Good morning, nice people. We are closing this busy week with a flurry of news from Oman, including IPO Watch updates on Asyad Shipping’s imminent public offering, as well as LNG and Salalah port news. We also have the latest on NMDC’s latest overseas investment move. Shall we?

WATCH THIS SPACE-

#1- French shipping giant CMA CGM is launching a new Red Sea shipping service connecting India with KSA and Oman, according to a statement. The BIGEX 3 service will call at India’s Nhava Sheva and Mundra Ports before making its way to Oman’s Salalah Port and Saudi Arabia’s Jeddah Port, starting 22 February. The firm will also launch an additional BIGEX 4 weekly service linking Saudi Arabia’s Dammam Port and Iraq’s Umm Qasr Port — both located on the Arabian Gulf — to India’s Mudra and Nhava Sheva Ports, starting 24 February.

IN CONTEXT- The new Red Sea route services are the latest of many updates, suggesting a possible rebound in traffic could be on its way. At least two LNG vessels and one crude tanker have braved the route in the last few weeks, and at least six US- and UK-linked ships have passed through the Red Sea safely within two weeks of the ceasefire announcement in mid-January.

IN OTHER RED SEA NEWS- The EU is extending maritime security operation Aspides in the Red Sea until 28 February 2026, according to a statement. The bloc will plug in an additional EUR 17 mn into the operation over the next year.

REMEMBER- Operations kicked off a year ago in an effort to restore maritime security and navigation stability in the highly strategic maritime corridor. The maritime force’s mandate was declared to be mainly defensive, tasked with maritime situational awareness, escorting vessels, and protecting them from attack.

#2- Qatar will invest USD 10 bn across several Indian sectors, including logistics, manufacturing, infrastructure, and technology, according to a statement. The news comes on the heels of Qatar’s Amir Sheikh Tamim bin Hamad Al-Thani’s visit to India, which also witnessed the signing of several collaboration agreements, including an MoU on financial and economic partnership and an MoU between the Confederation of Indian Industry and the Qatari Businessmen Association. No timeline for the investment or specific projects have been disclosed.

The two countries are aiming to diversify and double their annual trade to USD 28 bn within the next five years, reportedly discussing signing a freetrade agreement and enhancing investments in energy and energy infrastructure.

In numbers: India exported USD 1.82 bn worth of goods to Qatar in 2023, while Qatar exported USD 12.9 bn worth of goods to India, according to OEC data. India’s exports mainly consisted of rice, jewelry, and cars, while Qatar exported petroleum gas, crude petroleum, and refined petroleum.

IN OTHER NEWS- India is in talks with Oman to lease a crude-storing facility with a capacity of 5 mn barrels, CEO of Indian Strategic Petroleum Reserves Ltd. (ISPRL) L.R. Jain told Reuters. The company is also eying other partners in the region for similar deals, Jain added. The South Asian country imports 80% of its oil needs and is scrambling to raise reserves in a bid to hedge against global supply chain disruptions. India is also moving to join the International Energy Agency, which requires members to hold reserves amounting to a minimum of 90 days of oil consumption. India’s storage capacity currently stands at 74 days.

MARKET WATCH-

#1- Crude prices dropped this morning over reports of rising US stockpiles, reversing an upward trend for most of this week, Reuters reports. Brent crude futures declined by USD 0.17 to USD 75.87 a barrel, while the US West Texas Intermediate (WTI) March contracts — expiring today — dipped by USD 0.30 to USD 71.95 a barrel by 06.00 GMT. WTI April contracts also decreased by USD 0.22 to USD 71.88.

#2- Iranian oil might be successfully evading sanctions: Iranian oil exports to China surged to 1.7 mn barrels per day (bpd) in February, up 86% from the previous month despite tightening US sanctions on Tehran, Bloomberg reports, citing data from intelligence firm Kpler. The increase comes on the heels of a rise in ship-to-ship transfers and the development of alternative crude receiving terminals, traders told the news outlet.

IN OTHER SANCTIONED OIL NEWS– Russia’s oil flows are unlikely to increase, even with a potential Ukraine ceasefire and easing of sanctions, Reuters reports, citing Goldman Sachs. “Russian crude oil production is constrained by its OPEC+ 9 mn bpd production target rather than current sanctions, which are affecting the destination but not the volume of oil exports,” the bank said. The US has announced plans to hold more talks with Russia on reaching a ceasefire with Ukraine.

#4- Baltic index sees a major jump: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 63 points to 904 on Wednesday. The capesize surged by 110 points to 867, while the panamax index gained 62 points to 1,104. The smaller supramax index climbed by 26 points to 839.

DATA POINTS-

#1- Dubai’s Jebel Ali Port handling capacity saw a 7.4% y-o-y increase to 15.5 mn TEUs in 2024, accounting for nearly 18% of DP World’s total global container handling output during the same period, according to statements here and here (pdf). The port saw breakbulk cargo handled rise up 23% y-o-y to 5.4 mn metric tonnes, reaching its second-highest level of performance in almost a decade. Imports accounted for 80% of total shipments handled at Jebel Ali port, driven by the region’s expanding investments in infrastructure and renewable energy.

Behind the numbers: The firm attributes steady local and regional demand – particularly from Asia and the Indian Subcontinent – for driving up container throughput last year, regardless of geopolitical challenges, including disruptions to shipping in the Red Sea.

REMEMBER- The port has an annual container capacity of 19.4 mn TEUs across four terminals, made up of over 100 berths and with a 25 km quay length. Jebel Ali includes dedicated terminals for breakbulk, Ro-Ro, and heavy-lift cargo.

#2- Jordan’s Aqaba Container Terminal saw a 49% y-o-y increase in ship handling to 494 ships in 2024, Petra reports. The terminal also handled 848k containers throughout the year.

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CIRCLE YOUR CALENDAR-

The UAE is holding AD Ports Group Capital Markets Day on Monday, 24 February in Abu Dhabi. The full-day, in-person event will see investors, analysts, corporate and investment bankers and other securities market professionals gather to evaluate AD Port’s financial performance and the group’s strategy going forward. Group and cluster senior management, as well as other guest speakers, will visit flagship assets in Abu Dhabi.

The UAE will host the WCA Worldwide Conference from Tuesday, 25 February to Saturday, 1 March in Dubai. The event — set to bring together over 4.5k freight forwarders from 179 countries — will host several workshops and courses over one week.

The UAE will host the WCA Worldwide Conference from Tuesday, 25 February to Saturday 1 March, in Dubai. The conference will include delegates from over 180 countries for logistics social networking events, one-on-one meetings and sponsorships.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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