{"id":80465,"date":"2024-08-20T00:00:00","date_gmt":"2024-08-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/20\/today-algeria-iraq-to-supply-fuel-to-lebanon-amid-energy-crisis\/"},"modified":"2024-08-20T00:00:00","modified_gmt":"2024-08-20T00:00:00","slug":"today-algeria-iraq-to-supply-fuel-to-lebanon-amid-energy-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/20\/today-algeria-iraq-to-supply-fuel-to-lebanon-amid-energy-crisis\/","title":{"rendered":"TODAY: Algeria, Iraq to supply fuel to Lebanon amid energy crisis"},"content":{"rendered":"

Good morning, friends.<\/strong> It\u2019s a slow day on the regional logistics front. The big story of the day is a commitment from the UK government\u2019s development finance arm, British International Investment (BII), to invest up to USD 35 mn alongside Dubai-based port operator DP World in the first phase of the Democratic Republic of Congo\u2019s first deep-sea container port. <\/p>\n

ALSO- <\/strong>Algeria and Iraq are being good neighbors, committing to supply fuel to Lebanon amid a crippling energy crisis in the country. Read on for the details.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Algeria is supplying Lebanon with fuel <\/strong>to help ease the impact of <\/strong>a massive energy shortage<\/strong>, Reuters<\/a> reports, citing a statement made on Algeria\u2019s state radio. Lebanon's state electricity firm, Electricite du Liban, has said that its fuel supplies are exhausted and announced a nationwide power outage, adding that power would gradually return once a new fuel source was secured. No further details about the agreement with Algeria have been revealed.<\/p>\n

Iraq says it remains committed to fuel supplies for Lebanon\u2019s rescue: <\/strong>Iraq has dismissed reports that it had halted fuel supplies to Lebanon, explaining that there\u2019s been a delay in supply due to technical and logistical issues, Iraqi government spokesperson Basem Al Awadi was quoted as saying by INA<\/a>. \u201cIn the upcoming days, the new shipment will be loaded,\u201d Al Awadi said. Iraq and Lebanon signed an agreement last year<\/a> for Iraq to provide fuel supplies to power Lebanon\u2019s electricity sector.<\/p>\n

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<\/a> #2- <\/strong>Folk Maritime launching India-Middle East<\/strong> services<\/strong>:<\/strong> Saudi-based shipping company Folk Maritime<\/a> is set to launch new services connecting India with the Red Sea and the Arabian Gulf in 4Q 2024, CEO Poul Hestbaek told Seatrade Maritime<\/a>. The Public Investment Fund-owned company\u2019s planned new services are in line with its belief that near-shoring and friend-shoring will keep growing in supply chains, Hestbaek said. \u201cWe are seeing this trade shift in this region\u2026 India is becoming a first supplier of many, many goods that have been produced elsewhere in the past. The short sea trade focus for Folk will drive us much faster, I believe, than the feeder requirements,\u201d he said.<\/p>\n

Going forward:<\/strong> Folk Maritime looks to order its own fleet of vessels with a tonnage capacity customized for inter-regional trade over the next three to four years, Hestbaek said. \u201cWe believe that by having some unique designs and some unique features on the feeder and short sea vessels that we will be operating, we can gain on cost competitiveness,\u201d he said. Hestbaek revealed that Folk Maritime was currently stalling such purchases due to uncertainty over future fuel usage, as it targets the procurement of fuel efficient vessels. In the short term, the company will ensure its newly chartered ships are more efficient than those shuffled out.<\/p>\n

What\u2019s Folk?<\/strong> It\u2019s a feeder and short-sea services provider operating feeder cargo services that connect Jeddah with the northern Red Sea and Port Sudan. With a focus on regional, short-haul routes, Folk is looking to expand service around the region, with Dammam slated to serve as a connection point to primary trade links.<\/p>\n

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#3- Abu Dhabi preps for advanced air transport?<\/strong> Abu Dhabi Airports expanded its partnership with Parisian airport operator A\u00e9roports de Paris Group to develop ground infrastructure for advanced air transport applications in Abu Dhabi, according to a statement<\/a>. The two parties previously inked an agreement at the Abu Dhabi Air Expo 2022, aimed at developing and implementing joint development plans in the aviation sector.<\/p>\n

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MARKET WATCH- <\/p>\n

Oil prices fell on Monday amid talks on a ceasefire in Gaza and concerns over demand in <\/strong>China<\/strong>, Reuters<\/a> reports. Brent crude futures were down 2.5% to USD 77.66 a barrel, while US West Texas Intermediate (WTI) fell 3% to USD 74.37 a barrel.<\/p>\n

DATA POINT- <\/p>\n

<\/a> DP World and AD Ports invested over c. <\/strong>AED 6.1 bn<\/strong> in global trade <\/strong>infrastructure in 1H 2024<\/strong>, according to \u0650 Al Khaleej<\/a>. AD Ports allocated AED 2.45 bn, while DP World\u2019s spending reached AED 3.64 bn, focusing on ports, logistics, and marine services. <\/p>\n

DP World plans to deploy nearly AED 7.4 bn in 2024<\/strong>, with investments planned at multiple international locations including the UK, India, Senegal, and Canada.<\/p>\n

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<\/a> #2- The <\/strong>number of tenants at the UAE\u2019s Dubai World Trade Center Authority <\/strong>Freezone (DWTCA) increased 21% y-o-y to 2.7k in 1H 2024<\/strong>, Wam<\/a> reports. The number of registered companies in the zone rose 19% y-o-y to 2.8k during the period DWTCA broadened its freezone jurisdiction in 1H to encompass One Za\u2019abeel<\/a>, increasing the zone\u2019s rental space.<\/p>\n

#3- <\/strong>Egypt\u2019s agricultural exports exceeded 5.6 mn tons from 1 January to 12 August 2024<\/strong>, according to a government statement<\/a>. Top exports included citrus fruits at 2 mn tons, potatoes at 957k tons, and onions at 236k tons. Other top exports included grapes, green beans, sweet potatoes, mangoes, tomatoes, garlic, strawberries, guavas, and pomegranates.<\/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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TRADE WATCH-<\/strong><\/p>\n

#1- India has reportedly requested a review meeting with the UAE to discuss key <\/strong>provisions of their trade pact<\/strong>, including issues related to rules of origin and concessional rates, Indian Commerce Secretary Sunil Barthwal was quoted as saying by news outlets (here<\/a> and here<\/a>). The meeting will aim to review their agreements on value add policies and custom duties, Barthwal said.<\/p>\n

In context:<\/strong> The review request came on the heels of a sharp rise in Indian imports of gold and silver from the UAE under the agreement. The Global Trade Research Initiative (Gtri) has voiced concerns about India incurring huge revenue losses on the back of its commitment to apply zero tariffs on unlimited quantities of silver imports from the UAE within the coming eight years, it said in a report (pdf)<\/a> published earlier this year. The agreement will also see them reduce duties on gold to zero in three years provided the imports contain at least 2% aluminum, according to the outlets.<\/p>\n

By the numbers:<\/strong> The UAE accounts for nearly half of India\u2019s silver imports, as importers made use of the lower 8% tax, with shipments surging from 133 tonnes to almost 2k tonnes over the first five months of 2024<\/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

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":80466,"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":[365,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-folk-maritime","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2c623ed0-b79e-4779-bf3b-219d349c31d5","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/1749.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Algeria, Iraq to supply fuel to Lebanon amid energy crisis","related_issue":[80463],"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\/.d3ef93f1-7cbe-4003-bb03-8a40adce1c9c.mp3"},"yoast_head":"\nTODAY: Algeria, Iraq to supply fuel to Lebanon amid energy crisis - 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