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    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 09/2024

    Developments in the Middle East and Africa

      • The weekly price average at the end of CW 35 is $92.76 per barrel, which represents an increase of 0.6% from the prior week, a decrease of -8.7% from the prior month, and a decrease of -17.4% from the prior year 
      • The FAA directive on Boeing could potentially impact 18 million seats globally 
      • Qatar Airways has acquired a 25% share in Airlink 
      • Etihad serves its A380 to Mumbai 
      • Qatar Airways will withdraw 27 weekly freighter flights from the Americas starting in September 2024, resulting in a reduction of 2,700 tons per week

      • UAE: Effective immediately from September 1st, 2024, all Mainland Importers must complete their registration on EDAS 2.0 and authorise their preferred brokers to handle MOFAIC Attestation, as per the latest notification from the Authorities - i) the Attestation must be completed within 14 days to avoid penalties ii) You may authorise us to handle the process on your behalf, or you can choose to complete it independently or through any broker of your choice. Additionally, a fee of AED 150 per declaration for COO charges will apply as per the new regulations

      • The global ocean freight market is expected to remain tight over the coming weeks, this includes longer transit times and compromised schedules. Equipment remains tight, with occasional shortages across Asia/ISC. Space/supply also remains tight, especially ex Asia. Congestion is increasing around the world, with high yard density in some areas. Rates remain volatile. Surcharges/adders have been implemented by carriers across main routes since the start of the year. Carriers are using the current momentum ex Asia to continue to push for GRI’s/PSS and similar in various trades during the next weeks. The Panama Canal draught limits are improving daily, and are nearly back to full capacity 
      • Chinese Golden Week is from 01st October to 08th October 2024. This always comes with a few blank sailings to our region, please plan accordingly and contact Thushara Abeywickrema for blank sailing information
      • In July 2024, global schedule reliability dropped by -2.1 percentage points M/M to 52.1%. Schedule reliability in July is almost at the same level as it was at the start of the year and is keeping in line with the trends seen so far in 2024, where global schedule reliability has largely been within 50%-55%. On a Y/Y level, schedule reliability in July 2024 was -12.0 percentage points lower. The average delay for LATE vessel arrivals improved, albeit marginally, decreasing by -0.02 days M/M to 5.24 days. This figure was only surpassed by the pandemic highs of 2021-2022. On a Y/Y level, the July 2024 figure was 0.63 days higher

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