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Trucks on 37km queue to Saudi border
Line of trucks continue to pile up to reach the Saudi border coming from Abu Dhabi's Western region, stretching the line as far as 37km on Friday night, Gulf News has reported. Drivers have grown weary as food ration and water become scarce, while delay of trucks passing through the border has reported millions of dirhams lost as fuels run out and refrigeration units shut down. The cause of delay has been attributed to the new broder control system implemented by Saudi Arabia, clamping down on security checks, verifying drivers' identities through fingerprint scans.
Maersk to up shipping fees
Maersk Line, the world's largest container shipper, has said in a statement that it will raise freight rates between Europe and Asia for the second time in two months as 'current price levels are still unacceptable,' Reuters has reported. The company said that it would raise its rates on transport routes from the Far East to the Mediterranean and North Europe by $300 per 20 foot container unit on July 1. It will also introduce a peak-season surcharge of $150 from August 1 through October 31. Maersk Line also raised rates on routes from India, Pakistan, Bangladesh and Sri Lanka to the Mediterranean and North Europe, and increased them from the Mediterranean back to South Asia and to the Middle East on improved demand.
FedEx signs deal with Qatari postal major
Qatar's Q-Post has signed a memorandum of understanding for the launch of Qpex, the new courier service to be offered by Q-post, the Peninsula reported. Initially, the new service will be available only at the main post office and the Teyseer Post Office, and will then be extended to the rest of the post offices.
Pirates might extend activity into Red Sea, says US Navy
The US Navy says pirates in the Gulf of Aden are increasingly operating at night and could expand their raids into the Red Sea. The Bahrain-headquartered Fifth Fleet said it had warned merchant vessels about changes in pirates' tactics following bad weather and the stepped-up presence of international navies, reported Reuters.
Oman signs loan deal for road project
Oman's Ministry of Commerce, Industry, and Minerals has signed a RO28 million ($73m) loan agreement with the Arab Fund for Economic and Social Development to fund part of the Salalah highway project, estimated at 73000 kilometers, and provide all services such as drains, street lights in addition to traffic safety measures, KUNA news agency reported. The project's total cost is estimated at RO800 million ($800m).
Suez Canal revenues drop 29% in May
The Suez Canal Authority has reported a 29% drop in its May revenues, down to $342.4m, compared to $479.4m in the same month last year, Reuters reported. The authority also said the number of vessels using the waterway was 1,468 in May, down from 1,482 in April.
DP World price estimate cut
Morgan Stanley has cut its price estimate for Dubai-based DP World by 59% to $0.32. 'The market is underestimating the depth and duration of the container port downturn, particularly in the Middle East,' analysts wrote in a report today.
Qatar Navigation, Qatar Shipping to merge
Qatar Navigation expects a proposed merger with Qatar Shipping to be concluded in six months, according to the Khaleej Times. HSBC Middle East was hired in May by Qatar Navigation and Qatar Shipping to advise on the proposed merger. Mohammed al-Sulaiti, deputy chief executive of administration and finance affairs at Qatar Navigation has said it was not yet decided which of the two firms would buy the other. Qatar Navigation already owns 15% of Qatar Shipping through its local equities investment portfolio, in addition to another 15% of Qatar Gas Transport Co (Nakilat).
New Jafza storage set for completion
The Jebel Ali Free Zone Authority (Jafza) has announced that five of its projects are set for completion by mid-2009. Facilities nearing completion include the Light Industrial Unit-15 (LIU-15), the South Zone Warehouses/ showrooms, a seven-storey Staff Accommodation complex, and Jafza Mall. Jafza also plans to throw open to customers LIU-15 (Light Industrial Units cum Warehouse) in the North Zone by September 2009, offering a 10-metre height allowance for maximum storage.
Saudi freight growth figures revised
UK-based consultancy Business Monitor International (BMI) has pulled back its forecasts for road and airfreight growth in Saudi Arabia as a result of the global downturn, in addition to reducing the outlook for the maritime freight sector on the back of lower demand and the quieter oil market. BMI expects the fastest-growing segment to be sea cargo at an annual average of 4.8%, followed by rail at 4.3%, road haulage at 3.4% and pipeline at 2.2%.
Iraqi official confers Iraq's ports with Dubai Int'l
Iraqi deputy premier Rafie al-Isawi conferred in the UAE methods to develop Iraq's ports and free zones with the deputy director general of Dubai International Company, according to a release issued by al-Isawi's office. 'Developing Iraq's ports will offer a large number of job opportunities, and will create distinguished cooperation between Iraq and the UAE,' the release received by Aswat al-Iraq news agency quoted al-Isawi as saying.
Services Company established in Kuwait
A closed shareholding company which provides services to warehouses has been established with a capital of KD1 million distributed among 10 million shares, according to Kuwait's Official gazette, Al-Kuwait Al-Youm. The new company specializes in constructing warehouses, provides areas to store goods, raw materials, vehicles and heavy machinery.
Nakilat finalises financing deal
Qatar Gas Transport Company (Nakilat) has closed a $1bn ship financing deal with around 10 banks, Meed magazine has reported. The company originally began approaching banks in March for the third tranche of its deal to buy 25 liquefied natural gas (LNG) carriers under construction in South Korea. Nakilat has already taken possession of five of the vessels and construction of the remaining tankers is still on schedule.
Agility wins $1.4bn US Army deal
Kuwait-based logistics provider Agility said it has won a contract worth up to $1.4bn with the US Defense Logistics Agency. Under the terms of the deal, Agility will supply and distribute food and non-food products to US forces in Iraq.
Wared Logistics wins new Syria deal
Wared Logistics has announced that it has secured significant new business for its Damascus, Syria-based Wared Transport (Specialized Truckload) operation. Major new customers include Premco, a manufacturer of pre-cast concrete and steel beams, the Bahra Steel Company, and the United Arab Aluminum Company.
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