{"id":80584,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/26\/today-adia-backed-consortium-offers-eur-14-bn-to-take-over-db-schenker\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"today-adia-backed-consortium-offers-eur-14-bn-to-take-over-db-schenker","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/26\/today-adia-backed-consortium-offers-eur-14-bn-to-take-over-db-schenker\/","title":{"rendered":"TODAY: Adia-backed consortium offers EUR 14 bn to take over DB Schenker"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>We have a packed issue this morning as the workweek kicks off with updates from across the region in nearly every subsector of the industry, but first, big moves are afoot on the Canadian tracks\u2026<\/p>\n

THE BIG LOGISTICS STORY ABROAD-<\/strong> Canada\u2019s rail network <\/strong>shut down<\/strong> after failed labor talks over the weekend:<\/strong> Canada\u2019s two largest railroad operators, CN and CPKC, halted their operations in the country on Thursday following unsuccessful labor negotiations<\/a>, locking out some 10k workers. The move stopped some 2.5k rail cars from traveling across the US-border daily, the newswire quoted US Railroad Union Pacific as saying. Canada\u2019s railways facilitate the movement of around CAD 380 bn worth of goods per year.<\/p>\n

The <\/strong>Canada Industrial Relations Board <\/strong>ordered the resumption of operations<\/a><\/strong> at the country\u2019s biggest railways<\/strong> on Saturday. The board has also backed the government\u2019s request to implement binding arbitration on the parties to establish new agreements, allowing existing contracts to remain in force until new agreements are reached. The Teamsters\u2019 Union has said it will be appealing the board\u2019s ruling in federal court, arguing that it \u201csets a dangerous precedent\u201d and \u201csignificantly diminished\u201d workers\u2019 rights. A full recovery for the railway network is expected to take several weeks and a \u201cperiod of time beyond that for supply chains to stabilize,\u201d CPKC said. <\/p>\n

US ports<\/strong> absorbed diverted traffic:<\/strong> US ports received increased freight traffic amid Canada\u2019s disrupted rail operations, Bloomberg<\/a> reported on Thursday. US-based logistics giant CH Robinson Worldwide diverted much of its US clients\u2019 maritime cargo from Canadian ports to terminals in Southern California and Washington State. Redirecting cargo will be costly for importers and exporters alike, who are facing additional costs from switching to trucks and surcharges from marine shippers.<\/p>\n

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

<\/a> <\/p>\n

HAPPENING THIS WEEK-<\/p>\n

<\/a>Headway on Iraq\u2019s Development Road project? <\/strong>Turkey will host the Development Road Summit on Thursday gathering ministers from Iraq, Qatar, and the UAE to discuss the USD 20 bn project aimed at connecting the Iraqi port of Basra to the Persian Gulf to Turkey, Al Monitor<\/a> reported, citing remarks made on by Friday by Turkish Transport Minister Abdulkadir Uraloglu. The quadripartite summit will discuss the details of the project. <\/p>\n

REMEMBER- <\/strong>The UAE, Iraq, Turkey, and Qatar signed a preliminary agreement<\/a> back in April to work together on the Development Road project in Iraq, which aims to connect a significant commodities port on Iraq's southern coast \u2014 the Grand Faw Port \u2014 to Turkey's border via rail and road networks. The project\u2019s railway track is almost 80% complete<\/a>, while the expressway is 75% complete. The Iraqi Transport Ministry inked an agreement in July with consulting firm Oliver Wyman<\/a> to help market the project, supervise investments, and provide economic advisory services for strategic government projects.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

#1- Emirates, Etihad Airways, and flydubai canceled and diverted Tel Aviv and Beirut <\/strong>flights yesterday following an exchange of fire<\/strong> between Israel and Hezbollah that resulted in the closure of Israel\u2019s Ben Gurion airport, Khaleej Times<\/a> reported. \u201cFlights today are currently scheduled to operate following the reopening of Ben Gurion Airport. We will continue to monitor the situation closely and amend our schedule accordingly,\u201d a flydubai spokesperson was quoted as saying by the outlet. Israel's Civil Aviation Authority said on Sunday that flights to and from Ben Gurion Airport in Tel Aviv resumed following a short suspension amid Israeli military strikes in Lebanon.<\/p>\n

ICYMI-<\/strong> Israel carried out<\/a> what it said was a pre-emptive attack on Hezbollah sites in southern Lebanon, striking Lebanon with around 100 warplanes that took out thousands of rocket launchers. Hezbollah responded by launching hundreds of rockets and drones at Israel targeting 11 army barracks and military sites in northern Israel, in what it said was the start of its retaliation for the killing of its commander on 30 July at the hands of Israeli forces. An Israeli military spokesman said that Israel\u2019s operation in Lebanon is \u201cover for now,\u201d while Hezbollah said that the rest of its retaliation would take \u201csome time.\u201d<\/p>\n

<\/a>#2- India\u2019s <\/strong>GMR bids for airport projects in Kuwait + Saudi Arabia<\/strong>:<\/strong> Indian airport operator GMR is bidding for a tender for a project at Kuwait Airport\u2019s Terminal 2 and placed a request for qualification for Saudi Arabia\u2019s Abha airport, Indian news outlet the Financial Express<\/a> reported on Saturday.<\/p>\n

What we know: <\/strong>In Kuwait, GMR is bidding for managing and operating the airport\u2019s Terminal 2 in a 10-year-long, asset-light contract, CEO Rajesh Arora said during a post-earnings call. There are currently two other players in the race for the tender. Over in Saudi Arabia, \u201cwe have submitted our qualification for the Saudi airport and the next process will take place as we will go along in terms of RFP,\u201d Arora said. Neither the details of the contracts nor the investment tickets have been disclosed.<\/p>\n

#3- <\/strong>Egypt aims to import some 22 liquefied natural gas (LNG) shipments in August and <\/strong>September to feed power stations<\/strong>, Ashraq Business<\/a> reported last week, citing a government source. The government is expecting to receive 11 LNG shipments each month, and the LNG will be processed at gasification vessels at Aqaba and Ain Al Sokha.<\/p>\n

REFRESHER- <\/strong>Egypt\u2019s Oil Ministry received 10 out of 21 contracted LNG shipments<\/a> earlier this month. The LNG imports aim to ensure the lights stay on<\/a> after an extended period of power cuts in the country since the summer of 2023.<\/p>\n

ALSO- The Central Bank of Egypt has <\/strong>started easing import<\/a><\/strong>restrictions<\/a><\/strong> on 12 of the 13 non-essential goods it has previously prohibited banks from issuing credit lines for<\/strong>, sources with knowledge of the matter told Al Mal<\/a>. The bank reportedly gave local banks the green light to start issuing letters of credit for goods that include mobile phones, food plants and seeds, fresh fruits, cocoa, jewelry, electric appliances, ready-made garments, furniture, and heavy equipment. The one non-essential import banks are still not allowed to issue credit lines for cars, the sources said.<\/p>\n

<\/a>#4- <\/strong>Qatar to reportedly supply Kuwait with LNG:<\/strong> Qatar Energy is in talks with Kuwait Petroleum Corporation (KPC) for a 15-year liquefied natural gas (LNG) supply deal to meet Kuwait\u2019s growing demand for power generation, Reuters<\/a> reported last week, citing exclusive comments by industry sources. The agreement \u2014 which is expected to be announced in 4Q 2024, according to one source \u2014 would see Qatar provide Kuwait with 3 mn metric tons per annum from its North Field project, which is set to be operational in 2026. <\/p>\n

Not a first: <\/strong>Kuwait inked an 15-year agreement with Qatar back in 2020 for the supply of 3 mtpa of LNG that is set to expire by 2024. The North Field agreement would mean that Qatari supplies to Kuwait will reach 6 mn mtpa at some point later this decade. <\/p>\n

ALSO- <\/strong>Fujairah to export gravel to Kuwait:<\/strong> UAE\u2019s Fujairah Natural Resources Corporation and Kuwait\u2019s Public Works Ministry inked an agreement to export high quality gravel from the UAE to Kuwait, the Kuwait News Agency<\/a> reported last week. The agreement will also see both sides exchange expertise on gravel manufacturing and transport.<\/p>\n

\n

RED SEA WATCH-<\/p>\n

A Greek-flagged <\/strong>oil vessel has been on fire since <\/strong>Friday after it was attacked by the Houthis on Thursday<\/strong>, Reuters<\/a> reported. The Sounion was evacuated by the EU\u2019s Red Sea naval mission Aspides following the initial attack, according to an earlier Reuters<\/a> report. The vessel sustained several projectile missile attacks off the coast of Yemen\u2019s Hodeidah Port on Wednesday, causing a fire to break out onboard, citing a statement by the ship\u2019s operator Delta Tankers. <\/p>\n

A potential hazard:<\/strong> \u201cCarrying 150k tonnes of crude oil, the MV Sounion now represents a navigation and environmental hazard,\u201d Aspides said in a statement<\/a> on X on Thursday.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices <\/strong>gained more ground this morning as prices rose in response to widening <\/strong>conflict in the Middle East<\/strong>, Reuters<\/a> reports. Brent crude futures climbed USD 0.53 reaching USD 79.55 a barrel by GMT 04.25, while US West Texas Intermediate gained another USD 0.51 trading at USD 75.34 a barrel. <\/p>\n

OPEC+ faces a difficult decision on whether to boost oil production next month or keep it <\/strong>steady, <\/strong>given \u201cconcerns\u201d about the fuel consumption outlook and increased output from other nations, Reuters<\/a> reported on Friday. The group opted to maintain current production levels while assessing the effects of existing cuts last month<\/a>, and had earlier agreed<\/a> to ease the cuts starting October 2024.<\/p>\n

Meanwhile, g<\/strong>lobal oil demand growth forecast continue to change:<\/strong> US bank Morgan Stanley has lowered its global oil demand growth forecast to 1.1 mn barrels per day on the back of China\u2019s weak economic growth, increased EV usage, and an increase in the number of LNG-powered trucks, Reuters<\/a> reported on Friday. \u201cWith demand set to slow after summer, and both OPEC and non-OPEC supply to increase from the fourth quarter, we foresee a softening balance, turning to surplus in 2025,\u201d Morgan Stanley said.<\/p>\n

#2-<\/strong> Baltic index takes a marginal dip<\/strong>: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 fell marginally by 0.3% to 1,762 points<\/a> on Friday, pulled down by panamax rates. The capesize index inched up four points to 2,851, while the panamax index slipped down 2.1% to 1,414 points. The smaller vessel segment Supramax rose five points to 1,318.<\/p>\n

#3- The Drewry World Container Index decreased 2% to USD 5,319 per 40-ft container last <\/strong>week<\/strong>, according to the latest index readings<\/a>. Spot rates for 40-ft containers are now 49% below the previous pandemic peak of USD 10,377 in September 2021, but 274% higher than the pre-pandemic rates of USD 1,420.<\/p>\n

\n

DATA POINTS-<\/p>\n

#1- <\/strong>Saudi Arabia\u2019s <\/strong>non-oil exports rose 1.4% y-o-y in 2Q 2024<\/strong>, according to the latest data<\/a>from the General Authority for Statistics (pdf)<\/a>. Total non-oil exports including re-exports were up 10.5% y-o-y, with exports increasing in value by 39.1% over the same period. Meanwhile, imports were up 3% y-o-y last quarter.<\/p>\n

#2- The UAE\u2019s foreign trade increased by 11.2% y-o-y in 1H 2024, reaching an all <\/strong>time <\/strong>high of AED 1.395 tn<\/strong>, according to data<\/a> published by the UAE media office. The country aims to achieve AED 4 tn in foreign trade by 2031, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on X<\/a>. The UAE\u2019s trade with Iraq grew 41% y-o-y in 1H 2024, making it the top destination for UAE exports, followed by India, which saw trade increase 10% y-o-y, and Turkey, which saw an increase of 15%. <\/p>\n

Re-exports grew 2.7% y-o-y in 1H 2024 to AED 345.1 bn<\/strong>, with main trading partners including Saudi Arabia, Iraq, India, USA, Kuwait, Qatar, and Kazakhstan. Telephones and diamonds were the main re-exported goods, with the highest growth seen in re-exports of aircraft parts, cars, and goods transport vehicles.<\/p>\n

#3- <\/strong>Omani trade with European countries grew 9.5% y-o-y in the first five months of <\/strong>2024<\/strong>, reaching OMR 878.4 mn, Muscat Daily<\/a> reports, citing Oman\u2019s National Center for Statistics and Information. Total exports to Europe reached OMR 197.3 mn, up from OMR 120.4 mn the year prior, with re-exports jumping up 17.4% y-o-y to OMR 60.8 mn. Imports from Europe dipped by 1.5% y-o-y to OMR 630.1 mn. Germany was Oman\u2019s biggest European trade partner, with Oman exporting OMR 9.2 mn worth of goods to Germany and importing OMR 88.6 mn worth of goods from January to May. This was followed by Belgium, which exported OMR 100.9 mn worth of goods to Oman and imported goods valued at OMR 6 mn. <\/p>\n

#4- <\/strong>Bahrain International Airport (BIA) saw a 34.7% y-o-y increase in the volume of <\/strong>cargo handled in July 2024<\/strong>, which amounted to 19.6k tons, the Arab Air Carriers' Organization<\/a> reported last week. The airport saw a 9.4% y-o-y increase in aircraft movements to 9k, while passenger traffic was up 4.9% to 873k during the same period. <\/p>\n

\n

PSA-<\/p>\n

Hapag-Lloyd tacks on surcharge from Turkey to Morocco:<\/strong> Shipping giant Hapag-Lloyd will add a peak season surcharge (PSS) from Turkey to Morocco starting Sunday, 1 September until further notice, according to a statement<\/a>. The PSS will be USD 150 per 20-ft container and USD 200 per 40-ft container and would be implemented on all cargo types, according to the statement.<\/p>\n

And another from Turkey to Northern Europe<\/strong>:<\/strong> The shipping giant is also adding an Equipment Imbalance Surcharge (EIS) on all dry equipment from traveling ports in Turkey to Northern Europe, effective 1 September until further notice, according to a statement<\/a> published last week. The EIS will be applied to all carriers with dry standard equipment at a rate of EUR 200 per container.<\/p>\n

\n

SAVE THE DATE-<\/p>\n

UK-Egypt trade and investment in the spotlight: Our friends at HSBC<\/strong>, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar<\/strong> this week to discuss how to support infrastructure reforms<\/strong>, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar takes place next Thursday (29 August) from 12-1pm CLT \/ 1-2pm UAE. <\/p>\n

Want to attend? <\/strong>You can sign up here<\/a><\/strong>.<\/strong> <\/p>\n

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in <\/strong>London<\/strong> on Monday, 16 September. <\/p>\n

Infrastructure is a key part of the forum. <\/strong>The gathering \u2014 which follows on from a June<\/a>infrastructure mission<\/a> \u2014 will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech.<\/p>\n

Networking:<\/strong> The forum will include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update. <\/p>\n

Want to join them in London? <\/strong>Register your interest in attending the event here<\/a>.<\/p>\n

\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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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 in Riyadh. <\/strong>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 in El Alamein.<\/strong> 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 in Riyadh.<\/strong> The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry.<\/p>\n

The UAE<\/strong> will host the <\/strong>Intelligent Transport Systems World Congress<\/a><\/strong> from Monday, 16 <\/strong>September to Friday, 20 September in Dubai. <\/strong>The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.<\/p>\n

Saudi Arabia will host the <\/strong>Saudi Maritime and Logistics Congress<\/a><\/strong> on Wednesday, 18 <\/strong>September and Thursday, 19 September in Dammam. <\/strong>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":"

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