Good morning, friends. The newscyle has slowed down considerably as we head into the weekend, but we still have a few updates on big projects from Morocco and the UAE to delve into. But first…

A QUICK PROGRAMMING NOTE- EnterpriseAM Logistics will be taking a publication holiday tomorrow in observance of Sinai Liberation Day. We’ll be back in your inboxes at our regularly scheduled time on Monday, April 28.

THE BIG LOGISTICS STORY- US hits again with new duties on solar imports: The US has finalized antidumping and countervailing duties of up to 3,400% on solar cells imported from Cambodia, Malaysia, Thailand, and Vietnam, according to a Commerce Department statement on Monday. The update caps a year-long probe that began under the Biden administation into alleged dumping that distorted the US solar market, with a final vote on the duties planned for 2 June.

On top of other tariffs: The solar duties will be in addition to the separate set of tariffs imposed by Trump. They vary depending on the company and country, however the average effective rate for each country would be 651% for Cambodia (with four firms slapped with rates as high as 3,403%), 34% for Malaysia (reaching 168.9% in some cases), 375% for Thailand (reaching 799.5%), and 395 for Vietnam (reaching 542.6%). China’s Jinko Solar and Trina Solar are among the highly affected firms.

US’ solar industry to take a major blow: The US imported about USD 12.9 bn in solar equipment last year from the four targeted countries, making up roughly 77% of its total module imports, according to BloombergNEF. While expected to boost US domestic production, the duties also challenge local renewable developers relying on foreign supplies as they could face higher costs and extended supply chain disruptions.

The story made headlines in the international press: Reuters | Bloomberg | Wall Street Journal | CNBC | CNN | BBC | The Guardian | South China Morning Post

WATCH THIS SPACE-

#1- Qatar Airways eyes larger global cargo footprint: Qatar Airways Cargo, British Airways parent company International Airlines Group’s cargo division IAG Cargo, and Malaysia Airlines’ MASkargo are looking to establish a joint business to boost their networks in the air freight industry, according to a statement. The new business — still requiring regulatory approval — will aim to bring the three player’s experience and assets together to offer new streamlined products, faster transit, and more routing options. The three companies will also work together to develop comprehensive safety and security standards applicable industry-wide.

Qatar💚IAG: Qatar Airways — already a major global cargo player with 28 Boeing 777 freighter jets — planned on selling EUR 88 mn from its IAG shares as part of a share buyback program launched by IAG last November. Qatar Airways acquired a stake in IAG for USD 600 mn back in 2020, increasing its stake to 25.1%, Reuters previously reported. The Qatari firm previously held a 21.4% stake in IAG — which owns Spanish carriers Iberia and Vueling and Ireland’s Aer Lingus. Qatar Airways first invested in IAG in 2015, buying 9.99% of the firm.

#2- Morocco is planning a major logistics sector push, finalizing master plans for 10 logistics zone around the country, Detafour reports, citing comments by Transport Minister Abdessamad Qaiouh. No timeline for the proposed projects has been disclosed. The projects will cover several areas in Morocco, including Casablanca-Settat, Fes-Meknes, Beni Mellal-Khenifra, Guelmim-Oued Noun, Marrakech-Safi, Drâa-Tafilalet, as well as the East and Souss-Massa.

The projects include:

  • A 32-hectare logistics zone in Ain Cheggag near the city of Fes;
  • A 70-hectare project south of Casablanca;
  • A 45-hectare project in Kenitra;
  • A 9-hectare logistics zone in Beni Mellal;
  • A 5-hectare zone in the Midelt province.

IN OTHER MOROCCO NEWS- The government is looking to develop a new MAD 28 bn (c. USD 3 bn) airport in Casablanca, Hespress reports, quoting Transport Minister Abdessamad Qaiouh as saying. The airport — situated in the North-western Atlantic port of Casablanca — aims to accommodate nearly 40 mn passengers, Qaiouh said. The project — to be connected by a new road network and trains — is part of the nation’s logistics expansion program ahead of the Fifa World Cup in 2030.

This isn’t what we heard before: Morocco was reported last month to be planning a USD 1.6 bn investment to develop a new terminal at Casablanca Airport, Reuters reported last month, citing a statement by ONDA. The development was said to be aiming to double the airport capacity ahead of hosting the Fifa World Cup in 2030.

#3- The Iran sanctions keep on coming: The US administration has applied a new round of sanctions targeting Iranian liquefied petroleum gas (LPG) tycoon Seyed Asadoollah Emamjomeh — who is allegedly responsible for exporting mns worth of Iranian LPG and crude oil to international markets, according to a Treasury statement. Emamjomeh’s corporate network is also in the hotseat, with some 13 new associated energy companies and a Panama-flagged vessel — Tinos 1 — added to the Office of Foreign Assets Control (OFAC)’s sanctioned entities list. This is the third round of US sanctions that we know of against Iran since the pair began discussions on a possible deal on Iran’s nuclear program.

REMEMBER- The US administration imposed a prior round of sanctions on Iran’s oil network last week. The new sanctions targeted Iran’s crude flows to China and India, including a UAE-based Indian national, claiming that his 30-vessel fleet was responsible for shipping Iranian oil to India. Four other entities linked to the India-bound operation were also sanctioned, including the UAE-based Prime Tankers LLC and Glory International.

MARKET WATCH-

#1- Oil prices edged up again this morning amid projections of tighter supplies after US sanctions on Iran and a reported drop in US stockpiles, Reuters reports. Brent crude futures rose by USD 0.55 to USD 67.99 a barrel, while the US West Texas Intermediate (WTI) went up by USD 0.54 to reach USD 64.21 a barrel by 04.00 GMT.

Meanwhile, sky-high US tariffs due next month are impelling Chinese LPG importers to swap US cargoes for Middle East shipments, Reuters reports. Geopolitical turmoil has ramped up the demand and prices for China-bound Middle East cargoes from pre-tariff levels of USD 20-30 per ton to USD 30-60 per ton from May to the first-half June, Chinese LPG trading executives told the newswire.

US LPG is looking at a steep price drop: China’s demand for US exports is predicted to slump by 200k barrels per day (bpd) over six to nine months, according to East Daley Analytics. The resulting stock build-up could prompt a steep price drop-off, which would encourage importers from India, Indonesia, Japan, and South Korea to snap up US cargoes, Energy Aspects analyst Cheryl Liu said.

Swaps can be costly: Chinese importers are reportedly adamant on paying no more than USD 50 per ton for shipments due for the second half of May 2025, Asian LPG traders told Reuters. The cost of such swaps exceeded USD 100 per ton for cargoes due for the first half of May. US cargoes — unlike Middle East counterparts — can be swapped easily as they are not inextricably tied to a location.

#2- Baltic index holds steady: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — remained unchanged at 1,261 points on Tuesday. The capesize declined 1% to 1,661 points, while the panamax index rose by 1.5% to 1,292. The smaller supramax index was up 0.4% to 954.

DATA POINTS-

#1- The Saudi Export-Import Bank’s lending more than doubled in 2024, it said in a post on X. The bank saw its lending rise 103.2% y-o-y to SAR 33.5 bn from SAR 16.5 bn amid its efforts to support non-oil exports growth in the Kingdom. The bank’s credit facilities that were allocated to Saudi non-oil exports also rose 70% y-o-y to SAR 11.96 bn in 2024, with around 7.66% of the bank’s total credit facilities distributed between financing and providing ins. to Saudi non-oil products exports, state news agency SPA reports. Additionally, the total value of exports covered by credit ins. rose 127% y-o-y over the same period to SAR 21.6 bn, up from SAR 9.5 bn.

#2- Dubai was ranked fourth globally as a mobility hub and eighth as a commercial hub by Oliver Wyman Forum, according to its The Cities Shaping the Future report (pdf). The report highlighted the emirate’s role in reshaping global supply chains, particularly through the Jebel Ali Port and Dubai International Airport which it sees as key assets for global supply chain networks. The city is set to benefit further from supply chain shifts, with the rise of production in India moving manufacturing chains closer to the emirate, the report said.

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CIRCLE YOUR CALENDAR-

The UAE will host the Airport Show on Tuesday, 6 May to Thursday, 8 May in Dubai. The event will show products and technology for the airport industry from over 160 international suppliers and manufacturers across 20 countries. It will also provide a platform for networking with key players across seven airport sectors.

Saudi Arabia will host the Saudi Smart Logistics trade fair on Monday, 12 May to Thursday, 15 May in Riyadh. The event will provide insights into the latest international and local technology, solutions, equipment providers, and sustainable workflow practices within the logistics industry in the country.

The UAE will host the Global Ports Forum on Tuesday, 13 May to Wednesday, 14 May in Dubai. The forum will cover topics such as port strategy and development, port automation, finance and efficiency.

The UAE will host the Seamless Middle East from Tuesday, 20 May to Thursday, 22 May in Dubai. The event will cover topics including digital marketing, e-commerce, and retail and merchant payments.

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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