BCC Research recently released the “Cold Chain Regional Analysis Market: Middle East and North Africa(MENA)” market analysis.
Hostilities among Israel, Iran and the United States failed to disrupt most transportation markets as container rates fell in the eastbound trans-Pacific.
Rising rates for the largest crude oil tankers climbed higher as the U.S. bombed nuclear weapons facilities in Iran.
DHL has been expanding its Middle East presence in conjunction with the region’s economic development. The next evolution is a nearly $600M investment in facilities, equipment and technology in Saudi Arabia and the UAE over five years.
Spain could be liable for millions of dollars in penalties if the Federal Maritime Commission finds it has been turning away U.S. container ships. Separately, news accounts say a Danish-flagged vessel was denied entry because it was carrying military weapons to Israel.
With the addition of two secondhand Boeing 737-800 freighters, Kenya Airways Cargo is more than doubling capacity and extending its reach to the Middle East and India.
White House spokesman John Kirby said shipping risks caused by the Middle East conflict could become a “pocketbook” issue for Americans.
“U.S. merchants and marketplaces will need to look for new customers, and this may be a great opportunity to market to and acquire customers from beyond their borders in Q4 and into 2023,” said BoxC’s new director of business development, Mark Waverek.
Back in the Aristotle Onassis era, a Suez Canal closure was a tanker game changer. Today, tanker upside from the canal accident is limited.
U.S. cargo airlines had requested exemptions from the ban.
IATA also said it is critical for governments to communicate with airlines about potential risks.
As the world’s top producer of oil, the United States is more than capable of withstanding the global effects of the Saudi Arabian refinery attack.
Iran has denied responsibility for the attacks carried out early yesterday morning on two tankers in the Gulf of Oman, the sea immediately adjacent to the Strait of Hormuz. A spokesman for the Iranian Foreign Ministry slammed the U.S. accusations as “baseless”. Maritime security experts say commercial ships are impossible to defend.
In part two, the company’s global airfreight market report is featured and provides a demand outlook for global airfreight by region along with insight on cost inflation, capacity and pricing.
On a call with freight procurement intelligence company, Beroe, Inc., the firm discusses its outlook for global road freight growth of 4 to 5 percent.
Uber has confirmed speculations of its acquisition of Middle East on-demand cab hailing company Careem, with the company now becoming a wholly owned subsidiary of Uber. The transaction is expected to be completed by Q1 2020.
Uber is in talks with Middle Eastern on-demand cab hailing rival Careem for an acquisition deal that is expected to be made public this week.
Saudi energy minister Khalid al-Falih announced on January 26 that the country is raising $426 billion in private sector investments, which will include roughly $36 billion for logistics infrastructure according to Reuters.
Iran’s truckers are on strike in 100 cities for the second time this year, causing fuel shortages. Meanwhile, the Iranian rial is rapidly losing its value, and the country’s biggest crude oil customers are cutting it off.
