Good morning, folks. We’re heading into the weekend with another brisk read. Still, today’s issue is nothing short of important updates, with M&A, data centers, and trade updates from Turkey, Iraq, UAE, and Egypt. Shall we?

WATCH THIS SPACE-

#1- Asyad to scout four LNG newbuilds in 2026: Oman’s Asyad Shipping — the LNG transport unit of state-backed logistics giant Asyad Group — is looking to place orders for four new LNG carriers next year, TradeWinds reports, citing remarks made by CEO Ibrahim Al Nadhairi during the London International Shipping Week. The logistics player currently has eight LNG carriers in its fleet, two of which are newbuilds expected for delivery by 2026, Al Nadhairi reportedly said.

ICYMI: The firm debuted on the Muscat Stock Exchange last March after raising USD 332.8 mn in an IPO that saw 20% of its shares floated.

#2- Pakistan eyes Emirati, Saudi investments for rail upgrade: Pakistan will court Emirati investors later this month as it seeks as much as USD 2.5 bn in funding for long-delayed rail upgrades, Railways Minister Hanif Abbasi told Arab News. He will visit the UAE and Saudi over the next month to pitch a 25-year build-operate-transfer model.

Mashreq Bank may also be involved, with Abbasi confirming meetings with the bank, which just rolled out commercial operations in Pakistan, to explore prospects in the railway sector. Similar proposals will be taken to Saudi Arabia in mid-October and France later in the month, Abbasi told Arab News.

REFRESHER- DP World is set to invest USD 400 mn into a freight corridor — running from Pakistan’s Karachi Port to Pipri marshalling yard at Port Qasim — under a joint agreement with Pakistan Railways and state-run National Logistics Corporation (NLC). Earlier this year, Etihad Rail and Pakistan’s Railways Ministry inked MoUs to improve the country’s rail network and explore developing a new one.

#3- Iraq’s Development Road project has a new backer: The Omani government has submitted an official request to join the list of sovereign backers of Iraq’s Development Road project, Iraqi Transport Minister Razzaq Muhaibas Al Saadawi said in a statement. The project is also backed by Turkey, Qatar, and the UAE.

What we know about the project: The project includes plans for 15 industrial and logistical zones, along with the construction of a 1.2k-km rail and road link connecting Iraq’s Grand Al Faw Port — currently under construction — and Turkey, Arabian Business Gulf Insight (AGBI) reports. The project targets completion in 2029 with an investment ticket of USD 17 bn, according to AGBI.

ICYMI- Iraq completed the first section of road links on the Development Road project, including parts of a three-lane road for heavy trucks and cargo last May. The section covers 62 km, featuring a submerged 11-km tunnel that links Grand Al Faw Port to Safwan road.

#4- Israel attacks Hodeidah Port again: Israel launched a dozen airstrikes on three docks in Yemen’s Hodeidah Port on Tuesday, hours after it issued an order to evacuate the port, Reuters reports, citing Houthi-run Al Masirah TV and unnamed sources. Israel claims the port is being used as a Houthi-controlled point to import weapons from Iran into Yemen.

This isn’t the first time: Israel has struck Hodeidah Port over the last two years multiple times, with the latest campaign taking place in July. Israel had previously attacked three Yemeni ports — Hodeidah, Ras Isa, and Salif — earlier in the same month in retaliation for missiles fired at Israel from Yemen.

REMEMBER- Hodeidah port is responsible for about 80% of the country’s food imports. The port is also essential for the country’s humanitarian aid operations— and has seen its capacity for aid imports fall to about a quarter due to Israeli attacks.

MARKET WATCH-

#1- Oil prices went down in the wake of the US Federal Reserve decision to slash rates yesterday, Reuters reports. Brent crude futures decreased by USD 0.13 to reach USD 67.82 / bbl by 04:17 GMT, while US West Texas Intermediate (WTI) also shed USD 0.18 to trade at USD 63.87 / bbl.

Meanwhile, oil traders are reportedly scrambling to secure supertankers on the Middle East-Asia route as suppliers raise output across the region, Bloomberg reports. Rates for very-large crude carriers (VLCCs) have surged to 100k industry-standard Worldscale points — around USD 96k per day. “A lot more oil is being shipped and we have a market that we’ve not seen in a long time,” chartering manager at Dynacom Tankers Management Odysseus Valatsas said.

#2- Baltic index keeps moving upwards: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — increased to 1.2% on Wednesday to a new high since 28 July, buoyed by the larger-size segment. The capesize climbed 3.5% to 3,300 points, while the panamax index shed 2.3% to 1,923 points. The smaller supramax index was up 0.1% to 1,492 points.

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CIRCLE YOUR CALENDAR-

The UAE will host the Syria Recovery and Investment Forum on Wednesday, 24 September in Abu Dhabi. The forum will host leaders in business, regional investors, policymakers, and advisory experts to develop practical solutions for Syria’s road to recovery and economic revival.

Turkey will host the Global Freight Summit on Sunday, 28 September until Wednesday, 1 October in Istanbul. The summit will host over 330 attendees and more than 250 firms for policy and knowledge and strategies exchange between forwarding partners.

The UAE will host the African, Middle East, and Islamic Finance Aviation 100 Awards on Monday, 29 September until Wednesday, 1 October in Dubai. The event aims to highlight and reward the most remarkable transactions closed by airlines and aviation manufacturing and leasing firms.

The UAE will host the Global Rail Transport Infrastructure Exhibition and Conference on Tuesday, 30 September until Thursday, 2 October in Abu Dhabi. The event will be hosted by Etihad Rail and is set to welcome over 200 global speakers and upwards of 20k industry attendees to share innovative solutions and develop partnerships.

Saudi Arabia will host the Saudi Maritime and Logistics Congress on Wednesday, 1 October and Thursday, 2 October in Dammam. It will host over 200 registered exhibitors and some 15k attendees from over 90 countries to discuss AI-powered fleet optimization, shifts in global trade, and intelligence-driven infrastructure.

The UK will host the Marine Environment Protection Committee Extraordinary Session from Tuesday, 14 October until Friday, 17 October at the International Maritime Organization’s (IMO) HQ in London. The session is set to see the intergovernmental body formally adopt its Net-Zero Framework — rolling out new fuel standards for ships and a global pricing mechanism for emissions.

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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