Middle East shippers are enjoying a brisk trade in container traffic as consumer demand returns and companies restock their shelves before the busy shopping season of Ramadan.
The local shipping industry, made up of shipping lines, port operators, freight forwarders and warehousing and logistics companies, says all roads in the global economic recovery lead to China and its huge exports of manufactured goods.
"The container lines are smiling for the first time in a long time," said David Barker, the executive general manager of Kanoo Shipping in Dubai, which acts as port agents for container ships and chemical and oil tankers. "The container sector has shown a remarkable recovery in the last few weeks and China's exports are absolutely booming."
Shippers were starting to become selective again and add some surcharges, Mr Barker said.
China's economic growth surged by 11.9 per cent in the first quarter.
Mana al Mana, a shipping consolidator who buys space on container lines, said rates for a 20-foot equivalent units (TEUs)container from Shanghai to Dubai cost between US$700 (Dh2,570) and $800 a few months ago, but had since risen to at least $1,200.
"Everybody wants to ship their goods before Ramadan," Mr al Mana said. This had created a capacity constraint and freight rates had increased dramatically, he said.
This return to activity is a welcome departure from the lull sparked by the global downturn, which caused the first drop in seaborne trade last year since containers were introduced in the 1950s. In the downturn, container shipping rates fell by about 50 per cent while drybulk and chemical tanking charter rates fell even more.
Keith Nuttall, the commercial manager of the Sharjah-based port operator Gulftainer, said that last year as many as 600 ships were "laid up" at ports around the world and reduced to skeleton crews to cut costs.
Gulftainer, the second-largest port operator in the Emirates, with terminals in the Gulf and on the UAE east coast in Khor Fakkan, saw container traffic rise 10 per cent to 2.7 million TEUs. That was due to the popularity of Khor Fakkan as a transit hub for forwarding cargo to smaller vessels bound for Saudi Arabia, Iraq and Iran.
Mr Nuttall said Gulftainer expected a similar rate of "healthy growth" this year. Rates in the shipping sector had improved because shippers reduced capacity by taking vessels out of operation, he said.
"In the Gulf, it is better than the real horror of early 2009 when everyone was running for cover and there was too much capacity on the market," Mr Nuttall said. "Now the capacity is much less, in line with demand, and rates have stabilised."
But few are willing to declare an end to the troubles from the global economic downturn, saying commodities have not had the same recovery as containerised goods. "There may be pent-up demand for consumer goods but industry is probably not as excited," Mr Barker said, saying demand for seaborne transport of steel, timber and iron was quiet.
Part of this is due to the construction sector, with residential and commercial developments in the region yet to resume the heavy activity seen before the downturn.
The slumping Dubai property sector and the resulting decline in project cargoes was a significant factor in the port operator DP World's 46 per cent drop in net profits last year, officials said.
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
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Delhi Daredevils 174-4 (20 ovs)
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Delhi won the match by 11 runs
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Killing of Qassem Suleimani
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
The years Ramadan fell in May
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
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Killing of Qassem Suleimani
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Squid Game season two
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