Market Update
Market Update Region MEA
Market Update
Thank you for visiting our page and showing interest in our MEA Market Reader. Below you will find brief summaries for a quick overview of the latest supply chain developments in the Middle East and Africa region. You can download the full version from the beside section for a more in-depth analysis.
If you need more information or have specific questions, our experts are available to help. Please send an email to wemovemea@dbschenker.com with the subject "MEA Market Reader MORE INFO" detailing what you would like to know, and our team will be happy to assist you.
Summary of the Market Update 02/2024
Developments in the Middle East and Africa
- Kuwait's CPI increased by 3.37% in December 2023
- Saudi Ports Authority Mawani posts 12% increase in containers handled during 2023
- Egypt moves closer to setting up 11 free zones hoping to boost the economy
- USD 7.68m worth of deals signed at the Arab League Forum
- Niger, Mali and Burkina Faso are leaving the ECOWAS Group
- The South African Reserve Bank leaves the REPO rate unchanged at 8.25%
- Inflation in Egypt hit 33.7% in December 2023
- Saudi Arabia's non-oil sector grows with January PMI at 55.4
-
- Weekly price average at the end of CW 4 is at $111.24/bbl – jet fuel is now -23.7% cheaper than 1 month ago and -1.0% cheaper than one year ago
- Global cargo tonne-kilometers (CTKs) increased by 8.3% year-on-year (YoY) in November
- Compared to the pre-Covid level, global CTKs remained 2.5% lower
- Emirates has announced a fifth frequency on its Dubai - Rio de Janeiro route, starting 7 December 2024
- Saudia secures a ninth global position in an on-time performance review
- Air Arabia launches daily flights connecting Sharjah to Kabul
- Qatar Airways touches down its inaugural flight in Medan, Indonesia
- Lufthansa Cargo parks two A321Fs due to fine fuselage crack
- Ethiopian Cargo adds Casablanca to the freighter network
- Cathay Cargo has decided to order the A350 freighter for its next generation of cargo aircraft
-
- Amidst the Red Sea crisis, global schedule reliability decreased by -5.0 percentage points M/M in December 2023 – the largest M/M drop since February 2021 – to 56.8%. This drop means that the December 2023 schedule reliability was the second-lowest of 2023. On a Y/Y level, schedule reliability in December 2023 was only 0.4 percentage points higher than in December 2022. Due to the round-of-Africa sailings, the average delay for LATE vessel arrivals deteriorated, increasing by 0.30 days M/M to 5.35 days. The average delay figure is now close to the December figures of 2020 and 2022, with LATE vessel arrivals being 0.15 days more late in December 2022 than in December 2023
- Due to the current Red Sea crisis, and due to significant delays on the round-of-Africa sailings, none of the top-13 carriers were able to record an M/M improvement in schedule reliability in December 2023, with the M/M declines ranging from -3.3 percentage points (CMA CGM) to -12.8 percentage points (Wan Hai). On a Y/Y level, only 4 of the 13 carriers recorded an increase
- Schedule reliability declined on Asia-NAWC by -1.1 percentage points M/M to 57.4% and decreased on Asia-NAEC by -0.3 percentage points M/M to 40.0%. Asia-NEUR decreased M/M by -9.2 percentage points and Asia-MED decreased by -3.2 percentage points M/M to 46.4% and 63.5%, respectively. Schedule reliability decreased M/M on Transatlantic Eastbound by -6.9 percentage points and on Transatlantic Westbound by -8.1 percentage points to 53.7% and 50.7%, respectively. Asia-ECSA recorded the largest M/M increase of 7.8 percentage points to 40.8%. Europe-Oceania recorded the largest M/M decrease of -23.7 percentage points to 26.3%. Asia-NAWC recorded the largest Y/Y increase of 16.2 percentage points to 57.4% and Europe-Oceania recorded the largest Y/Y decline of -26.1 percentage points to 26.3%