Good morning, folks. We have a brisk read as we head into the weekend, with a variety of project updates across the region’s ports, zones, and aviation industries. UAE is also getting a special kudos for its Data Center progress, clinching top growth rankings among emerging markets. Let’s get the ball rolling.

WATCH THIS SPACE-

#1- Iran eyes full control of Russian terminal on Caspian sea: Iran’s Nasim Bahr Kish has placed a bid to purchase 25% of Astrakhan Port from the Russian government for RUB 437.5 mn (c. USD 5.6 mn), Reuters reports, citing company records. The Iranian firm — which is under US sanctions — already owns a controlling share of the Caspian Sea port, which specializes in shipping grain, fertilizers, metals, and timber.

In numbers: The terminal saw its y-o-y grain handling halve from approximately 275k tons to just 139.5k tons this agricultural season — with no grain shipped in May — after Russia's temporary export ban on barley and corn. A shipment rebound is expected in the 2025-26 agricultural season, however, as Iran looks for more imports due to an expected smaller crop yield this year.

#2- Egypt’s Suez Canal maintained normal traffic flows despite the capsize and sinking of drillship Adam Marine 12, Suez Canal Authority head Osama Rabee said in a statement. The Osoco-owned drillship capsized in the Gulf of Suez late Tuesday evening near Gabal El Zeit, some 300 km south of the Suez Canal. Of those onboard, at least four died, six are still missing, while the remaining 21 were rescued.

#3- SGP moves into east coast terminals: Modern Port Services Company — a subsidiary of Saudi Global Ports (SGP) — officially took charge of multipurpose terminals along Saudi Arabia’s Eastern Coast on Tuesday, TradeArabia reports. The ports include King Abdulaziz Port in Dammam, Jubail’s Commercial Port, King Fahd Industrial Port, and Ras Al Khair Port.

REMEMBER- SGP — a JV between the Public Investment Fund and Singapore’s PSA International — was tapped by the Saudi Ports Authority last month to operate the ports.

#4- Saudi, Morocco to boost maritime links: Saudi and Moroccan officials agreed to look into launching a maritime link connecting the two kingdoms as part of an effort to boost bilateral trade and investment in the food, renewables, and tourism sectors, Asharq Business reports. The shipping link will “enable the private sector to play its role in promoting trade exchanges between the two countries as strong economies can open partnerships in other markets,” ٍSaudi Chambers of Commerce President Hassan bin Moejeb Al Huwaizi told the newspaper.

The context: The move comes as Morocco and Saudi Arabia gear up to host consecutive editions of the FIFA World Cup in 2030 and 2034, which are set to open up avenues for major investments for Moroccan and Saudi private investors.

All eyes on trade: The new link comes as the pair look to boost their trade from USD 1.6 bn in 2024 to USD 5 bn, Moroccan Industry and Trade Minister Riad Mazour told Asharq Business. Morocco is also looking to a more balanced trade relationship, with volumes currently dominated by Saudi oil exports — currently standing at c. USD 1.1 bn, Mazour said.

#5- MMC Port Holdings inches closer to IPO: Malaysia’s largest port operator MMC Port Holdings filed a draft prospectus for its initial public offering with Malaysia’s securities regulator, Reuters reports. Some 4 bn shares will be offered for institutional investors, with 286 mn shares available to retail investors, according to the filing (pdf). The timeline of the IPO was not disclosed in the filing, but the move could happen as early as 2H 2025, two sources familiar with the company's plans told the newswire.

We knew this was coming: MMC Corp — which fully owns the port operator — is expected to float a 30% stake in the operator via the listing, which could raise upwards of MYR 6 bn (c. USD 1.4 bn), the newswire reports, citing unnamed sources. MMC Port Holdings tapped local banks CIMB and Maybank for the IPO earlier this year.

Previous suitors: US-based investment firm Global Infrastructure Partners scrappedplans to acquire a 49% stake in MMC Port Holdings after failing to reach an agreement on the price for the stake last year.

MARKET WATCH-

#1- Oil prices went down this warning amid emerging signs of weakened US demand and rising stockpiles over the last week, Reuters reports. Brent crude futures dropped USD 0.24 to USD 68.87 a barrel by 03.45 GMT, while US West Texas Intermediate (WTI) futures declined by USD 0.24 to trade at USD 67.21 a barrel.

#2-Baltic index hits new low: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — dropped 1% to 1,443 points on Wednesday. The capesize was down 2.6% to 1,958 points, while the panamax dipped 0.5% at 1,492 points. The small supramax index inched up 13 points to settle at 1,031.

***YOU’RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We’re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.

EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.

Were you forwarded this email? Tap or click here to get your own copy of Enterprise Logistics.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com.

DID YOU KNOW that we also cover Egypt, Saudi Arabia, the UAE, and the MENAclimate industry ?
***

CIRCLE YOUR CALENDAR-

Intermodal Africa will kick off on Tuesday, 22 July and run till Thursday, 24 July in Beira, Mozambique. The forum will host over 300 senior government officials, industry leaders, academics, senior executives, and harbor masters in the ports, shipping, and logistics sector. Attendees and speakers will be coming from countries across the Middle East, Africa, and Europe.

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

Tags: