Good morning, folks. We have a lot of port business to dive into this morning, courtesy of Emirati regional heavyweights AD Ports and DP World, an update on what’s happening in Heathrow on the development works side. First, a quick update on Syrian trade…

WATCH THIS SPACE-

#1- Jordan resumes exports to Syria: Jordanian trucks are reentering Syria via the Jaber-Nassib border crossing and the Jordanian-Syrian Joint Freezone after halting operations on 6 December due to internal safety concerns, Jordanian Industry and Trade minister Yarub Qudah told Petra. The resumption of border services is currently limited to truck-to-truck delivery systems at the border and does not include passenger movement, Radio Jordan reports.

ICYMI- Syria’s main ports, Latakia and Tartous, are also operating normally after recent disruptions.

#2- Morocco is allocating a MAD 5 bn (c. USD 488 mn) investment strategy to boost petroleum storage storage by 1.8 mn cubic meters by 2030, Morocco World News reports, citing comments made by Moroccan Energy Minister Leila Benali to Morocco’s House of Councillors. The move comes as part of Morocco’s efforts to bolster its energy resource and expand its renewable capacity, adding onto a string of renewable energy investments that exceeded MAD 3.5 b n per year before 2021 to MAD 15 bn per year after 2023.

#3- Monjasa set to begin LNG bunkering in the UAE in January: Danish maritime fuel supplier Monjasa’s first dedicated LNG bunker vessel, dubbed Green Zeebrugge, is enroute to Dubai to begin the firm’s first ever LNG bunkering in January, according to a statement. The vessel with a capacity of 5k cubic meters looks to address growing demand for alternative fuels in the maritime sector. UAE port authorities, energy companies and shipowners are working together with Monjasa to finalize the development of adequate LNG bunkering infrastructure in the region, and the Danish firm expects to offer a comprehensive fuel mix including Very Low Sulphur Fuel Oil, Marine Gas Oil, High-Sulphur Fuel Oil, biofuels and LNG at UAE ports in the future.

#4- Boeing will resume full jet production of all aircraft programs, including wide-body programs in Seattle impacted by the machinists’ strike in the Pacific Northwest, Reuters reports. The manufacturer has continued production across its 737, 767, and 777/77X airplane programs, indicating that they have “taken time to ensure all manufacturing teammates are current on training and certifications while positioning inventory at the optimal levels for smooth production,” Boeing Commercial Airplanes CEO Stephanie Pope said in a statement. The firm’s employees are utilizing Boeing’s Safety Management System to assess and address potential issues and ensure a safe and orderly start, Pope added.

Just last week, Boeing reportedly resumed production of its 737 MAX jetliner, after a seven-week strike threw a spanner in the works and caused massive delays. The aviation giant has 4,2k orders of the plane to fulfil 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 of producing 56 airplanes a month.

MARKET WATCH-

#1- Oil prices fell in early morning trading on the back of news the Fed would slow its pace of interest rate cuts next year, Reuters reports. Brent crude futures fell USD 0.47 to USD 72.92 a barrel by GMT 05.15 while US West Texas Intermediate (WTI) shed USD 0.39 to USD 70.19 a barrel. The drop in prices swept away previous gains yesterday when prices settled higher.

#2– Opec+ concerned over potential boost in US oil output: Opec+ is reportedly worried that the return of Donald Trump in the White House will spell a spike in US oil output which will eat into the group’s market share and hinder their ability to support prices, delegates from the group told Reuters. Opec+ has a history of undermining US output — which now pumps a fifth of world supply — and Trump indicated a potential raise in output on promises of curbing energy prices and inflation, the newswire writes. “I think a return of Trump is good news for the oil industry, with possibly less stringent environmental policies … but we may see higher production in the United States, which is not good for us,” a delegate from a U.S. ally OPEC+ member state told the newswire.

#3- Baltic index continues losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell nearly 2.4% to 1,028 points on Wednesday on the back of lower rates across all vessel types. The capesize index eased 71 points to 1,237 points, while the panamax index fell 2 points to 957 points — its lowest reading since July 2023. The smaller supramax index eased 2 points to 947 points.

DATA POINTS-

#1- Egypt + Jordan boost trade exchange: Egypt and Jordan’s trade value surged some 31% y-o-y to USD 923 mn in the first 10 months of this year, according to a statement, citing data from CAPMAS. The total value of Egypt’s exports to Jordan rose by 11% y-o-y to hit USD 617 mn, driven by exports of fuel, mineral oil and distillation products. While Egypt’s imports from Jordan grew to hit USD 306 mn, up from USD 153 mn the year prior. Jordan’s key exports to Egypt included fertilizers, plastics, pharma products and tobacco.

#2- Saudi Arabia’s private sector exports backed by letters of credit from commercial banks grew 21.1% y-o-y in 3Q 2024 to SAR 40.4 bn, SPA reports, citing central bank data. GCC nations were Saudi Arabia’s top export market with SAR 25.8 bn, accounting for 64% of the Kingdom’s exports during the period.

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CIRCLE YOUR CALENDAR-

Switzerland will host the World Economic Forum Annual Meeting from Monday, 20 January to Friday, 24 December in Davos. The conference — under the theme Collaboration for the Intelligent Age — 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.

Belgium will host the World Cargo Summit from Monday, 27 January to Wednesday, 29 January 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.

The UAE will host the ShipTek International Conference from Wednesday, 29 January to Thursday 39 January 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.

The UAE will host the Middle East Bunkering Convention from Monday, 3 February to Wednesday, 5 February 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.

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

The UAE will host the Middle East Breakbulk Conference from Monday, 10 February to Tuesday, 11 February 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.

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