{"id":81276,"date":"2024-09-26T00:00:00","date_gmt":"2024-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/26\/today-gulfnavs-board-greenlights-brooge-takeover-omans-asyad-makes-moves-on-green-bunkering\/"},"modified":"2024-09-26T00:00:00","modified_gmt":"2024-09-26T00:00:00","slug":"today-gulfnavs-board-greenlights-brooge-takeover-omans-asyad-makes-moves-on-green-bunkering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/26\/today-gulfnavs-board-greenlights-brooge-takeover-omans-asyad-makes-moves-on-green-bunkering\/","title":{"rendered":"TODAY: GulfNav\u2019s board greenlights Brooge takeover + Oman\u2019s Asyad makes moves on green bunkering"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a fairly busy news morning as we slide into the weekend, with updates from GulfNav, Asyad and DP World piling in. First, a quick look ahead at some major disruption cueing up state-side as port workers head to a large-scale strike\u2026<\/p>\n

<\/a> THE BIG STORY ABROAD- <\/strong>Looming US port strikes shake up <\/strong>movement of trade: <\/strong>Several US firms have started importing early, shipping goods to the West Coast, and loading cargo on air freight in anticipation of an incoming port strike on the East Coast and Gulf of Mexico from 1 October. 45k dock workers at over 30 ports stretching from Maine to Texas plan to walk out next week, leaving about half of US ocean trade hanging in the balance. The strike comes as the workers contracts expire and renewal talks reach an impasse over pay.<\/p>\n

Shippers are crying for help: <\/strong>A number of manufacturers and other importers have been hurrying to bring in apparel, home goods, machine parts, and other items ahead of the strike deadline to avoid seeing their cargo held up. The cost of shipping a 40-ft container from Shanghai to New York jumped to USD 10k in July, and although they have since retreated, rates could spike again with the possibility of a strike. \u201cPeople are paying whatever they can to make sure they're in the front of the queue,\u201d Designer Brands chief supply chain officer Ronnie Robinson said.<\/p>\n

The strikes have a lasting impact: <\/strong>Analysts warn that the impact would be felt worldwide as port congestion hampers shipping capacity and increases freight rates. The backlog from a weeklong strike would take at least four weeks to clear and impose a USD 4.5 bn to USD 7.5 bn<\/a> hit. The impact will also be felt with items that cannot be stockpiled, such as bananas, two-thirds of which are unloaded at eastern and Gulf Coast ports.<\/p>\n

The Biden administration isn\u2019t stepping in:<\/strong> President Joe Biden does not intend to put a federal law into use to prevent a strike at the ports. Last summer, the Biden administration negotiated a contract between US West Coast seaport employers and union workers following labor disruptions at California ports which resulted in a 32% pay increase which provided a precedent for current East and Gulf Coast labor talks.<\/p>\n

The story grabbed a lot of ink in the int\u2019l press:<\/strong> Reuters<\/a> | AP<\/a> | Bloomberg<\/a> | The New York Times<\/a> | CBS<\/a> | The Economic Times<\/a> | Politico<\/a> | ABC News<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/strong><\/a> #1- DP World is eyeing a trade hub in Mexico: <\/strong>Emirati port operator DP World is reportedly in talks with the Mexican government to establish an industrial complex that would see it handle cargo heading to the US from southern states, chairman and chief executive Sultan Ahmed bin Sulayem told The Wall Street Journal<\/a>. DP is seeking a Mexican port with enough land to accommodate a huge industrial park in a bid to mirror the success of Jebel Ali Freezone. \u201cWe would love to have a combination of both port and industry \u2026 It really provides a lot of cargo for the port and makes it so easy for people producing to ship it immediately,\u201d Sulayem said.<\/p>\n

Not giving up on US ambitions: <\/strong>The move would further DP\u2019s ambitions to tap into the US trade market, while building on existing networks the company has established to the north of the US in Canada with its five terminals on the East and West coasts. The company divested its assets in<\/a> five US East Coast terminals back in 2006 due to heightened security fears regarding critical infrastructure ownership following the September 11 terrorist attacks.<\/p>\n

<\/a> #2- <\/strong>Israel is importing Moroccan<\/strong>-made cars as it contends with a supply shortage <\/strong>following a trade embargo imposed by Turkey<\/strong>, Morocco World News<\/a> reports. Until recently, a limited number of Moroccan-made vehicles were imported to Israel, mainly from the Renault and Dacia brands. In the next few months, however, Peugeot 208 models made at Stellantis' plants in Kenitra, Morocco are anticipated to be added to the lineup.<\/p>\n

Israel\u2019s shift to Moroccan imports comes as it faces major supply shortages in its car market<\/strong>, with brands like Hyundai, Toyota, Renault and Ford no longer arriving from Turkey, the news outlet explains. Trade between Morocco and Israel increased by 124% to USD 8.5 mn y-o-y in June 2024. Turkey halted all trade with Israel in response to the \u201cworsening humanitarian tragedy\u201d in the Palestinian territories, Reuters<\/a> reported in May. <\/p>\n

\n

PSA-<\/p>\n

Oman\u2019s<\/strong> Al-Khabourah road partially opened:<\/strong> Oman\u2019s Transport, Communication, and Information Technology Ministry opened a 9.5 km long part of the Al-Khabourah road in the north of Al Batinah governorate, according to a post on Facebook<\/a>. The 14.5 km long link<\/a> starts at Al Batinah Expressway intersection and ends at Al-Khabourah roundabout. <\/p>\n

\n

MARKET WATCH- <\/p>\n

#1-<\/strong> Oil prices remained steady in early morning trading <\/strong>after falling yesterday on the back of <\/strong>falling US inventories outweighed global demand expectations<\/strong>, Reuters<\/a> reports. Brent crude futures dipped USD 0.06 to USD 73.52 a barrel by 03.45 GMT, while US West Texas Intermediate rose USD 0.02 to USD 69.71 a barrel. Oil prices dropped over 2% yesterday in response to continued concerns over China's latest economic stimulus plans. <\/p>\n

#2- Baltic index continues<\/strong> climbing despite panamax performance:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 climbed 0.1% to 2,016 points<\/a> on Wednesday, its highest point since July. The capesize index increased 14 points to 3,315 points, while the panamax index fell by 1.1% to 1,543 points. The smaller supramax index rose 5 points at 1,317 points.<\/p>\n

\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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***<\/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

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

Saudi Arabia to host the <\/strong>Global Airport & Aviation Forum<\/a><\/strong> from Wednesday, 16 October to <\/strong>Thursday, 17 Octobe<\/strong>r in Jeddah. The forum will bring together aviation leaders and experts to discuss future projects in the aviation industry, including new airport developments, capacity upgrades and expansions, new aircraft orders, and important airport services. <\/p>\n

Saudi Arabia will host the <\/strong>Smart Ports & Logistics Transformation Summit<\/a><\/strong> on <\/strong>Monday, 21 October and Tuesday, 22 October<\/strong> in Riyadh. The two-day conference aims to discuss strategies, innovation, and technologies in line with Saudi Arabia\u2019s Vision 2030, which aims to position KSA as a logistics hub in the MENA region. <\/p>\n

The UAE will host the <\/strong>International Conference on Tourism, Transport, and<\/a><\/strong>Logistics<\/a><\/strong> on Saturday, 26 October and Sunday, 27 October<\/strong> in Dubai. The event will gather scientists, scholars, and engineers from around the world to discuss new ideas and research development projects in the 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":81277,"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":[186,150,231,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-israel","tag-morocco","tag-turkey","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"109ea09b-7c71-4b84-ace8-5683eaca7001","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/9\/2081.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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