HH Sheikh Hamdan bin Zayed Al Nahyan inaugurates port
His Highness Sheikh Hamdan bin Zayed Al Nahyan, the Ruler’s Representative in Al Dhafra Region, inaugurated Mugharraq Port in Al Dhannah city, Al Dhafra region. Strategically located on the western coast of the Emirate of Abu Dhabi, the port has served as a hub for offshore, oil and gas, general cargo, logistics support bulk and break-bulk handling services since 2017.
His Highness Sheikh Hamdan bin Zayed Al Nahyan was briefed on the most prominent projects within the Al Dhafra region, including the development of Sila, Fiyay and Al Dhannah ports, in addition to the new marine operations on Al Fiyay Island. These projects are part of the Al Dhafra Region Development Plan implemented by AD Ports Group, under the supervision of His Highness. Upon his arrival, His Highness Sheikh Hamdan bin Zayed Al Nahyan was briefed on the port’s facilities and its expansion activities.
The UAE Ministry of Energy and Infrastructure International Code for the Security of Ships and of Port Facilities (ISPS Code) gave port status to Mugharraq Port. Since then, the port has developed ties with global oil and gas firms, channeling essential cargo, such as oil and petrochemicals.
Rates stabilize for global air cargo: WorldACD Market Data
The latest air cargo demand and pricing data show further evidence of stabilization following the decline seen throughout much of last year and the annual turbulence around Lunar New Year.
Figures for 13-19 March show global cargo volumes as well as the global average rate stabilized as compared with the previous week, following weeks of relative stability since mid-February, according to WorldACD Market Data.
“Comparing weeks 10 and 11 with the preceding two weeks, overall tonnages are flat versus and their combined total in weeks eight and nine were accompanied by a two per cent increase in capacity. At the same time, average global rates slightly declined by one per cent based on 400,000 weekly transactions covered by WorldACD data.
” The chargeable weight in weeks 10 and 11 was down nine per cent as compared with the equivalent period last year. Notable percentage declines in tonnages year-on-year were ex-North America (-19 percent) and ex-Middle East & South Asia (-9 percent).
Qatar Airways Cargo extends handling contract
Qatar Airways Cargo is extending its global partnership with Worldwide Flight Services (WFS) by awarding a three-year freighter ramp handling contract at New York’s John F. Kennedy International Airport (JFK). Under the agreement, WFS is initially providing cargo services in support of 11 of Qatar Airways’ Boeing B777 passenger services a week and three B777 freighter flights, handling a projected 45m kilos per annum.
Destinations served by the airline ex JFK include Doha, Mexico City, and Liege in Belgium. “This is a significant new contract for WFS with one of our leading global clients,” said Mike Simpson, WFS executive vice president, Americas. “In North America alone, Qatar Airways Cargo is now partnering with WFS in Boston, Dallas, Houston, Philadelphia, Pittsburgh, and Seattle, as well as in New York.
As the largest cargo handler at JFK, Qatar Airways Cargo recognizes the value we will bring to their operational efficiency and customer experience through the significant expertise and resources we can leverage.”
ADNOC gears up for June listing of logistics unit
Abu Dhabi National Oil Company (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year. ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services, said the sources, declining to be named as the matter is not public.
HSBC was appointed as joint global coordinator on the syndicate this week, one of the sources said, joining Citigroup, JPMorgan, and First Abu Dhabi Bank, which were selected at the end of last year.
ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Company, Abu Dhabi Ports Operating Company and Petroleum Services Company.
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