{"id":81980,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/29\/today-vale-and-jinnan-iron-steel-partner-on-iron-ore-plant-in-oman-chinas-baic-group-to-set-up-ev-factory-in-egypt\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"today-vale-and-jinnan-iron-steel-partner-on-iron-ore-plant-in-oman-chinas-baic-group-to-set-up-ev-factory-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/29\/today-vale-and-jinnan-iron-steel-partner-on-iron-ore-plant-in-oman-chinas-baic-group-to-set-up-ev-factory-in-egypt\/","title":{"rendered":"TODAY: Vale and Jinnan Iron & Steel partner on iron ore plant in Oman + China\u2019s BAIC group to set up EV factory in Egypt"},"content":{"rendered":"

Good morning, everyone. <\/strong>It\u2019s a busy morning in logistics land, with several new factories for export popping up across the region, new aircraft acquisitions from the UAE\u2019s DAE, and much more. But first, guess who\u2019s making headlines yet again?<\/p>\n

Boeing makes moves to tackle liquidity issues<\/strong>:<\/strong> Boeing has offered a USD 19 bn share sale to meet its liquidity needs and prevent a possible credit rating downgrade in one of the biggest share proposals by a public company, Bloomberg<\/a> reports. The transaction, with over allotments, could potentially raise up to USD 21.8 bn, Bloomberg calculates.<\/p>\n

The breakdown:<\/strong> The aircraft manufacturer has offered to put up 90 mn common shares for sale and around USD 5 bn of its depositary shares, according to a statement<\/a>. The transaction\u2019s underwriters have the choice to add an additional 13.5 mn common shares as well as USD 750 mn in depositary shares to cover over allotments.<\/p>\n

REMEMBER-<\/strong> Boeing\u2019s machinist strike entered its sixth-week after factory workers voted to reject a wage offer last week<\/a>. Boeing expects<\/a> to burn cash in 2025 on the back of a 3Q loss of USD 6 bn due to the strike, with CEO Kelly Orthberg calling for a \u201cfundamental culture change\u201d after the company on an earnings call. The aviation giant incurred nearly USD 8 bn in losses this year, primarily due to the strike that disrupted production of its 737 MAX, 777, and 767 aircraft. <\/p>\n

Market reax:<\/strong> The company\u2019s shares closed down 2.8% yesterday at USD 150.69 apiece.<\/p>\n

ADVISORS-<\/strong> PJT is acting as the firm\u2019s financial adviser for the offerings, according to the statement. BofA Securities, Goldman Sachs, Citigroup, and JP Morgan are acting as the lead joint bookrunning managers. Deutsche Bank Securities, Mizuho, Morgan Stantley, RBC Capital Markets, Wells Fargo, BNP Paribas, and SMBC Nikko are acting as joint bookrunning managers.<\/p>\n

The story grabbed a lot on ink in the int\u2019l press<\/strong>:<\/strong> Reuters<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | The New York Times<\/a> | Washington Post<\/a> |<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

Aviation Connect\u2019s <\/strong>Air Cargo Handling & Logistics (ACHL)<\/a><\/strong> Conference<\/strong> will kick off today <\/strong>in Turkey and wrap up on Thursday.<\/strong> The three-day conference will gather industry leaders to discuss ideas in the air cargo, logistics, and aviation industries. <\/p>\n

PSA-<\/p>\n

Hapag-Lloyd will roll o<\/strong>ut a general rate increase (GRI) on shipping from the Indian<\/strong> Subcontinent and the Middle East to North America<\/strong>, according to a company statement<\/a>. The increase to USD 500 per container will be applied to cargo transported in 20 and 40 foot dry, reefer, and special containers, including high cube equipment. The GRI increase is applicable starting 20 November and valid until further notice.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Saudi Arabia\u2019s Bahri is eyeing acquisitions in the European and US logistics sectors<\/strong>, ION Analytics<\/a> reports, citing three sources familiar with the situation. The shipping firm could invest EUR 1-3 bn, with a particular interest in asset-light companies, such as freight-forwarding firms, with at least EUR 1 bn in annual revenues. The company will use a mix of debt and equity to finance the potential transactions. A company spokesperson said Bahri is looking towards expanding operations overseas, but declined to comment on whether acquisitions would be a part of the initiative, the news outlet said.<\/p>\n

REMEMBER-<\/strong> Bahri dropped out of an acquisition race in July<\/a> to snap up German logistics giant DB Schenker. Bahri\u2019s offer \u2014 USD EUR 15 bn (USD 16.4 bn) \u2014 was the highest among the bidders.<\/p>\n

<\/a> #2- <\/strong>OQ\u2019s shares drop on debut: <\/strong>Oman\u2019s state-owned OQ Exploration & Production\u2019s (OQEP) shares declined on their first day of trading after its initial public offering (IPO) raised USD 2 bn, Bloomberg<\/a> reports. Shares in the firm ended the day down 8.2%, according to Muscat Stock Exchange's website<\/a>.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- Oil prices <\/strong>are up this morning<\/strong>, recovering from a slump on Monday, Reuters<\/a> reports. Brent crude futures climbed 0.6 to USD 71.86 a barrel overnight, while U.S. West Texas Intermediate crude was up 0.7% to USD 67.83 a barrel. Prices were supported by a US plan to refill its Strategic Petroleum Reserve with up to 3 mn barrels of oil for delivery through May 2025. <\/p>\n

#2- Baltic index continu<\/strong>es decline: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 dropped 2% on Monday to its lowest reading since January. The capesize index fell 70 points, while the panamax index lost another 11 points and the smaller supramax fell six points.<\/p>\n

DATA POINT- <\/p>\n

<\/a> Ocean freight carbon emissions reach record high in 3Q 2024: <\/strong>Global ocean container carbon emissions hit record highs in 3Q 2024 due to the ongoing Red Sea conflict, rising freight rates, and congestion across shipping routes, according to the freight rate analytics platform Xeneta<\/a>. Carbon emissions for the top 13 ocean trades reached a record of 107.9 points, a 12.2% increase from the same period last year. This marks the highest emissions level recorded and only the second time the index surpassed 100 since its 1Q 2018 baseline, indicating higher emissions per tonne of cargo.<\/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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Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com<\/a>.<\/p>\n

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, Saudi Arabia<\/a>, the UAE<\/a>, and the MENA<\/a>climate industry<\/a> ?
***<\/strong><\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/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 <\/strong>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":81981,"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":[198,401,31,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-bahri","tag-oq","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ea1944fd-92a5-4ad6-a524-c246ea232404","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/2538.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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