Good morning, nice people. It’s a much quieter day on the regional logistics front, but we have all the latest afoot on the Red Sea along with a deeper look at how events are hammering the ins. and shipping markets.

HAPPENING TOMORROW- The UAE will kick off the Ship Finance and Trade Conference tomorrow in Dubai. The summit will gather decision makers from the shipping, ports, ship finance, maritime law, ins., shipbroking, and trade sectors to discuss challenges and opportunities that arise as the region ramps up infrastructure and services to cater to global trade.

PSA-

#1- Abu Dhabi Island will see a temporary ban on truck and heavy vehicles movements today, with restrictions in effect from 12:00 noon to 11.59 PM, Wam reports. The ban includes entrances to Sheikh Zayed Bridge, Sheikh Khalifa Bridge, Musaffah Bridge, and Al Maqta Bridge, WAM said.

#2- Maersk launches digital air freight booking service: A.P. Moller-Maersk has launched a new service allowing customers to digitally purchase air freight solutions, according to a press release. The service allows customers to book air cargo services online and see instant prices for some 70k airport connections across 90 countries, according to the release.

WATCH THIS SPACE-

#1- Iran’s IRISL inks agreements with domestic shipyards: The Islamic Republic of Iran Shipping Lines (IRISL) has signed agreements worth some USD 86 mn with Iranian shipyards for 10 newbuilds to bolster the national shipping fleet, Fars News Agency reports, citing comments made by IRISL head Mohammadreza Modares-Khiabani. Arvandan Shipbuilding Industries has been awarded contracts for six vessels and Sadra Neka Shipbuilding Industries has been handed contracts for four vessels. Negotiations are ongoing with a domestic shipyard for a USD 75 mn contract for a further four vessels, the official also said.

#2- The Middle East will see 2.9% GDP growth this year, outdoing last year, Wam reports, citing statements by International Monetary Fund (IMF) managing director Kristalina Georgieva at the pre-summit day of the World Governments Summit. Resilience in the global economy is bolstering forecasts despite headwinds, Georgieva said, while global inflation is also expected to cool down in 2024 and medium-term growth in the global economy stands at 3%, below the historical average of 3.8%.

MARKET WATCH-

Drewry’s Dry Bulk Equity Index rallied 2.1% in January, outperforming S&P 500’s 1.6% rise for the month, as charter rates see higher-than-expected boosts on the back of Red Sea disruptions, according to a recent report by supply chain advisory Drewry. The index was also bolstered by appreciations in assets, with values for five-year-old capesize and panamax vessels hiking 20.7% and 12.5% in 2023, with the upward trend continuing in January, on the back of limited space for newbuilds at shipyards, Drewry said.

CIRCLE YOUR CALENDAR-

The UAE will host The World Trade Organization’s 13th Ministerial Conference from Monday, 26 February to Thursday, 29 February in Abu Dhabi. The event will gather ministers from around the world to assess the operation of the multilateral trading system and make key decisions regarding the future tasks of the WTO.

The UAE will host the TradeTech Forum on Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

KSA will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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