Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024
TT

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

The Saudi Ports Authority (Mawani) has reported a 7.82% surge in the total cargo tonnage handled at its ports in September 2024, hitting 28,097,022 tons, up from 26,058,554 tons in the same period in 2023.
According to Mawani, export containers saw a 9% rise, reaching 255,606 TEUs, while the figure stood at 234,663 TEUs in September 2023.

Similarly, import containers rose by 18% to 258,007 TEUs, a noticeable increase from 217,933 TEUs the preceding year, SPA reported.
The total general cargo stood at 975,406 tons, bulk solid cargo at 4,473,019 tons, and bulk liquid cargo at 15,277,608 tons. Livestock arrivals saw a 35.58% decline, with 343,952 heads of livestock received, compared to 533,948 in September 2023.
The total number of containers handled amounted to 673,124 TEUs, reflecting an 8.08% decrease compared to the 732,319 TEUs handled the previous year. Transhipment containers decreased by 42.98%, down to 159,511 TEUs from 279,723 TEUs in 2023.
Shipping traffic dropped by 5.18%, to 988 ships from 1,042 ships in 2023. The number of passengers fell by 39.46%, with 44,166 passengers recorded this September, compared to 72,956 passengers the previous year. Notably, the shipment of cars saw an increase of 10.51%, the number reaching 98,087, while it stood at 88,755 in 2023.
Mawani had reported a 26.57% increase in cargo tonnage for August 2024. Exported containers grew by 18.76%, reaching 258,955 TEUs, over the corresponding period in 2023.
These results support the National Transport and Logistics Strategy of consolidating the Kingdom's position as a global logistics hub.



Gold Eases as Dollar Firms; Focus on Fed Minutes

A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
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Gold Eases as Dollar Firms; Focus on Fed Minutes

A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko
A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko

Gold prices edged lower on Tuesday, pressured by a stronger dollar, while investors awaited minutes of the Federal Reserve's latest policy meeting and more economic data for insights on the US interest rate outlook.
Spot gold fell 0.3% to $2,634.69 per ounce by 0728 GMT. US gold futures lost 0.5% to $2,653.90, Reuters reported.

The dollar index hovered near a seven-week high, making bullion more expensive for holders of other currencies.
Gold has lost some momentum due to the rising dollar and bond yields, but downside risks may be limited by global conflicts that favor safe-haven assets, said Tim Waterer, chief market analyst at KCM Trade.
Hezbollah fired rockets at Israel's third-largest city, Haifa, while Israel appeared ready to expand its offensive into Lebanon, marking one year since the Hamas attack that ignited the Gaza war.
Bullion is considered a safe investment during times of political uncertainty.
Investors are focused on the minutes of the Fed's latest policy meeting, due on Wednesday, followed by the US Consumer Price Index on Thursday and the Producer Price Index data on Friday. Several Fed officials are also lined up to speak throughout the week.
"Looking ahead, if we see any upside surprises in the US CPI numbers this week, this could further boost the dollar and pressure gold," Waterer said.
According to the CME FedWatch tool, markets are no longer pricing in a 50-basis-point reduction at the Fed's November meeting after last week's strong jobs report. They now see an 88% chance for a 25-bp cut.
Meanwhile, St. Louis Fed President Alberto Musalem expressed support for more rate cuts, emphasizing that the economy's performance will guide policy.
Spot silver lost 2.02% to $31.08 per ounce. Platinum was down 1% to $962.90 and palladium fell nearly 3% to $994.00.
Elsewhere, China said it was "fully confident" of meeting its economic targets, but refrained from introducing stronger fiscal steps to get the economy back on track.