{"id":81858,"date":"2024-10-23T00:00:00","date_gmt":"2024-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/23\/today-etihad-airways-acquires-aed-1-5-bn-worth-of-engines-acquisition-updates-from-easylease-and-fedex-maroc\/"},"modified":"2024-10-23T00:00:00","modified_gmt":"2024-10-23T00:00:00","slug":"today-etihad-airways-acquires-aed-1-5-bn-worth-of-engines-acquisition-updates-from-easylease-and-fedex-maroc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/23\/today-etihad-airways-acquires-aed-1-5-bn-worth-of-engines-acquisition-updates-from-easylease-and-fedex-maroc\/","title":{"rendered":"TODAY: Etihad Airways acquires AED 1.5 bn worth of engines + Acquisition updates from EasyLease and FedEx Maroc"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a fairly busy news morning with a large Etihad Airways transaction and a couple of acquisition updates from the UAE and Morocco, plus we have the latest on the global e-commerce sector outlook thanks to DHL. Shall we?<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/strong> <\/a> #1- <\/strong>LNG buyers are turning away from Qatar and towards the UAE, <\/strong>Oman, and the US <\/strong>for more flexible supply agreements<\/strong>, Reuters<\/a> reports. Japan and South Korea are looking for suppliers who offer shorter-term contacts and, unlike Qatar, do not limit the cargoes\u2019 final destination. Qatar\u2019s agreement to supply some 4.92 mn tons of LNG per year to Korea Gas Corp is set to expire this year. QatarEnergy said it would not comment on market speculation, the newswire writes. <\/p>\n

What we know: <\/strong>Negotiations with South Korea and Japan have stalled due to Qatar\u2019s insistence on destination clauses, which prevent buyers from selling cargoes if they no longer need them. \u201cThe Qataris try to achieve a lot in how they sell their LNG in terms of retaining control over the market \u2026 the UAE's Adnoc and Oman are kind of happy to just get a good price,\" a senior trading source told Reuters. Japan, along with other top LNG buyers, is looking for more supply flexibility to adapt to variable power demand amid nuclear reactor restarts and increasing integration of renewable energy, industry sources told Reuters<\/a>.<\/p>\n

Going forward: <\/strong>QatarEnergy is in talks with European and Asian buyers to supply LNG from its North Field expansion project<\/a>, which is set to expand production by 85%, Reuters said. CEO Saad Al-Kaabi expressed his belief in a promising future for LNG, particularly in Asia, for at least the next 50 years.<\/p>\n

<\/a> #2-<\/strong> Morocco\u2019s <\/strong>ONHYM + ONEE ink natgas agreement<\/strong>: <\/strong>Morocco\u2019s National Office of Hydrocarbons and Mines (ONHYM) has inked an agreement with the National Office of Electricity and Drinking Water (ONEE) to transport natural gas that supplies ONEE\u2019s gas-fired power plants through the Maghreb-Europe gas pipeline (GME), according to a statement<\/a>. The agreement allows the import of liquefied natural gas (LNG) \u2014 which is unloaded and regasified in Spanish terminals \u2014 to be transported to Morocco through the GME.<\/p>\n

Background: <\/strong>The pipeline<\/a> transported gas from Algeria to Spain via Morocco until late 2021 before Algeria suspended flows after cutting off diplomatic ties with Morocco. It was reported at the time that Algeria would compensate for lost supplies to Spain via the Medgaz undersea pipeline running directly from Algeria to Spain and with extra shipping capacity.<\/p>\n

Recent moves to import gas: <\/strong>Morocco was lining up a tender for a floating LNG<\/a> terminal at Nador West Med port this summer in a bid to develop a means to connect to an existing pipeline that facilitates the import of 0.5 bn cubic meters of LNG per year from Spanish terminals. Morocco intends to connect to gas fields under development in the east and west of the country.<\/p>\n

<\/a> #3-<\/strong> Egypt <\/strong>greenlights Tenth of Ramadan dry port: <\/strong>Egypt\u2019s House of Representatives has approved a public-private partnership (PPP) with Medlog, a subsidiary of Italy\u2019s Mediterranean Shipping Company (MSC), to finance, design, construct, exploit, and maintain a dry port and logistics center in the Tenth of Ramadan City, Mubasher<\/a> reports. The partnership extends for 30 years, starting from the date of receiving the land for the port. <\/p>\n

We knew this was coming:<\/strong> Medlog inked the agreement to develop the USD 100 mn dry port in August 2023<\/a>. Unnamed sources confirmed in September<\/a> that final agreements were to be signed following the greenlighting of the project.<\/p>\n

<\/strong>ALSO- Egypt\u2019s <\/strong>Borg El Arab and El Alamein airports are getting a capacity boost come <\/strong>November:<\/strong> Developments to the Borg El Arab and El Alamein International airports are set to be completed by early November, Egyptian Civil Aviation Minister Sameh Elhefny said<\/a>. Borg El Arab International Airport will have the capacity to welcome 6 mn passengers a year when the government and the Japan International Cooperation Agency (JICA) set up Terminal 2 \u2014 the country\u2019s first eco-friendly passenger terminal. Meanwhile, work on the El Alamein International Airport is set to push its annual capacity to 1 mn passengers.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices dipped in early morning trading on the back of a spike in US crude <\/strong>inventories but MENA regional tension continues to impact further decreases<\/strong>, Reuters<\/a> reports. Brent crude futures slipped USD 0.20 to USD 75.84 a barrel by 03.30 GMT, while US West Texas Intermediate (WTI) futures dipped USD 0.20 to USD 71.54 a barrel. Both contracts settled higher in the two previous sessions.<\/p>\n

#2- <\/strong>Baltic index <\/strong>down across the board: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 dropped 4.3% to 1,480 points<\/a> on Tuesday, registering at its lowest reading since early February. The capesize index fell 183 points to 2,008 points, while the panamax index lost another 18 points to 1,260 points. The smaller supramax was down an additional point to 1,249 points.<\/p>\n

\n

PSA-<\/p>\n

Saudi Arabia <\/strong>prohibits foreign truck operations without license:<\/strong> Saudi Arabia\u2019s Commerce Ministry has prohibited suppliers from contracting foreign trucks to operate in the country without obtaining a license from the Transport General Authority (TGA), Jehat<\/a> reports, citing a circular from the ministry.<\/p>\n

The details:<\/strong> The TGA requires foreign vehicles to disclose their operational age, have a tracking device installed, and have approval from the authority to transport goods. Non-Saudi vehicles are not allowed to remain within the country for more than the approved time. The authority is also prohibiting foreign vehicles from transporting passengers and goods unless they are going back to their country of origin from the city of arrival, or from other cities along the route of return. <\/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

The International Conference on Tourism, Transport, and Logistics (<\/strong>ICTTL - 2024<\/a><\/strong>)<\/strong> is <\/strong>being held on Saturday, 26 October and Sunday, 27 October in Dubai.<\/strong> The conference will bring together experts, present ongoing research activities, and discuss future projects and partnerships. <\/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

Saudi Arabia will host the <\/strong>Saudi Airport Exhibition<\/a><\/strong> on Monday, 11 November and <\/strong>Tuesday, 12 November<\/strong> in Riyadh. The two-day exhibition will bring together global industry leaders to discuss the latest technologies around the world in the aviation industry. It looks to encourage discussion between Saudi aviation leaders and the global supply chain industry.<\/p>\n

The UAE will host the <\/strong>ADIPEC Maritime and Logistics Exhibition and Conference<\/a><\/strong> on <\/strong>Monday, 11 November and Thursday, 14 November<\/strong> in Abu Dhabi. The event looks to explore ways to reduce emissions through innovative solutions. It will bring together industry leaders, regulators and decision makers in the global maritime and logistics sector. <\/p>\n

Bahrain will host <\/strong>The Bahrain International Airshow<\/a><\/strong> on Wednesday, 13 November and <\/strong>Friday, 15 November<\/strong> near Awali. The three-day event is bringing together over 180 participating companies from over 59 represented nations globally.<\/p>\n

Egypt will host the <\/strong>Autotech Exhibition<\/a><\/strong> on Sunday, 17 November until Tuesday, 19 November<\/strong> in Cairo. The event will bring together prominent local and international companies to discuss and evaluate the latest developments and trends in the automotive aftermarket and feeder industries.<\/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":81859,"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":[49,227,150,153,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-lng","tag-morocco","tag-qatar","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"10f85b28-87b1-428b-a49a-6da245bb71f4","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/2017.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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