DP World taps Mota-Engil to build Congo’s first deep-sea port

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TODAY: DP World revives Congo’s deep-sea port development

Good morning, ladies and gents. It’s a very brisk read this morning as the Ramadan news cycle slowdown intensifies in the runup to Eid. We have the latest on DP World’s Congo port project, some M&A updates we’re tracking this morning, and a look at the latest output revisions from Opec+. But first, another development on the global trade war front…

THE BIG LOGISTICS STORY- EU hits the brakes on revenge plans: The EU has postponed its retaliatory tariffs on US goods until mid-April to mull which US goods to target while offering the US extra negotiation time. The move came after the bloc announced tariffs on EUR 26 bn worth of US goods starting in April in response to the US’ recent 25% tariff on steel and aluminum imports. The US then hit back threats to impose up to a 200% tariff on wine, cognac and other alcohol imports from Europe.

Trump promises flexibility: US President Donald Trump indicated there will be flexibility in his reciprocal tariff slap after giving top US automakers a one-month exemption prior to import duties.

Stay ahead or get left behind: Tariff fears are already driving up building contractor prices by as much as 20% as developers anticipate rising material costs due to US tariffs on Canadian lumber, real estate developer Related Group Jon Paul Pérez told CNBC. The tariffs could also push Canadian lumber producers to relocate operations to the southern US in search of new markets.

WATCH THIS SPACE-

#1- More movement on Mubadala’s Getir acquisition: Abu Dhabi sovereign wealth fund Mubadala has inched closer to acquiring four units of its majority-owned, Istanbul-based delivery platform Getir after it lined up approval from the Turkish Competition Authority, Asharq Business reports, citing a statement by the regulator.

IN CONTEXT- Mubadala secured shareholder approval in January to separate Getir’s profitable local grocery delivery operations from the company’s noncore businesses — a move the fund says is necessary to stabilize the company, whose valuation fell to USD 2.5 bn in 2023 from USD 11.8 bn in 2022 amid cashburn and exits from key markets. The wealth fund applied for sole ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities in September, after acquiring a controlling stake in the company back in June, leading a USD 250 mn funding round tied to the company’s restructuring.

#2- Gulf Cooperation Council member states are moving to apply anti-dumping duties on Chinese aluminum imports, according to a statement released last week. The committee has recommended that definitive duties be placed on all imports of aluminum alloy products originating from or exported directly from China, including alloy sheets, plates, coils, and strips with a thickness of 2 mm to 8 mm.

Lining up protective measures? US President Donald Trump ordered a 25% tariff on all imports of steel and aluminum last month. The tariffs particularly impact key US metal suppliers in Canada, Mexico, Brazil, Japan, the EU, South Korea, Vietnam, and Taiwan.

#3- Kuwaiti firms are competing for Egypt’s airport projects with plans reportedly set to be revealed within the next five months, a government source told Ashraq Business on Thursday. Egypt first revealed plans in 2023 to invite private sector players, including foreign companies, to take over the management of airports in the country in order to improve services and increase state revenues. The International Finance Corporation was reportedly expected to reach an agreement on the privatization plan for the management of 11 airports earlier this month, with the first phase offering up management of Hurghada Airport, followed by Sphinx Airport.

The bigger picture: Kuwait is looking to boost its investments in Egypt by some 20% y-o-y to USD 5.3 bn in 2025 — setting its eyes on transport, green hydrogen, tourism, agriculture, manufacturing, pharma, banks, and renewable energy, the source added. The move looks to expand economic cooperation and trade between the two countries, who currently exchange some USD 3 bn worth of trade per year.

#4- The US has agreed to extend a sanctions waiver for Turkey to allow the country to continue purchasing Russian natural gas until May 2025, Bloomberg reported on Thursday. The previous three-month exemption was set to expire on 20 March. Over 45% of Turkey’s gas imports came from Russia in 2024.

REFRESHER- The US slapped new sanctions on mega Russian private-owned bank Gazprombank in November 2024. Transactions related to Russia’s far east oil and gas project Sakhalin-2 will be exempt from sanctions until 28 June 2025. The US granted an exception for Turkey and Hungary’s outstanding gas payments to Gazprombank.

#5- Iraq will raise oil output to over 6 mn barrels per day (bpd) in 2028-29, Deputy Oil Minister Basim Mohammed Khudair told Iraq News Agency. The government plans to reach the goal via nationwide exploration and drilling efforts in tandem with six incoming licensing rounds. A final agreement with global energy giant BP will be announced soon in regards to developing four major oil fields in Kirkuk governorate, Khudair said.

MARKET WATCH-

#1- Oil prices dipped in early morning trading as investors mull the landscape left behind if a ceasefire is reached between Russia and Ukraine, Reuters reports. Brent crude futures slipped USD 0.25 to USD 71.91 a barrel, while the US West Texas Intermediate (WTI) fell by USD 0.20 to USD 68.08 a barrel by 04.09 GMT. Both benchmarks recorded a second consecutive weekly gain on Friday on the back of fresh US sanctions on Iran and news of revised Opec+ output plans.

Over-exporting Opec+ nations to make further cuts: Opec+ nations who have exported more than agreed upon levels make further oil outputs in the coming months to compensate for overproduction, the group said in a statement that was picked up by Reuters on Thursday.

The output reductions will come primarily from Iraq, Kazakhstan, and Russia, however Algeria, Kuwait, Saudi Arabia, the UAE, and Oman are also part of the compensation plan. Cuts from the group, set to be between 189k and 435k barrels a day, are likely to overtake planned production hikes next month, Reuters said.

Unplanned increase: The decision was made following Kazakhstan’s recent rise in production which exceeded its Opec+ quota by 300k bbl / d, driven by Chevron’s expansion at the country’s largest oilfield Tengiz.

REMEMBER- Earlier this month the group agreed to go ahead with production hikes next month in April despite a dip in Chinese demand and increased US output threatening market prices. This included a planned hike to the UAE’s production quota.

#2- Baltic index ticks up: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 8 points to 1,643 on Friday. The capesize climbed 6 points to 2,676, while the panamax index gained 18 points to 1,375. Only the smaller supramax index grew 2 points to 1,012 — rising to more than a four month high.

#3- The Drewry World Container Index decreased 4% to USD 2,264 per 40-ft container on Thursday, according to the latest index readings. Spot rates for 40-ft containers are at their lowest since January 2024 and 78% below the previous pandemic peak, but remain 59% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 3,127 per 40ft container, which is USD 242 higher than the 10-year average rate of USD 2,885.

PSA-

CMA CGM to roll new PSS: French giant CMA CGM will implement a Peak Season Surcharge (PSS) of USD 150 for every dry, reefer and hazardous containers shipped from Portugal to the West Mediterranean, East Mediterranean, Adriatic, and North Africa — excluding Morocco and the Black Sea, according to a statement released last week. The PSS will be implemented starting 1 April, 2025 until further notice.

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CIRCLE YOUR CALENDAR-

The UAE will host the Gulf Ship Finance Forum on Thursday, 10 April in Dubai. The forum will host shipping and finance executives from around the region and the world to host presentations, interviews, and panel discussions on ownership, management, chartering, legal, and trading in shipping.

The UAE will host the CargoIS Forum on Monday, 14 April in Dubai. The event will discuss industry insights and strategies from leading logistics players, including Emirates SkyCargo and Lufthansa Cargo.

The UAE will host the IATA World Cargo Symposium from Tuesday, 15 April to Thursday, 17 April in Dubai. The event will host sessions, specialized streams, workshops, and summits related to technology, security, customs, cargo operations, and sustainability for over 1.4k industry leaders.

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

DP World taps Mota-Engil to build Congo’s first deep-sea port

DP World has tapped Portuguese construction firm Mota-Engil to head the development of the Democratic Republic of Congo’s (DRC) Banana Port, according to a statement released on Thursday. The port — located in Kongo Central — will be DRC’s first and only maritime gateway for containerized cargo.

What we know: The project is scheduled to be built in two phases — the first phase will include a 600m quay, 30 hectares of storage area, and a handling capacity of 450k TEUs annually, while the second phase is set to expand the quay wall by over 2km. Construction kicked off in 2022.

Slow progress? DP World inked a collaboration agreement with the Congolese government in December 2021 to develop the Banana Port to boost the country’s access to international markets and global supply chains. Construction kicked off in 2022 and the British government’s development finance arm British International Investment (BII) invested some USD 35 mn for the first phase of DP World’s deep-sea container port back in August 2024.

An expanding partnership: BII and DP World have worked to modernize and expand in Senegal’s Dakar and Ndayane Port, Egypt’ Sokhna Port, and Somaliland’s Berbera Port. The three ports will improve access to vital goods for c. 35 mn people and allow an additional USD 51 bn to total trade by 2035.

IN OTHER DP WORLD UPDATES-

The port operator has partnered with Indian conglomerate Reliance Industries to launch a new rail solution in India to support local inland transportation of petrochemical goods, according to a statement. The project aims to connect DP World’s inland container depot in Ahmedabad and Mundra Port with Reliance Industries’ Gujarat Jamnagar plant. The Ahmedabad-Jamnagar-Mundra route — spanning some 700 km — has been converted into rail in a bid to cut down on the environmental and operational costs of long-distance road freight transportation. The new rail service can handle up to 1.2k tonnes of cargo and up to 45 containers per single trip.

2025’s trade dynamics show signs of resilience despite trade wars, DHL says

Despite major global disruptions including escalating trade wars, pandemic aftershocks, and regional conflicts, global trade volumes have remained resilient, according to a recent DHL trade report (pdf). However, recently expanded trade sanctions may expedite global policy changes, so what’s on the horizon in the year to come as trade dynamics shift swiftly?

The current lay of the land: The global outlook remains significantly resilient in the face of global disruptions on the back of e-commerce expansion, new tech, and increased regional trade. New emerging markets — particularly in Asia and the Middle East — are playing an imperative role in global trade dynamics, but the risk of economic fragmentation due to geopolitical rivalries could potentially have a long-term impact on trade stability and overall global trade expansion.

The big guns: US President Donald Trump’s recent trade policies have been marked by an unprecedented wave of tariffs — slapping levies on steel, aluminum, alcohol, and lumber — in a tit-for-tat dynamic with countries like China, Japan, Canada, Mexico, and the EU. The timing, details, and extent of global impact of these tariffs and policy changes remains to be unseen as some are still subject to negotiation between the US and its trade partners.

The infamous Chinese loophole: While direct US imports from China are declining, the overall reliance on Chinese-manufacture goods remains largely significant. Trump ended a tariff loophole used by Chinese firms back in February which saw Chinese firms shipping goods in bulk into Mexico and breaking them into small packages to enter the US in a bid to circumvent duties that are normally applied to larger shipments. Chinese companies — including Temu and Shein — shipped USD 46 bn worth of small packages to the US, with China reporting nearly USD 23 bn worth of these exports last year

Stepping into the vacuum: The UAE, Vietnam and Ireland have emerged as top countries in global trade growth — excelling in both speed and scale between 2019-2024. The UAE came in fifth place, accounting for nearly 1.7% of global trade in 2024, with an average compound trade volume growth of 6.9% throughout the period. Vietnam ranked sixth place on the scale dimension and 22 on speed, while Ireland came in at number 13 on scale and 17 for its speed. India, Vietnam, Indonesia, and the Philippines are also forecast to lead in trade growth from 2024 to 2029.

E-commerce is stimulating growth: E-commerce is rapidly reshaping global trade — with tech advancements driving the expansion of trade services. Cross-border e-commerce sales have grown by nearly 53% over a six-year period to 2.9 tn in 2022, according to the DHL report.The growth of cross-border e-commerce is expected to continue, with forecasts predicting annual growth rates of 15-25% over the next five-10 years.

The UAE continues its CEPA frenzy kicking off talks with Tunisia

The UAE and Tunisia have kicked off negotiations for a Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment ties, Wam reported on Thursday. The agreement aims to reduce tariffs and trade barriers to facilitate and boost market access for both countries.

In numbers: The UAE’s non-oil trade with Tunisia grew by 7.7% y-o-y in 2024 to USD 350 mn, UAE Foreign State Minister Thani bin Ahmed Al Zeyoud said. Tunisia exported USD 108 mn worth of goods to the UAE in 2023 and imported USD 198 mn worth of goods from the Gulf country, according to Trading Economics data here and here.

A string of CEPAs for the UAE: The UAE and the Central African Republic (CAR) inked a CEPA last week to boost bilateral trade from AED 925 mn to over AED 3.7 bn over the next five to seven years. Under the CEPA, CAR will enjoy a 98% tariff removal on exports to the UAE, while the African country will remove 99.5% of tariffs from UAE imports.

Updates on ports, cargo, last-mile, shipping and maritime from UAE and Qatar

SHIPPING + MARITIME-

#1- Qatar has received the first dual-fuel methanol container vessel — the CMA CGM Iron — at QTerminals, according to a statement released on Thursday. The vessel has a 13k TEU capacity and is one of 12 new dual-fuel methanol vessels operated by French logistics firm CMA CGM.

Not the first in the region: Abu Dhabi’s Khalif Port received the same dual-fuel methanol vessel — a first for the port — at CMA CGM’s CMA Terminals. Built by Korea’s Hyundai Samho Heavy Industries, the vessel can be powered by both conventional and alternative fuels, including bio-methanol and e-methanol.

#2- The Maersk Stadelhorn has become the first vessel to make use of the Gemini Corporation’s services at DP World-London Gateway, according to a press release. The ship is bound for ports across Europe and Asia, following Gemini’s ME2 / IEX India-Europe service. Maersk and Hapag-Lloyd’s Gemini Cooperation chose DP World-operated London Gateway port as its UK hub last November to leverage more single operator routes and less port calls per service.

What’s next for Gemini in the UK? At full capacity, Gemini will use DP World’s deep sea container ports at London Gateway and Southampton to launch 57 services at a capacity of up to 3.7 mn TEUs, the UAE-based port operator said.

CARGO-

Qatar Airways’ cargo arm Qatar Airways Cargo has launched a new transportation product, Techlift, to enhance air cargo transportation for the semiconductor industry, according to a statement released on Thursday. Techlift will offer protection and targeted shock absorption for ground and aircraft equipment. It will also allow for higher loading priority by using approved data loggers and specialized handling techniques.

We knew this was coming: Semiconductors and consumer goods in major economies are also expected to be strong areas for the sector in this year, with the carrier forecasting a 5-10% increase in total freight capacity, the company told Bloomberg in January 2025

OTHER STORIES WORTH KNOWING THIS MORNING-

HMM vessel lands in Umm Qasr port: A transport vessel owned by South Korea’s HMM has arrived in Iraq’s Umm Qasr port for the first time. (Shafaq News)
QR + BA expand aviation partnership: Qatar Airways (QR) and British Airways (BA) have added five routes to their codeshare agreement, starting 30 March. (Simple Flying)

Hapag-Lloyd’s net income down by 18.9% y-o-y in FY 2024, China to invest USD 1.4 bn in Tanzania-Zambia railway

Shipping giant Hapag-Lloyd recorded a 18.9% y-o-y drop in net income to EUR 2.4 bn (c. USD 2.6 bn) for FY 2024, which the firm attributed to lower net interest income and steeper tax levies, according to a financial report (pdf) published on Thursday. The firm’s revenues climbed 6.6% y-o-y to EUR 19.1 bn (c. USD 20.7 bn) on the back of improved demand for in its liner shipping and terminal and infrastructure segments.

Operational expansion: The firm raised its transport volume by 4.7% y-o-y to 12.5 mn TEUs despite incurring elevated transport costs owing to the rerouting of liners from the Red Sea to South Africa’s Cape of Good Hope. The company’s terminal and infrastructure segment saw improved earnings growth on the back of its acquisitions spree in FY 2023.

What’s next? Hapag-Lloyd’s outlook for 2025 is characterized by high uncertainty on the back of seismic geopolitical changes and fluctuating freight rates, the company said. The company says it will not resume Red Sea shipments until security concerns abate, whereas the fate of global tariffs — a major factor for the year’s financial performance — remains unpredictable.

China will invest USD 1.4 bn to upgrade the decades-old Tanzania-Zambia railway, the railway operator’s Managing Director Bruno Ching’andu told Bloomberg on Thursday. China Civil Engineering Construction Company is in talks to clinch a 30-year concession for the project — which is a Mao-era line that links Zambian copper mines to Tanzania’s largest port.

REMEMBER- China, Zambia, and Tanzania inked an initial agreement last year to revitalize the so-called Tazara railway, which extends over 1.8 km and aims to enhance rail-sea transportation in East Africa.

Calendar

MARCH

24-25 March (Monday-Tuesday): Airbus Summit, Toulouse, France.

APRIL

2-4 April (Wednesday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

3-4 April (Thursday-Friday): Africa Supply Chain Optimization, Johannesburg, South Africa

10 April (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

14 April (Monday): CargoIS Forum, Dubai, UAE.

15-17 April (Tuesday-Thursday): Transport Middle East Exhibition and Conference, Aqaba, Jordan.

15-17 April (Tuesday-Thursday): IATA World Cargo Symposium, Dubai, UAE.

16-17 April: Global Ports Forum, Dubai, UAE.

28 April-2 May: 7th Export Capabilities Exhibition (Iran Expo), Tehran, Iran.

MAY

6-8 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

12-15 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai, UAE.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

27-29 May (Tuesday-Thursday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

JUNE

1-3 June (Sunday-Tuesday): Annual General Meeting & World Air Transport Summit 2025, Delhi, India.

2-4 June (Monday-Wednesday): Propak MENA, Cairo, Egypt.

5-6 June (Thursday-Friday): Supply Chain & Logistics Innovation Summit, Amsterdam, Netherlands.

11-13 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

17-19 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

19 June (Thursday): East Med Maritime Conference, Athens, Greece.

25-26 June (Wednesday-Friday): Decarbonizing Shipping Forum, Hamburg, Germany.

JULY

1-3 July (Tuesday-Thursday): ASEAN Ports and Logistics, Jakarta, Indonesia.

SEPTEMBER

4-10 September (Thursday-Wednesday): Intra-African Trade Fair, Algiers, Algeria.

24-26 September (Wednesday-Friday): Routes World, Hong Kong.

OCTOBER

1-2 October (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

NOVEMBER

3-6 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

4-6 November (Tuesday-Thursday): Air Cargo Forum, Abu Dhabi, UAE.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

EVENTS WITH NO SET DATE

Mid-2025: Iraq will complete phase one of the construction of the Grand Faw Port.

DHL and Aramco’s logistics and procurement hub in Saudi Arabia will commence operations.

AD Ports-operated Safaga Port’s multi-purpose terminal will become operational.

Phase 3 of APM Terminals Tangier MedPort to be complete and operational.

1Q 2025: Sadr Park’s Logistics Center in Riyadh to be completed.

1Q 2025: Phase two of Jafza Logistics Park to be completed.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.

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DP World taps Mota-Engil to build Congo’s first deep-sea port

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TODAY: DP World revives Congo’s deep-sea port development

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DP World taps Mota-Engil to build Congo’s first deep-sea port

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2025’s trade dynamics show signs of resilience despite trade wars, DHL says

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The UAE continues its CEPA frenzy kicking off talks with Tunisia

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Updates on ports, cargo, last-mile, shipping and maritime from UAE and Qatar

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Hapag-Lloyd’s net income down by 18.9% y-o-y in FY 2024, China to invest USD 1.4 bn in Tanzania-Zambia railway

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DP World taps Mota-Engil to build Congo’s first deep-sea port

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2025’s trade dynamics show signs of resilience despite trade wars, DHL says

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The UAE continues its CEPA frenzy kicking off talks with Tunisia

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Updates on ports, cargo, last-mile, shipping and maritime from UAE and Qatar

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Hapag-Lloyd’s net income down by 18.9% y-o-y in FY 2024, China to invest USD 1.4 bn in Tanzania-Zambia railway

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