THIS MORNING: Traders ask Aramco to load from Yanbu to Sidi Kerir

Good morning, folks. Today’s leading theme is tourism, and how changing spending patterns, religious travel, and other factors are reshaping its landscape. To get some insight into this, we spoke to Muzzammil Ahussain, CEO of Almosafer Travel & Tourism Company, about the changing profile of Saudi travelers, Red Sea luxury hotspots, and rising destinations.

ALSO- We take a look at Dar Albalad, which has brought aboard Bassam Ibn Salamah as managing director.

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Every session on stage answers one question: “So, what do I actually do about it?”

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Too risky from Yanbu, too costly from Sidi Kerir

At least two Asian refiners asked Aramco to shift September crude loadings from Yanbu to Egypt’s Sidi Kerir, as security concerns limit tanker availability through the Houthi-threatened Red Sea, Bloomberg reports, citing traders in the know. Aramco had already assigned Japanese and South Korean customers cargoes from Sidi Kerir for September, while most Chinese, Taiwanese, and Indian refiners were told to load at Yanbu.

Still loading at Yanbu? It remains the shortest and cheapest route to Asia for buyers able to secure willing tankers. The Red Sea is dangerous, not closed, with some vessels — including Chinese-owned tankers — still crossing Bab Al Mandab.

The switch solves the security problem but creates a cost problem. Sidi Kerir cargoes mean sailing around Africa to reach Asia, on top of a location premium already in Aramco's pricing. Since September's Asia price cut, the deepest since 2020, applies only to crude loaded at Ras Tanura in the Gulf, cargo picked up elsewhere costs more. Add the detour, and at least one refiner may simply skip its September allocation, a flexibility built into annual contracts, according to Bloomberg.

REMEMBER- Crude exports from Egypt’s Sidi Kerir more than doubled to around 2.3 mn bbl / d in August, from some 1 mn bbl / d in July, with Saudi barrels accounting for most of the increase.

Almosafer to list this year?

IPO plans: Travel platform Almosafer plans to list its shares on the Saudi Exchange’s Main Market before the end of 2026, despite operational challenges stemming from regional tensions that affect travel flows, CEO Muzzammil Ahussain (LinkedIn) told Skift.

The details: The planned IPO will involve the sale of existing shares by current shareholders, rather than a capital increase, meaning proceeds will go to the existing owner, Seera Group. Ahussain said the final offering date has yet to be set. The company is continuing to prepare its internal systems while monitoring market conditions before deciding on the timing.

The timing is key: The planned listing comes as the IPO market has slowed since the escalation of regional tensions, with no major listings closing recently this year. Almosafer had previously indicated plans to pursue an IPO, with its CEO saying in 2024 that the company was targeting a listing within two to three years.

Two listings so far: Tadawul Main Market has seen two IPOs in 2026 to date. Saleh Abdulaziz Al Rashed & Sons sold 30% of its share capital at SAR 45 per share, while Dar Al Balad for Business Solutions offered a 30% stake (21 mn shares).

**We had an extended conversation with Ahussain about Almosafer’s plans and the wider tourism sector, below.

Another blow for LIV Golf

LIV Golf has cancelled its season-ending Team Championship scheduled to be played next week in Michigan, opting to focus on its next chapter, according to a press release. This is the second event to be cancelled since the Public Investment Fund decided to halt its funding after the 2026 season. The championship will take place in Indianapolis this week.

We knew this was likely. The league was reportedly on the cusp of ending its flagship tournament weeks ago after it became uncertain whether the PIF would continue funding the rest of the season.

What now? LIV Golf is reportedly seeking USD 250-350 mn from new investors to support a planned LIV 2.0 strategy, and is prioritizing financial returns and sustainability. The overhaul may involve fewer events, a stronger emphasis on team majors, and lower-value prizes than the current USD 32.3 mn level. Other measures are on the table, like tightening its financials, monitoring travel spending, and ending costly app features.

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The big story abroad

US President Donald Trump has ruled out extending the 60-day agreement between the US and Iran, which expired yesterday. Trump warned that Washington could strike Oman — a key mediator — if it interferes with Washington’s plans to resume traffic in the Strait of Hormuz. Trump also said that back-channel discussions with the Islamic Revolutionary Guard Corps are underway.

Tehran says it is ready to escalate: In light of the stalled talks, Iran is shifting to a “fully offensive” military posture, a senior Iranian official said. The official indicated a willingness to launch a military attack to suspend the naval blockade imposed by US forces.

In the AI world: Nvidia pledged USD 100 bn in backing for a massive OpenAI data center in Ohio, alongside a USD 1.5 bn investment in SB Energy, a SoftBank-led energy company focused on data center development. The site will lease as much as 8 GW of AI computing power and is set to debut in 2032.

More trouble is apparently brewing in the private credit world. An FT report says the largest funds are seeing more writedowns, signaling stress levels last seen almost 10 years ago. The level of loans with non-accrual status by the 20 largest funds rose to a median of 2.8% in 2Q, up from 2% in March. This echoes last week’s report by Fitch Ratings, which found private credit defaults hitting a new record last month.