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Mawani Reveals New Shipping Line Between Saudi Arabia, East African Countries

Mawani Reveals New Shipping Line Between Saudi Arabia, East African Countries
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Mawani Reveals New Shipping Line Between Saudi Arabia, East African Countries

Mawani Reveals New Shipping Line Between Saudi Arabia, East African Countries

Saudi Ports Authority (Mawani) announced on Wednesday the launch of a new shipping line connecting the Kingdom of Saudi Arabia with East African countries through the shipping line "CMA CGM", the world's leading company in shipping services.

It is also the first container shipping-line to reach King Fahd Industrial Port in Yanbu, on the Red Sea coast, which contributes to enhancing the movement of exports and imports to and from Yanbu.

This comes within the framework of continuous efforts exerted made by Mawani towards strategic partnerships with major international shipping lines, developing the capabilities of Saudi ports and the level of their competitive services in a way that contributes to developing national exports and imports, investment flows and the development of non-oil state revenues.

This also comes within the strategic goals of the authority to contribute to raising Saudi Arabia's competitiveness in terms of investment and logistical services and consolidating the Kingdom's position as one of the main capabilities towards achieving the Vision 2030 in making Saudi Arabia an attractive global logistical platform and a link between continents of the world.

The new shipping line will contribute to linking the Saudi ports, Jeddah Islamic Port and King Fahd Industrial Port in Yanbu with East Africa ports, the Saudi Press Agency reported.

It will also lead to opening direct lines for shipping and exporting national products, increasing the quantities of handling in Saudi ports, in addition to contributing to direct import from East Africa and boosting trade.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.