{"id":80430,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/19\/today-ad-ports-is-now-majority-owner-of-tbilisi-dry-port\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"today-ad-ports-is-now-majority-owner-of-tbilisi-dry-port","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/19\/today-ad-ports-is-now-majority-owner-of-tbilisi-dry-port\/","title":{"rendered":"TODAY: AD Ports is now majority owner of Tbilisi Dry Port"},"content":{"rendered":"

Good morning, friends, and happy late-August to you all. <\/strong>Kids in Saudi, Egypt, and the UAE start trudging back into classrooms over the coming couple of weeks \u2014 the Cairo American College crew are first up this morning. We hope the final days of summer are kind to you all. <\/p>\n

IT\u2019S A BIG MORNING FOR: AD Ports<\/strong>, which has closed its acquisition of a majority stake in Tbilisi Dry Port, while its Noatum Maritime unit has acquired Egypt\u2019s Safina. Read on for the details.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>AD Ports becomes majority owner of Tbilisi Dry Port: <\/strong>AD Ports has finalized the acquisition of a 60% stake in Georgia\u2019s Tbilisi Dry Port, according to a press<\/a>release<\/a> on Thursday. The project, set to come online by 4Q 2024<\/a>, will serve as a key component in the anticipated Middle Corridor, an emerging trade route linking manufacturing hubs in Western Asia to consumer markets in Eastern Europe.<\/p>\n

ICYMI- <\/strong>The UAE-based port operator agreed<\/a> to acquire a 60% stake in the port from Inveco back in March. The first of the project\\s three phases will see it have a handling capacity of some 96.5k TEUs, 10k sqm of warehousing space, and car storage yards. A third phase will see capacity boosted to 286k TEU, 100k sqm of warehousing space, and more expansive car storage yards. An additional 88k sqm of land is available for future expansion subject to volume growth.<\/p>\n

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<\/a> #2- <\/strong>Nuclear-powered container shipping in Europe?<\/strong> Maersk has agreed to join a feasibility study by maritime service company Lloyd Register and UK-based Core Power to evaluate the potential for nuclear-powered container shipping in Europe, according to a press release<\/a> on Thursday. <\/p>\n

What are they doing? <\/strong>The three firms will assess the regulatory feasibility and framework for using a fourth-generation nuclear reactor to power cargo operations in Europe. \u201cIf these challenges can be addressed by development of the new so-called fourth-generation reactor designs, nuclear power could potentially mature into another possible decarbonization pathway for the logistics industry 10 to 15 years in the future,\u201d head of fleet tech at Maersk Ole Graa Jakobsen said in a statement.<\/p>\n

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<\/a> #3- <\/strong>Iran has signaled its readiness to transship Russian natural gas through its <\/strong>territory<\/strong>, Tass<\/a> reported on Saturday, citing Iranian ambassador Kazem Jalali. \u201cWe are very interested in working with Russia. We are ready to transit Russian gas through Iran's territory,\u201d Jalali said without providing further details. The ambassador also highlighted that Russia ranked first in terms of foreign investment in Iran in 2023.<\/p>\n

A growing friendship:<\/strong> Iran inked<\/a>an MoU<\/a><\/a> back in May with Russia\u2019s Tatarstan province to boost trade, exchange information, and facilitate visits by delegations. They also signed a EUR 1.6 bn agreement<\/a> in May 2023 to build the Rasht-Astara railway to complete the International North-South Transport Corridor (INSTC). Iran\u2019s 37 km Rasht-Caspian railway connecting the Persian Gulf to the Caspian Sea also went operational<\/a> earlier this year in a bid to boost trade links between the two regions.<\/p>\n

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<\/a> #4- <\/strong>KSA adopts regulations for self-driving vehicles:<\/strong> The Saudi Roads General Authority has adopted new standards for self-driving vehicles in the Kingdom. (Statement<\/a>)<\/p>\n

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MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices fell almost 2% on Friday as investors adjusted their expectations of oil <\/strong>demand <\/strong>growth from China<\/strong>, Reuters<\/a> reports. Brent crude futures dipped USD 1.36 to USD 79.68 a barrel, while US West Texas Intermediate (WTI) slipped USD 1.51 to USD 76.65 a barrel. <\/p>\n

#2- China\u2019s petrol exports fell 35.7% y-o-y to 5.7 mn barrels per day in July 2024<\/strong>, Reuters<\/a> reported yesterday, citing Chinese customs data. The data showed gasoline exports down to 790k metric tons in July from 1.22 mn tons in the corresponding period a year earlier. Gasoline export margins saw a loss of USD 3 to USD 4 a barrel between the second half of June and early July. \u201cMotor fuel exports remain capped because of weak margins and production, due to refinery run cuts,\u201d senior analyst Emma Li said. Beijing \u2014 which manages gasoline, diesel, and jet fuel exports under a quota system \u2014 will likely need to use more product export quotas to boost refinery runs, Li noted. <\/p>\n

#3- <\/strong>Baltic index basically flat on Friday: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index, which tracks rates for the capesize, panamax, and supramax vessel segments, slipped 0.1% to<\/a>1,691<\/a> points on Friday. Capesize dipped 0.2% to 2,537 points, while the panamax segment fell 0.1% to 1,552 points. The smaller supramax index edged up 0.3% to 1,304 points.<\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- <\/strong>Oman\u2019s Salalah port recorded a 16% y-o-y dip in container volumes in 1H <\/strong>2024<\/strong>, handling 1.6 mn shipping containers due to the disruptions in the Red Sea, Reuters<\/a> reported on Friday, citing a statement by the port. Cargo volumes rose 4% y-o-y to 11.6 mn tons during the same period, driven by high demand for gypsum and limestone exports. The decline in container volumes was attributed to ships rerouting away from the Red Sea as shipping lines that are avoiding the Red Sea also bypass Salalah. The port expects container volumes to continue to decline for the rest of the year if disruptions remain unresolved. <\/p>\n

#2- <\/strong>Oman\u2019s agriculture imports rose 11.6% y-o-y to OMR 110 mn in the month of May <\/strong>2024<\/strong>, ONA<\/a> reported last week. The value of vegetable imports saw a 44.9% y-o-y increase to RO 42 mn, while the value of imports fell 2.5% y-o-y to RO 67 mn during the same period. Vegetable exports inched up 3.9% y-o-y to RO 8.9 mn, while the value of fruit exports grew 40.1% y-o-y to RO 4.6 mn.<\/p>\n

#3- <\/strong>Dubai aerospace platform Mohammed bin Rashid Aerospace Hub (MBRAH) recorded <\/strong>a 7% y-o-y increase in private jet movements to 8.4k in 1H 2024<\/strong>, according to a press release<\/a> on Thursday. The firm expects the movements to reach 18k by the end of 2024 on the back of the development of new aircraft hangars and maintenance facilities in Dubai South city.<\/p>\n

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***<\/strong>YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior <\/strong>execs who care about the industry that connects producers and retailers to global markets. <\/strong>We\u2019re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.<\/p>\n

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Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com<\/a>.<\/p>\n

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, Saudi Arabia<\/a>, the UAE<\/a>, and the MENA<\/a>climate<\/a>industry<\/a> ?***<\/strong><\/p>\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, 5 <\/strong>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

Saudi Arabia will host the <\/strong>Saudi Maritime and Logistics Congress<\/a><\/strong> on Wednesday, 18 <\/strong>September and Thursday, 19 September<\/strong> in Dammam. The event will gather international industry leaders in the maritime sector to discuss a range of topics including interconnected logistics, supply chains, digitalization, decarbonization and workforce development.<\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming 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":0,"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":[168,123,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80430","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-ad-ports","tag-shipping-maritime","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"9ee33c3d-3aba-41a3-b423-3bf7459b05e1","order":"2","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: AD Ports is now majority owner of Tbilisi Dry Port","related_issue":[80428],"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\/8\/.d09f9775-5916-4158-b59b-ee7c210a4fd0.mp3"},"yoast_head":"\nTODAY: AD Ports is now majority owner of Tbilisi Dry Port - 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