Egypt’s import rigs aren't going anywhere until 2030

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TODAY: Egypt to keep FSRUs until 2030 in strategic energy pivot

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Good morning, wonderful people. The holiday break news lull may be slowly snaking its way through to the logistics sector — but with USD bns of power in play, the headlines aren’t quiet.

Our lead story today unpacks Egypt’s decision to keep FSRUs until 2030 despite its recent blockbuster gas imports agreement with its neighbors to the east. We also have an exclusive on a new Logistics Zones Authority looking to shake up logistics projects in the country,

ALSO- Adnoc went on a financing tear, securing USD 13 bn to back both its gas and green agendas.

The Big Story Abroad-

Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade of oil tankers coming into and out of Venezuela. The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third.

Watch this space-

EXCLUSIVE- A proposed Logistics Zones Authority would manage, launch and award projects for logistics zones in Egypt, independent from the General Authority for Land and Dry Ports, a source from Egypt’s transport sector told EnterpriseAM. The potential move — which is not final and is still being discussed inside the Transport Ministry — comes as the government has some 30 logistics zones to offer up to local and foreign investors, our source said.

The creation of the new authority would help streamline investments into logistics zones, as the authority would allocate land directly to investors and have the ability to draft flexible contracts suited to the nature of each zone, whether agricultural, industrial, or commercial, the source told us.

There’s talk of more: Egypt and Tanzania are looking to set up reciprocal logistics zones in each country, according to a statement from the Industry Ministry. The potential project would bring a Tanzanian logistics zone in Egypt and vice versa, and would be modeled after a similar agreement with Rwanda, the statement says.

PORTS — Kuwait enters China’s Belt and Road Initiative with Mubarak Al Kabeer Port. Kuwait will sign a KWD 1.2 bn (USD 3.97 bn) contract with the China Communications Construction Company (CCCC) next week to establish the first phase of Mubarak Al Kabeer Port, Reuters reports, citing a government document it has seen. China had been aiming to link Kuwait to its Belt and Road plan. CCCC is expected to handle the engineering, procurement, and construction of the first phase, which the government previously announced is almost halfway completed.

SHIPPING — Maersk finally makes an appearance: Shipping giant Maersk’s Sebarok ship passed through the Bab El Mandeb Strait and the Red Sea for the first time since the company stopped transiting the Red Sea route two years ago, the firm said on its website. The company plans to gradually return to shipping along the East-West route through the Red Sea and the Suez Canal, “assuming that security thresholds continue to be met,” the company said, though it added that no further sailings are currently scheduled.

Will other shippers follow? The move comes on the heels of French shipping giant CMA CGM’s rerouting of its India America Express (Indamex) service through the Red Sea. The first vessel on the new program is set to arrive at the Suez Canal on 8 January 2026.

Market watch-

Oil prices rose this morning after an oil tanker was intercepted off Venezuela — raising concerns over oil supply, Reuters reports. Brent crude futures increased by USD 0.46 to trade at USD 60.93 / bbl as of 04:00 GMT, while US West Texas Intermediate (WTI) rose USD 0.46 to USD 56.98 / bbl.

Baltic index slump continues: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 2.3% to 2,023 points on Friday. The capesize dipped 1.4% to 3,624, while the panamax index shed 4.8% to 1,323 points, and the smaller supramax index declined by 36 points to 1,222.

The Drewry World Container Index increased by 12% to USD 2,182 per 40-ft container on Thursday, according to the latest index readings. Transpacific rates rebounded this week, recovering from a slump that had driven spot prices to their second-lowest point since January 2025. Freight costs from Shanghai surged, with rates to New York jumping 19% to USD 3,293 per 40-ft container, while Los Angeles-bound shipments saw an 18% increase to USD 2,474.

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Egypt to keep FSRUs until 2030 in strategic energy pivot, despite Israeli gas agreement green light

Egypt has shelved plans to phase out its floating storage and regasification units (FRSUs) in the near term, opting instead to keep the vessels as a strategic backup until at least 2030, three government sources told EnterpriseAM.

The market had assumed the FSRUs were leaving. Israeli Prime Minister Benjamin Netanyahu gave the green light to a USD 35 bn gas export agreement between Israeli and Egyptian companies last week, setting up the expectation that pipeline gas would replace expensive chartered vessels importing LNG.

Why it matters

The move is driven by the physical reality of the infrastructure gap. Construction on the new gas transmission pipeline to channel larger quantities from Israel won't begin until the first quarter of next year and isn't expected to finish until early 2028, making the existing FSRUs the primary fail-safe for the national grid until that link is fully operational.

The government is adopting a dual-sourcing strategy — maximizing pipeline imports while keeping FSRUs to handle peak demand, cover infrastructure delays, and maintain export optionality. By keeping the infrastructure, the government is paying a premium to ensure it is never held hostage to a pipeline outage, a sudden heatwave — or Israel turning off the export tap again.

Even with the vessels staying in place, Egypt’s external energy bill is set to decline as the volume of LNG imports drops. The government plans to slash LNG imports by roughly 30% next year, targeting between 120 and 125 cargoes. Negotiators are also using the improved supply outlook to squeeze suppliers on price, with the Oil Ministry currently negotiating to lower the import premium to between USD 0.75 and USD 1.00 per MMBtu over the Dutch TTF benchmark — a significant reduction from the crisis-level premiums seen recently.

The retention of the FSRUs is also consistent with Egypt’s ambition to become a regional natural gas hub. Cairo and Amman are coordinating to jointly use the regasification infrastructure, creating a shared pool of assets that lowers the cost burden for both nations, our sources told us. Looking further ahead to the 2028-2030 window, the government aims to pivot the infrastructure from import defense to export offense, utilizing the FSRUs to direct surplus output from liquefaction plants to Europe once new pipeline flows from Israel’s offshore Leviathan field stabilize.

Adnoc secures USD 11 bn for Hail & Ghasha, closes USD 2 bn green facility

Adnoc has secured a combined USD 13 bn in fresh financing in less than a week — lining up a USD 2 bn green loan backed by Korea Trade Ins. Corporation (K-Sure) yesterday and securing up to USD 11 bn in financing for its Hail and Ghasha offshore gas development last week, according to statements here and here.

For the K-partnership: The agreement — which marks Adnoc’s first-ever facility underwritten by the South Korean Export Credit Agency (ECA) — brings its total green-labeled funding within the span of 18 months to USD 5 bn, after receiving a USD 3 bn facility from Japan Bank for International Cooperation last year.

Advisors- First Abu Dhabi Bank served as green loan coordinator, with Santander acting as the ECA coordinator.

As for its other greenfield gas project-

Adnoc is set to leverage the funding for its Hail and Ghasha offshore gas development — which is part of the broader Ghasha concession. The transaction allows it to access capital based on future gas production, giving it funds upfront without exposing its wider balance sheet to project risk.

“It's the first-ever greenfield gas-based pre-export finance,” Reuters quotes a source it says is close to the transaction as saying. The company says the approach could serve as a model for funding other large-scale greenfield energy projects.

There’s also a geopolitical maneuver: The financing comes weeks after Lukoil’s US sanction-driven exit from the concession, handing Adnoc its 10% stake, an Adnoc spokesperson told the newswire. This cleared the project — which is being developed in partnership with energy firm Eni and PTT Exploration and Production Public Company — for financing from the region and from Chinese banks.

Oman and India inked a freetrade agreement to deepen bilateral trade

India and Oman have signed a Comprehensive Economic Partnership Agreement (CEPA) granting India near-universal no-duty access to the Omani market and marking New Delhi’s second freetrade agreement (FTA) with a Gulf nation after the UAE, India’s Commerce Minister Piyush Goyal said in a post on X.

Why it matters: The FTA marks an important shift in New Delhi’s otherwise reluctant approach toward freetrade agreements, Middle East expert and director at the India-based Centre for Studies of Plural Societies Omair Anas told EnterpriseAM. Given India’s growing export economy, “the US tariff war has created a favorable condition for India to look beyond big markets,” he added.

In numbers-

Under the CEPA, Oman will provide zero-duty access on 98% of its tariff lines, covering 99.38% of India’s exports to Oman by value, according to India’s Commerce Ministry.

In turn, India will liberalize tariffs on 77.8% of its tariff lines, covering 94.8% of imports from Oman by value, largely through tariff-rate quotas to protect sensitive sectors.

Bilateral trade between India and Oman stood at USD 10.61 bn in FY 2025, up from USD 8.94 bn in FY 2024.

The details-

What’s in, out: The agreement provides full tariff elimination for Indian exports across labor-intensive and industrial sectors, including gems and jewelry, textiles and apparel, leather and footwear, sports goods, plastics, furniture, agricultural products, engineering goods, pharma, medical devices, and automobiles. India has excluded several sensitive products from tariff concessions.

Indian goods were already entering Oman at low average tariffs of around 5%, limiting the incremental boost from duty cuts alone, Ajay Srivastava, founder of the Global Trade Research Initiative, told EnterpriseAM. Oman’s small domestic market also constrains the scale of export growth, he said, making a sharp jump in shipments unlikely.

The agreement’s greater value lies in strengthening India’s role in Oman’s logistics hubs, economic zones, and regional re-export networks, rather than in headline tariff reductions alone, Srivastava noted.

AD Ports expands in Pakistan + Oman’s Duqm gets a cold chain push

AD Ports goes vertical in Pakistan, expands into last-mile

AD Ports linked up with Pakistan’s CEI Supply Chain on a new joint venture that is set to boost the South Asian nation’s inland logistics operations and allows it to compete with active freight players in the country. The Emirati player will own 51% of the JV, which will be consolidated under AD Ports Group by 1Q 2026.

Until now, AD Ports operated only in Pakistan’s maritime sector, signing a 25-year concession agreement in 2024 for a bulk and general cargo terminal at Karachi Port — as well as dredging the port. The firm is also working towards establishing an industrial zone near Karachi Port and Qasim Port.

AD Ports has laid the groundwork for inland expansion: AD Ports Group’s Maqta Technologies and Pakistan’s PSW partnered up — in collaboration with Pakistan’s Customs Services — to strengthen Pakistan’s Single Window systems, which the newly minted JV can now use. The firm can now layer CEI’s network on top of Maqta’s operations coupled with its newly established Islamabad representative office.

Duqm gets a seafood exportability + cold chain push

Oman’s Asyad Group has launched regular vessel calls by global shipper CMA CGM to the firm’s terminal at Duqm Port — in a move to cement the facility as an exporter of seafood and a key link in the country’s cold chain. The global shipper has partnered with Omani fishing player Oceans Fisheries and deployed a vessel named Ocean Fresh at Duqm Port. The 105-meter Fish Factory is a ship with onboard facilities to process, freeze, and package fish at sea.

Calendar

2026

JANUARY

19-23 January (Monday-Friday): World Economic Forum Annual Meeting, Davos, Switzerland.

21-22 January (Wednesday-Thursday):IOSA Operator Workshop, Dubai, UAE.

FEBRUARY

3-4 February (Tuesday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

4-5 February (Wednesday-Thursday): Breakbulk Middle East, Dubai, UAE.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai, UAE.

9-11 February (Monday-Wednesday): Future Warehouses & Logistics, Dubai, UAE.

10-12 February (Tuesday-Thursday): Sustainable Aviation Future MENA, Dubai, UAE.

12 February (Thursday): Technical Seminar on Marine Biofuels, London, UK.

15-17 February (Sunday-Tuesday): World Advanced Manufacturing Logistics Summit and Expo, Riyadh, Saudi Arabia.

17-19 February (Tuesday-Thursday): World Legal Symposium (WLS), Warsaw, Poland.

20-22 February (Friday-Sunday): Dubai Freight Camp, Dubai, UAE.

24-25 February (Tuesday-Wednesday): Green Shipping Summit, Athens, Greece.

25-27 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

25-27 February (Wednesday-Friday): Air Law Treaty Workshop Tanzania (Third Edition), Dar es Salaam, Tanzania.

MARCH

5-6 March (Thursday-Friday): CargoIS Forum, Miami, United States.

9-13 March (Monday-Friday): WCA Worldwide Conference, Singapore.

10-12 March (Tuesday-Thursday): World Cargo Symposium, Lima, Peru.

18-19 March (Wednesday-Thursday): IntraLogisteX, Birmingham, United Kingdom.

18-19 March (Wednesday-Thursday): Green Marine Transport Conference, Amsterdam, The Netherlands.

26 March (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

APRIL

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

16-17 April (Thursday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

MAY

19-21 May (Tuesday-Thursday): Ground Handling Conference (IGHC), Cairo, Egypt.

12-14 May (Tuesday-Thursday):Aviation Energy Forum (AEF), Paris, France.

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