WEEKLY MARKET UPDATE 09/12/2024
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This Newsletter's Summary
Figure of the week
5% is the increase in airfreight volumes from Europe to North America as of September 9, 2024
Quote of the week
"The amateur sees only the action; the professional sees the logistics behind the action."
"Marcus Lemonis"
New Fortress Energy’s LNG Terminal Opens Global Trade Gates
New Fortress Energy (NFE)?has recently inaugurated its floating LNG export terminal, FLNG1, located offshore Altamira, Mexico. The terminal utilizes the “Fast LNG” design, which features modular liquefaction units built on offshore platforms. Natural gas is transported from Texas through the Valley Crossing and Sur de Texas-Tuxpan pipelines before being liquefied and stored on floating units, which NFE claims is more efficient?and environmentally friendly.
Initially, the terminal’s first cargo was rerouted to La Paz, Mexico, due to slower-than-expected demand growth in Puerto Rico. Despite this, NFE’s prospects have improved with the receipt of a non-FTA permit from the?Department of Energy (DOE).
This permit allows NFE to export up to 1.4 million tonnes?of LNG annually over a five-year period, significantly expanding its export capabilities. With this new authorization, NFE can now supply LNG to a broader range of international markets, enhancing its global reach and impact in the LNG sector.
Bridging Horizons : Ethiopian Airlines Expands with New Port Sudan Route
Ethiopian Airlines?will launch daily flights to Port Sudan starting October 15, 2024, expanding its network and boosting connectivity across Africa. The new service, operated by Boeing 737 Max, will offer convenient travel between?Ethiopia and Sudan, with flights departing Addis Ababa at 11:00 and returning from Port Sudan?at 14:15.
Group CEO Mesfin Tasew?emphasized the route’s role in fostering cross-border collaboration, economic growth, and cultural exchange. With Port Sudan becoming the airline's 66th African destination, Ethiopian Airlines continues to enhance regional connectivity and support the continent's socio-economic development.
Passengers are invited to explore Port Sudan, a key commercial city on the Red Sea, and experience Ethiopian Airlines' renowned service as part of its growing African network. This new route?not only opens doors to business?and tourism but also strengthens cultural ties?between Sudan and the rest of Africa.
Weekly logistics trivia
领英推荐
Cornelius Vanderbilt?(1794–1877) was a key American industrialist?known for his impact on the transportation sector. Starting in the steamboat business, he later shifted focus to railroads, building a vast empire that revolutionized U.S. transportation.
Vanderbilt consolidated several major railroads, including the New York Central Railroad,?greatly improving efficiency and connectivity. His aggressive tactics in business helped shape the modern railroad network?in the eastern United States.
In addition to his business ventures, Vanderbilt was a notable philanthropist, donating to various causes such as education. His contributions were instrumental in establishing Vanderbilt University?and left a lasting legacy on American industry?and philanthropy.
Fast Tracks to Trade: UAE and Jordan Partner on $2.3 Billion Freight Railway
The?UAE?has signed a $2.3 billion?Memorandum of Understanding with Jordan to build a 360-kilometer freight railway?connecting the Dead Sea to the Red Sea. The project will link Jordan’s phosphate and potash mines in Al-Shidiya and Ghor Al-Safi to the port of Aqaba, boosting mineral trade and production.
Set to begin in 2026?and finish by 2030, the railway will include terminals for loading and unloading cargo at key locations. Etihad Rail has also signed agreements to transport 16 million tonnes?of phosphate and potash annually.
Emirati Minister of Investment Mohamed Hassan Alsuwaidi?highlighted the project's role in fostering economic growth and infrastructure development between the two nations.
Customs & Regulations
Here are the customs and regulation market updates for the last week of September 2024:
- U.S. importers must obtain the National Organic Program Import Certificate (NOP-IC) for organic trade before shipment departure to avoid enforcement actions.
EU Launches New Customs Portal
- The European Union has introduced a centralized customs clearance portal to streamline import and export processes, reducing processing times for businesses.
UK Goes Digital
- The United Kingdom has fully transitioned to digital customs documentation, requiring all import and export declarations to be submitted electronically through the Customs Declaration Service (CDS).
These updates underscore the ongoing changes in customs regulations that businesses must navigate in international trade.
???Until Next Week
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