{"id":82971,"date":"2024-12-10T00:00:00","date_gmt":"2024-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/10\/today-a-new-riyadh-logistics-complex-jazeera-airways-acquires-six-new-aircraft\/"},"modified":"2024-12-10T00:00:00","modified_gmt":"2024-12-10T00:00:00","slug":"today-a-new-riyadh-logistics-complex-jazeera-airways-acquires-six-new-aircraft","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/10\/today-a-new-riyadh-logistics-complex-jazeera-airways-acquires-six-new-aircraft\/","title":{"rendered":"TODAY: A new Riyadh logistics complex + Jazeera Airways acquires six new aircraft"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisker issue this morning with news of a new logistics complex landing in Riyadh and more aircraft acquisition for Jazeera Airways, but first, some big news from the Boeing production front\u2026<\/p>\n

THIS JUST IN\u2026 <\/strong>Boeing reportedly resumed production of its 737 MAX jetliner last week after a seven-week strike<\/a> threw a spanner in the works and caused massive delays, Reuters<\/a> reports in an exclusive this morning, citing sources with knowledge of the matter. The aviation giant has 4,2k orders of the plane to fulfill and deliveries are crucial to saving the debt-burdened company after a series of setbacks including two fatal crashes, the pandemic, safety concerns and strikes made it all but impossible to achieve its targets<\/a> of producing 56 airplanes a month.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Is a third floating storage regasification unit on the horizon for <\/strong>Egypt? <\/strong>Egypt has reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025, Asharq Business<\/a> reports, citing a government official with knowledge of the matter. There are no further details at this point, but the rumors come hot on the heels of news of a second regasification unit set to dock<\/a> in Egypt from 2H 2025. An agreement was struck to lease a unit between US-based New Fortress Energy and Egyptian Natural Gas Holding Company earlier this month. <\/p>\n

IN OTHER NEWS- Egypt wants to give industry a push: <\/strong>Egypt\u2019s Financial Regulatory Authority is looking to provide liquidity to the industrial sector through financial leasing to help reduce the country\u2019s high import bills and boost its exports, deputy chairman Islam Azzam told Asharq Business<\/a>. The government is in talks with the Industrial Development Authority about the matter and is expediting the sale of land for industrial projects.<\/p>\n

<\/a> #2- <\/strong>Libya launches National Freezone and Transit Trade Strategy: <\/strong>Libya\u2019s Trade Ministry \u2014 in collaboration with Expertise France and the EU \u2014 has finalized its National Freezone and Transit Trade Strategy, which aims to foster international and local investments and increase exports and trade, African Business<\/a> reports. The strategy proposes new solutions to challenges, the review of current freezone and trade regulations, and developing new sectors in Libya. <\/p>\n

<\/a> #3- <\/strong>The US has launched <\/strong>a probe into Spain\u2019s reported port denials of three cargo vessels carrying US weapons to Israel<\/strong>, saying such moves foster unfavorable conditions for shipping in foreign trade, according to a Federal Register<\/a> note published last week. The Federal Maritime Commission has launched an investigation into reports that on 19 November Spain refused to allow cargo ships \u2014 including those included in the Maritime Security Program \u2014 into its ports. If the probe finds Spain has interfered, the commission could levy fines of up to USD 2.3 mn per voyage. <\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- Oil prices dipped in early morning trading <\/strong>as concerns eased over the Syrian regime <\/strong>toppling and Chinese policy stimulus plans promise a boost in demand<\/strong>, Reuters<\/a> reports. Brent crude futures lost USD 0.32 to trade at USD 71.82 a barrel, while US West Texas Intermediate (WTI) shed USD 0.37 to USD 68 a barrel. Both benchmarks climbed over 1% yesterday.<\/p>\n

#2- Baltic index slightly inches up: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 inched up one point<\/a> to 1,168 points on Monday, extending gains into the second day. The capesize index shed three points to 1,532 points, while the panamax index rose 12 points to 1,079 points. The smaller supramax index shed fell three points to 971 points.<\/p>\n

#3- <\/strong>Globa<\/strong>l TEU miles<\/strong> have increased by 25% y-o-y<\/strong> on the back of the Red Sea crisis<\/strong>, Splash News<\/a> reports, citing a Sea Intelligence report it has reviewed. The global fleet of container ships has increased by 10% in 2024, but it is not enough to meet demand caused by ships being forced to reroute to avoid attack. \u201cAll this tells us that effectively every vessel which can be used to carry containers is indeed being used. There is no buffer in the system,\u201d Sea-Intelligence said.<\/p>\n

Looking forward:<\/strong> The first weeks of 2025 present several potential challenges to the supply chain that could further strain capacity. These include the possibility of a strike on the US East and Gulf coasts starting 15 January, the inauguration of Donald Trump as US president five days later, the early arrival of the Chinese New Year on 29 January, and the commencement of the Gemini Cooperation and Premier Alliance on 1 February.<\/p>\n

PSA-<\/p>\n

Hapag-L<\/strong>loyd tacks on surcharge from Egypt to West Africa: <\/strong>Shipping Giant Hapag-Lloyd will be adding an Equipment Imbalance Surcharge (EIS) on all dry equipment from all ports in Egypt to all ports in West Africa, effective 15 December 2024 until further notice, according to a statement<\/a>. The EIS will be applied at a rate of USD 700 per 20ft container. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

***<\/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

EnterpriseAM Logistics is available without charge <\/strong>thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.<\/p>\n

Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of Enterprise Logistics.<\/p>\n

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

Switzerland will host the <\/strong>World Economic Forum Annual Meeting<\/a><\/strong> from Monday, 20 <\/strong>January to Friday, 24 December <\/strong>in Davos. The conference \u2014 under the theme Collaboration for the Intelligent Age \u2014 will gather global leaders to address geopolitical shocks and stimulate growth across five thematic priorities; rebuilding trust, reimagining growth, investing in people, safeguarding the planet, and industries in the intelligent age. <\/p>\n

Belgium will host the <\/strong>World Cargo Summit<\/a><\/strong> from Monday, 27 January to Wednesday, <\/strong>29 January <\/strong>in Ostend. The event will focus on air cargo economics, strategy, and market trends with a specific focus on how the industry will tackle disruptions and how firms can adapt their business models. <\/p>\n

The UAE will host the <\/strong>ShipTek International Conference<\/a><\/strong> from Wednesday, 29 <\/strong>January to Thursday 39 January<\/strong> in Dubai. The two-day conference will gather industry experts, including managing director at Hapag-LLoyd Carolin Stumm, CEO Adani Ports Nicolai Friis, VP International Maritime Industries Justin Taylor, CEO Tristra Tim Coffin, and others to discuss new tech and developments in the maritime industry.<\/p>\n

The UAE will host the <\/strong>Middle East Bunkering Convention<\/a><\/strong> from Monday, 3 February <\/strong>to Wednesday, 5 February<\/strong> in Dubai. The event will focus on the marine fuels sector to address the future of the industry in light of geopolitical issues, environmental regulation, and the future of artificial intelligence and digitalization.<\/p>\n

Saudi Arabia will host the <\/strong>Airport Expansion Conference<\/a><\/strong> from Tuesday, 4 February <\/strong>to Wednesday, 5 February<\/strong> in Riyadh. The two-day conference will feature over 30 speakers to discuss challenges faced by Saudi Airports and highlight Saudi Arabia\u2019s Vision 2030 with a clear focus on expansion, tech, and strategic partnerships. <\/p>\n

The UAE will host the <\/strong>Middle East Breakbulk Conference<\/a><\/strong> from Monday, 10 February <\/strong>to Tuesday, 11 February <\/strong>in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, heavy lift workshop, chartering workshop, and a women in breakbulk panel.<\/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":82972,"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":[145,146,49,186,314,123,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-boeing","tag-egypt","tag-israel","tag-libya","tag-shipping-maritime","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2ad99866-bb8c-43e0-8163-59268f7fd245","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/912.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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