PORTS-

DP World’s Southampton container terminal to receive 14 hybrid straddle carriers: DP World Southampton has inked an agreement with heavy material handling services provider Kalmar for the supply of 14 hybrid straddle carriers at its UK container terminal, according to a statement.

More details: Delivery is slated for 2Q 2025, the statement notes. The integration of hybrid straddles should reduce fuel consumption, carbon emissions, and operational costs at the facility. The order is set to bring up the overall number of Kalmar straddle carriers at the terminal to 82.

M&A WATCH-

OQ seeking USD 2 bn from exploration unit IPO: Oman’s state-owned OQ Saoc is looking to raise some USD 2 bn by selling a 25% stake in OQ Exploration & Production (OQEP) in an initial public offering (IPO), Bloomberg reports. The deal would estimate the total value of OQEP at approximately $8 billion, the outlet said, citing two anonymous sources. The Omani firm plans to pay out USD 600 mn in annual dividends from 2024 through 2026. The company also plans to pay a performance-linked dividend equal to 90% of clash flow after investments in 2025 and 2026.

INVESTMENT WATCH-

Chinese textile giant to invest MAD 4.1 bn in Morocco: Chinese textile firm Sunrise plans to plug MAD 4.1 bn into Morocco’s textile sector within three years by developing industrial textile complexes, MAP reports. Morocco’s textile sector is a key national industry and accounts for 32.2% of the nation’s production output, Morocco World News reports, citing comments by central bank governor Abdellatif Jouahri.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Emirates terminating Singapore to Melbourne route: The UAE’s flagship carrier Emirates Airways is discontinuing its Singapore to Melbourne route, which had been operating since 1996. (The Straits Times)
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