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"93fe30f5-bb18-483a-87c0-82ac073b941e","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/580.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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