{"id":81169,"date":"2024-09-23T00:00:00","date_gmt":"2024-09-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/23\/today-ad-ports-refinances-usd-2-25-bn-loan-ksas-folk-maritime-plans-a-multi-mn-usd-in-fleet-expansion\/"},"modified":"2024-09-23T00:00:00","modified_gmt":"2024-09-23T00:00:00","slug":"today-ad-ports-refinances-usd-2-25-bn-loan-ksas-folk-maritime-plans-a-multi-mn-usd-in-fleet-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/23\/today-ad-ports-refinances-usd-2-25-bn-loan-ksas-folk-maritime-plans-a-multi-mn-usd-in-fleet-expansion\/","title":{"rendered":"TODAY: AD Ports refinances USD 2.25 bn loan + KSA\u2019s Folk Maritime plans a multi-mn USD in fleet expansion"},"content":{"rendered":"

Good morning, nice people. <\/strong>We have a bumper issue this morning with updates cutting across the logistics industry both at home and abroad, leading with financing updates from AD Ports and a sizable expansion ramp up from KSA\u2019s Folk Maritime. First, a quick look at how Middle East escalations are affecting the skies\u2026<\/p>\n

THE BIG LOGISTICS STORY-<\/strong> Disruption in the air: <\/strong>Several international airlines have suspended hundreds of flights to and from Tel Aviv \u2014 as well as to Jordan and Lebanon \u2014 on the back of the ongoing war in the Middle East. Delta Air Lines said on Thursday<\/a> it will pause its flights between JFK and Tel Aviv through December 31, due to escalating security concerns in the Middle East. Other airlines have also been rerouting to avoid Iranian and Lebanese airspace amid rising tensions between Israel and Lebanon\u2019s Hezbollah militant group. Reuters<\/a><\/strong> has the master list of suspensions and cancellations + the story grabbed headlines in <\/strong>AP<\/a><\/strong> and <\/strong>CNN<\/a><\/strong>.<\/strong><\/p>\n

It's another case of D\u00e9j\u00e0 vu? <\/strong>Global aviation saw severe disruption after Iran\u2019s counter attack on Israel back in April that caused a dozen airlines to cancel or divert their flights. Major MENA airlines including Emirates Airlines, Qatar Airways and Etihad Airways said they would be resuming operations in the region back in April<\/a> after canceling or rerouting some flights. EgyptAir also said it would resume flights to Jordan, Iraq, and Lebanon, after suspending the routes temporarily. <\/p>\n

HAPPENING THIS WEEK-<\/p>\n

#1- The UAE Finance Ministry will hold its first dialogue with state-owned companies<\/strong> across <\/strong>the GCC tomorrow in Dubai<\/strong>, aiming to boost economic integration across the region and address key challenges in the GCC Common Market, Wam<\/a> reports. With over 80 firms participating, the event will feature government presentations on the GCC customs union and the common market, while the private sector will present a working paper outlining strategies to boost exports. <\/p>\n

#2- <\/strong>The <\/strong>World Freezones Organization\u2019s Annual International Conference and Exhibition<\/a><\/strong> will <\/strong>kick off today and run until Wednesday in Dubai.<\/strong> The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.<\/p>\n

#3- The <\/strong>Freight Summit Global Conference<\/a><\/strong> will take place from today to<\/strong> Thursday in Dubai.<\/strong> The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.<\/p>\n

#4- The <\/strong>Global Aerospace Summit<\/a><\/strong> will start on Wednesday and run through to T<\/strong>hursday in Abu Dhabi. <\/strong>The event will gather key players in the global aerospace supply chain industry and government officials to discuss industry services, legal structure and resource sharing.<\/p>\n

#5- <\/strong>Logistics & Transport<\/strong> Awards 2024 nominees revealed:<\/strong> The Logistics & Transport Awards will take place on Friday in Dubai. The industry event awards leading companies in the logistics sector, and recognizes groundbreaking projects and achievements. UAE\u2019s DP World is nominated in five different categories this year, and Aramex has snapped up six nominations. Click here<\/a> to see a list of the nominees. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Qatar i<\/strong>s the top contender to supply liquified natural gas (LNG) to South Africa<\/strong>, as Sasol and power utility Eskom work to secure fuel from new sources before the country\u2019s main supply falls off in 2027, Bloomberg<\/a> reported on Friday. Qatar \u201cis top of the food chain\u201d to supply LNG to Eskom and the chemical and fuel manufacturer because of its abundant gas reserves, Bloomberg quoted Electricity and Energy Minister Kgosientsho Ramokgopa as saying. Qatar, which aims to increase its LNG shipments by over 80% by 2030, has shown interest in collaborating with South African President Cyril Ramaphosa, Ramokgopa said.<\/p>\n

The background:<\/strong> South Africa is urgently seeking alternative gas supplies as it anticipates reduced output in 2027 from Sasol-operated fields in Mozambique, which provide gas via pipeline to South African businesses supporting hundreds of thousands of jobs.<\/p>\n

<\/a>#2-<\/strong> Etihad Cargo + SF Airlines enter new JV:<\/strong> The UAE\u2019s Etihad Cargo is establishing a new joint venture (JV) with Chinese air cargo carrier SF Airlines to boost global logistics and connectivity, according to a statement<\/a> published on Thursday. The partnership aims to provide a comprehensive suite of logistics services to customers worldwide, including increasing aircraft capacity, enhancing transit times, and expanding interconnection networks. The collaboration will be finalized in the next phase of the partnership, with updates and definitive agreements set to be inked soon, the statement said.<\/p>\n

Building on an existing friendship: <\/strong>SF Airlines and Etihad Cargo launched new air cargo routes last year<\/a> linking China\u2019s Ezhou City to Abu Dhabi as part of a wider partnership to boost cargo volumes<\/a> in light of increased demand in the UAE, China, and around the world. They also signed a reciprocal capacity agreement<\/a> that allows Etihad to expand its reach to China by leveraging SF Airlines\u2019 network, and created networks connecting<\/a> Etihad Cargo\u2019s hub in Abu Dhabi with SF Airlines\u2019 Wuhan hub in April.\u2019<\/p>\n

#3-<\/strong> Egypt allocating land for Safaga port<\/strong>:<\/strong> Egypt is reallocating state-owned land in the Red Sea Governorate for the Safaga Grand Port project and its multi-purpose container terminal, according to a statement<\/a> released last week. The move is part of a comprehensive plan to develop the port, which aligns with the state's efforts to maximize its strategic location between the Red and Mediterranean Seas and on global shipping routes, the statement said.<\/p>\n

AND- Israeli gas imports are in the press again: <\/strong>Egypt will reportedly increase its imports of Israeli gas by 20% to 1.2 bn cf a day starting next month in a bid to cut down on LNG imports for the winter period, Asharq Business<\/a> reports, citing a government official with knowledge of the matter. Egypt\u2019s daily imports of gas from Israel rose to 1 bn cf\/d at the beginning of September, up 18% from the 850 mn cf\/d during July.<\/p>\n

More than expected? <\/strong>Earlier reports this month<\/a> by Al Arabiya said Egypt\u2019s Oil Ministry is looking to increase its Israeli gas imports by the equivalent of 150 mn cf\/d to reach 1.1 bn by October.<\/p>\n

<\/a>#4-<\/strong> Ins. costs for ships traveling the Red Sea have more than doubled amid increased <\/strong>risk from Houthi attacks<\/strong>, Reuters<\/a> reported on Thursday. Vessels sailing through the Red Sea were quoted premiums of up to 2% of the value of the vessel, compared to 0.7% in early September. \u201cA lot of the smaller [ins. firms] are no longer prepared to underwrite Red Sea war coverage,\u201d head of marine with ins. broker McGill and Partners David Smith said. \u201cIt\u2019s the first time I've seen underwriters just say no.\u201d<\/p>\n

Background:<\/strong> Yemen\u2019s Iran backed Houthi movement threatened to escalate ship attacks late last year<\/a>, saying it will target any ships in the Red Sea headed for Israel regardless of its nationality. An oil tanker<\/a> was recently towed after being attacked and set on fire by Houthi militants last month.<\/p>\n

<\/a>#5-<\/strong> Iraq to export gas by 2030:<\/strong> Iraq will have enough gas to meet its own needs and to export by 2030, as several projects are underway to utilize the country\u2019s gas resources and generate electricity, INA<\/a> reported last week citing Oil Minister Basim Khudair. The minister said in May that the state-owned Midland Oil Company entered into a contract with a consortium made up of Jereh Group, a Chinese oilfield services and equipment manufacturer, and Petro Iraq to work on the development of the Mansouriya gas field in Diyala governorate.<\/p>\n

The details: <\/strong>Production at the Mansouriya field will reach 100 mn cupid feet within 18 months, and production will reach 300 mn cubic feet within the next four to five years, Director General of state-owned Midland Oil Company Mohammed Yassin Al-Obaidi told INA. <\/p>\n

#6- <\/strong>Airbus\u2019 A321XLR debut pushed back:<\/strong> The first delivery of Airbus\u2019 A321XLR is set for the second half of October, missing the planemaker\u2019s delivery target by several weeks, an Iberia spokesperson told Reuters<\/a> on Friday. Airbus says it had sold more than 500 of the A321XLR model, but did not give a breakdown by airline, the newswire reports. The debut of the aircraft was originally planned for Iberia\u2019s sister airline Aer Lingus, but was transferred to the Spanish network by parent group IAG earlier this year.<\/p>\n

The context:<\/strong> The debut of the aircraft \u2014 originally slated for the end of summer \u2014 aims to help airlines open new routes without the need to resort to filling up on larger wide-body aircraft. It also comes amid fierce competition between Airbus and Boeing to meet strong demand for lounger routes with workhorse narrowbody jets.<\/p>\n

#7- <\/strong>Trafigura taps new CEO: <\/strong>Singapore-based commodities company Trafigura is planning on naming Richard Holtum (LinkedIn<\/a>) as its new chief executive officer (CEO) as soon as this week, the Financial Times<\/a> reported on Friday, citing sources familiar with the matter. Holtum has served at Trafigura since 2014, and currently runs the firm\u2019s gas, power, and renewables division. Prior to serving at Trafigura, Holtum served in the British army for five years, then spent two years trading oil at rival firm Glencore. <\/p>\n

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MARKET WATCH- <\/p>\n

#1 Oil prices rose in early morning trading buoyed by concerns regarding Middle East <\/strong>tensions cutting regional supply andUS interest rate cuts supporting demand<\/strong>, Reuters<\/a> reports. Brent crude futures for November climbed USD 0.60 to USD 75.09 a barrel at GMT 04.15, while West Texas Intermediate crude futures for November rose USD 0.64 to USD 71.64 a barrel. <\/p>\n

#2- <\/strong>Russian oil <\/strong>exports possibly on the rise: <\/strong>Russia\u2019s domestic oil production and its western ports\u2019 oil exports might increase next month, this is after cargoes entered Russia last week, Reuters<\/a> reported last week. The rise in October is expected to be minimal, however, as repairs in several plants will not be completed on time, Reuters quoted one source as saying. In September, exports are expected to rise by 4.5% from August to 2.04 mn barrels per day. Oil loadings from ports of Primorsk, Ust-Luga, and Novorossiysk are expected to fall in October compared to September. <\/p>\n

#3-<\/strong>Saudi Arabia\u2019s<\/strong> crude oil exports fell to their lowest point in a year this July<\/strong>, with crude oil exports down by 5.1% to 5.74 mn barrels per day (bpd), Reuters<\/a> reported on Thursday, citing the Joint Organization Data Initiative (JODI). Meanwhile, the Kingdom\u2019s production rose by 1.3% to 8.94 mn bpd, while their refineries\u2019 crude throughput fell by 0.026 mn bpd to 2.397 bpd. This is after Opec+ revealed intentions earlier this month<\/a> to delay a planned 180k bpd output hike for October and November due to crude prices hitting their lowest point in nine months<\/a>. <\/p>\n

#4-<\/strong> Baltic index sees slight bump:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 increased 0.1% to 1,977 points<\/a> on Friday, its highest point since mid-July. The capesize index dropped 0.6% to 3,235 points. The panamax index rose nearly 10 to 1,538 points, reaching a one-month high. The smaller supramax index gained 13 points to 1,289 points.<\/p>\n

#5-<\/strong> The Drewry World<\/strong> Container Index decreased 5% to USD 3,970 per 40-ft <\/strong>container on <\/strong>Thursday<\/strong>, according to the latest index readings<\/a>. Spot rates for 40-ft containers are now 62% below the previous pandemic peak of USD 10.4k in September 2021, but remains 180% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 4.1k per 40ft container, which is USD 1.3k higher than the 10-year average rate of USD 2.8k<\/p>\n

DATA POINTS- <\/p>\n

#1-<\/strong> Mawani\u2019s<\/strong> total cargo delivered grew by 23.9% to 17k tons<\/strong> m-o-m in August 2024, according to a statement<\/a>. The figures also show a 24.1% increase in fuel delivered to 3.6 mn liters as well as a total of 13 rig moves completed.<\/p>\n

#2-<\/strong> Oman\u2019s non-oil <\/strong>merchandise exports increased by 8.1% y-o-y to OMR 3.6 bn in 1H <\/strong>2024<\/strong>, and a recorded fall in trade surplus by 1.2% y-o-y to OMR 3.7 bn, Zaywa<\/a> reports, citing the National Center for Statistics and Information. Mineral product exports increased by 21.5% to OMR 1.3 bn y-o-y in 1H 2024, the highest value of Oman\u2019s non-oil merchandise exports, followed by base metals and their derivatives with an increase of 7.3% to OMR 671 mn. <\/p>\n

Total merchandise imports increased by 6.7%<\/strong>, to OMR 11.7 bn y-o-y in the first six months of 2024, with imports of chemical products declining by 1.7% to OMR 750 mn. Transport equipment imports increased by 4.9% to 684 mn during the same time period.<\/p>\n

#3-<\/strong> Egypt\u2019s agricultural exports increased <\/strong>by 9% to 6.4 mn tons y-o-y from 1 January <\/strong>till 18 September 2024<\/strong>, according to a statement<\/a>. The largest agricultural exports were of citrus fruit reaching 2.2 mn tons, followed by 965k tons of potatoes, 261.5k tons of onions, 193k tons of beans, 175k tons of grapes, 121k tons of sweet potatoes, 76k tons of mangoes, 39.2k tons of pomegranates, 37.1k tons of tomatoes, 23.4k tons of garlic, 21.3k tons of strawberries, and 11.3 tons of guava. <\/p>\n

\n

PSA-<\/p>\n

Hapag-Lloyd tacks on surcharge from Turkey to Northern Europe: <\/strong>Shipping giant Hapag-Lloyd will add an equipment imbalance surcharge (EIC) on all dry equipment traveling from ports in Turkey to Northern Europe, effective 7 October 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 300 per 20ft and 40ft container.<\/p>\n

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

Bahrain to host the <\/strong>Routes World<\/a><\/strong> forum from Sunday, 6 October to Tuesday, 8 October. <\/strong>The event will bring together VPs and network planning heads from some 250 carriers to discuss global air route networks.<\/p>\n

Saudi Arabia to host the <\/strong>Global Logistics Forum<\/a><\/strong> from Saturday, 12 October to Monday, <\/strong>14 October<\/strong> in Riyadh. The forum will gather key industry players, government officials, and industry experts to discuss optimizing operations and driving growth in the logistics sector. The event will take a specific look at how the sector can adapt with regards to global climate change and incorporate sustainability into their supply-chain operations. <\/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 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