Al Seer Marine secures AED 760 mn loan from ADCB to fund growth

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What we're tracking today

TODAY: Al Seer Marine’s secures new loan + Jahez acquires 76.6% of Snoonu

Good morning, nice people. The newscycle has picked up significantly as we head into the weekend, leaving us with an issue packed with M&A, debt, and intermodal logistics updates from around the region. But first, an update on the never-ending Trump tariffs…

THE BIG LOGISTICS STORY- Another day, another tariff: The US President Donald Trump has now said the US will hit Brazil with a 50% tariff — a large hike compared to the 10% reciprocal tariff announced earlier in April — in protest over what he calls a “witch hunt” against former Brazilian President Jair Bolsonaro. Trump — delivering the threat in a letter to Brazil — criticized the current trial and charges against Bolsonaro and demanded that he be allowed to run in the next election. Not stopping there, he also ordered an unfair trade practices probe into Brazil’s policies that could lead to further tariffs later.

Brazil responds: Brazilian President Luiz Inácio Lula da Silva blasted Trump’s demands, saying that Brazil is ready to reciprocate the duties if they come into effect and pointing out that his country has an independent judiciary and a balanced trade sheet with the US.

This came hours after Trump also floated new sector-focused tariffs,threatening 50% duties on copper imports and up to 200% on pharma products.

WATCH THIS SPACE-

#1- Houthis attacks send ins. premiums surging: War risk ins. premiums for vessels transiting the Red Sea have surged nearly to 1% (of the overall value of the ship) — up from 0.4% — after the recent deadly Houthi attacks, ins. broker Marsh McLennan’s head of marine and cargo Marcus Baker told the Financial Times. The surge means that ins. Average now could hit as much as USD 1 mn per voyage, jumping up from the previous average of USD 300k.

No sign of slowdown: Due to the quickly escalating nature of Houthi activity in the area, “it is expected that these rates [will] move further upwards if shipping continues to use the corridor for transit,” Baker added.

ON A RELATED NOTE- A mission is underway to rescue Eternity C’s crew after a series of Houthi attacks led to the sinking of the ship on Wednesday, killing four of the 25 people aboard, two security sources told Reuters. So far, seven crew members of the Greek-operated vessel have been pulled from the waters near the vessel, with 14 still missing and the Houthis claiming several hostages. The vessel was attacked again on Tuesday night — prompting the crew to jump in the water before the vessel sank, sources said.

ICYMI- This was the second attack on commercial ships in the waterway after more than six months of relative calm. Earlier this week, 22 people aboard the Magic Seas vessel were rescued by an AD Ports-operated vessel after Houthis attacked it with gunfire, rockets, and explosive-laden remote-controlled boats.

MEANWHILE FROM EGYPT- Suez Canal Authority head Osama Rabie held discussions with logistics services provider Arkas Egypt Shipping Industries and Turkish firm Alcor Shipping Line to increase transit for both companies’ vessels through the Suez Canal, according to a statement. The move is part of SCA’s effort to reinvigorate the flow of oil tankers and dry-bulk vessels between Asia and Europe through the canal in a bid to restore lost revenues after over a year of instability. The SCA was hoping for a full recovery by mid-year, but the latest return of Houthi attacks could dent the efforts.

#2- Cyprus’ UW Group is eyeing investments in the Port Said Shipyard to turn it into a global shipbuilding hub offering maintenance, repair, and green scrapping services. This came during a meeting between Suez Canal Authority (SCA) head Osama Rabie and a delegation from the ship repair and maintenance service provider UW Group, according to a statement from the authority. Both sides will study the proposed partnership and hold further meetings to discuss technical and economic aspects.

#3- Iraq is poised to become a net exporter of oil products after a series of refinery expansions become operational this year, Bloomberg reports, citing Iraq’s Prime Minister Mohammed Shia Al Sudani. The transition — in the making for some time — is powered by expansions in the South Refineries Company’s refineries in Basra, Maysan, and Najaf, the news outlet reports. Baghdad will be expected to export less crude oil as refining capacity goes up, while reaching self-sufficiency and running into a net exporter for for refined products like gasoline.

Baghdad has moved to increase the Basra-based Diwaniya refinery’s processing capacity by 70k barrels per day (bbl/d), raising its overall capacity to 90k bbl/d, Iraqi News Agency reported earlier this week. The plant will reportedly produce refined oil products, including enhanced gasoline (meeting the Euro5 specifications), naphtha, kerosene, gas oil, black oil, and liquid gas.

#4- Airbus delivered a total of 306 commercial jets to customers in 1H 2025, an almost 5.6%y-o-y reduction from 1H 2024, according to c ompany data (pdf). The company delivered 63 commercial jets to 35 customers in June — up from 51 deliveries in May. It also secured 494 orders in 1H — or 404 orders after counting cancellations.

On a regional level: Regional players — whether via airlines or leasing firms — have placed orders for at least 81 Airbus jets, with AviLease ordering 10 A350 freighters. About 26 orders were delivered to regional airlines, including seven for Turkish Airlines, five for Emirates and Flynas each, four for Royal Jordanian, three for Kuwait Airlines, and one each for Saudia and Etihad.

Meanwhile, Boeing deliveries are still trailing behind despite a robust y-o-y improvement, with a total of 280 commercial airplanes in 1H 2025, according to a statement. The figure represents 60% y-o-y rise in deliveries, in our calculation, from just 175 jets during the same time last year. The number of new orders for 1H 2025 was not disclosed, but the firm said it will release a more detailed dataset later this month.

MARKET WATCH-

#1- Oil prices saw a slight dip this morning amid uncertainty over the global economic outlook following the US latest tariff threats, Reuters reports. Brent crude futures declined by USD 0.03 to USD 70.16 a barrel by 04.01 GMT, while US West Texas Intermediate (WTI) futures rose by USD 0.06 to trade at USD 68.32 a barrel. The size of the drop was curtailed by signs of strong demand from the US.

Meanwhile, oil markets are absorbing additional Opec+ barrels without a notable buildup in inventories, signaling sustained demand, Reuters reports, citing comments made by the UAE’s Energy Minister Suhail Al Mazrouei.

REMEMBER- It was reported that the latest output boost from Opec+ of 548k barrels per day for August could tip global oil markets into a surplus later this year. However, some analysts believe the real supply impact will be more muted.

Another hike incoming? Another hike of 550k barrels per day for September is looking likely when the group meets on 3 August, sources told Reuters. The group previously said that production targets will depend on market conditions.

#2- Baltic index snaps upward streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.6% to 1,423 points on Wednesday, buoyed by lower rates in the large segments. The capesize fell 5.5% to 1,654 points, while the panamax was up 3.3% to 1,621 points. The small supramax index inched up 2.3% points to settle at 1,151.

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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.

Transport Middle East 2025 will kick off on Monday, 1 September and will run till Wednesday, 3 September in Salalah, Oman. The conference will host 35 international speakers and over 50 exhibitors from the maritime sector to discuss global transportation and logistics.

The Sustainable Maritime Industry Conference will take place on 3-4 September at the Ritz-Carlton Hotel in Jeddah. The event is set to gather over 60 speakers and more than 3k participants to discuss maritime decarbonization, digital transformation, regulatory frameworks, capacity building, and sustainable practices.

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

IHC subsidiary Al Seer Marine lands AED 760 mn facility from ADCB to fund strategic growth

Al Seer secures loan to support expansions: ADX-listed and IHC maritime solutions subsidiary Al Seer Marine secured an AED 760 mn (USD 207 mn) facility from Abu Dhabi Commercial Bank (ADCB) to support its portfolio expansion, the company said in a statement (pdf). There’s no publicly available information about the details of the term sheet, but the company said the facility was extended on “highly competitive terms.”

Use of funds: The eight-year facility comes as part of the company’s push to scale up its diversified fleet and strategic investments in areas like shipbuilding and unmanned service vehicles (USVs). The financing is backed by first-priority mortgages on a select group of operating vessels.

ICYMI- Al Seer Marine widened the scope of its shipbuilding JV with Damen International, Dune, late last year to start building commercial ships in addition to naval shipbuilding. The JV aims to build over 26 vessels for domestic and international clients at UAE manufacturing facilities — namely Al Seer Marine’s Abu Dhabi facility and Damen’s shipyards in Sharjah, Fujairah, and Dubai.

The financing marks the second major transaction between the two players. Earlier this year, ADCB provided an AED 210 mn (USD 57 mn) loan to ASBI Shipping, Al Seer Marine’s JV with B International Shipping & Logistics, to help fund the acquisition of small and midsize LPG tankers.

What they said: “We’re proactively optimising our capital structure to unlock high-value, high-growth potential and reinforce our role as a powerhouse in delivering the UAE’s maritime vision. With this funding arrangement, we’re well-placed to serve the country’s momentum to accelerate investment across LNG, LPG, crude oil, and petrochemicals. ADCB’s continued partnership reflects deep institutional trust in our long-term strategy,” said Guy Neivens, CEO of Al Seer Marine.

Jahez buys 76.6% stake in Qatar’s Snoonu

Jahez acquires majority stake in Qatar’s Snoonu: Tadawul-listed delivery app Jahez inked a binding agreement to acquire a 76.6% stake in Qatar-based e-commerce outfit Snoonu in a SAR 919 mn (USD 245 mn) transaction, according to a press release (pdf). The acquisition is expected to close in 2H 2025, pending shareholder and regulatory approval.

A cashflow-heavy ploy with equity incentives: Jahez will pay SAR 802 mn (USD 214 mn) in banknotes to buy a 75% stake from Snounu’s current shareholders. It will also issue 1.54 mn treasury shares (0.73% of its share capital) to Snoonu founder and CEO Hamad Mohamed Al Hajri, and inject another SAR 75 mn (USD 20 mn) into the company in exchange for a newly-issued 1.56% stake.

Where the money is coming from: The transaction will be financed through Jahez’s own resources, along with bank facilities, and existing treasury shares held by Jahez.

Talking valuation: The agreement values Snoonu at USD 320 mn, making it the first-ever Qatari startup to surpass the QAR 1 bn valuation (pre-money). Post-acquisition, the firm will continue to operate under its own brand, with no major leadership shakeups planned.

The acquisition fits into Jahez’s regional expansion playbook, with the company citing operational and market synergies as key drivers. The two sides have also inked a shareholder agreement to govern Snoonu post-transaction, with Jahez appointing three board members, plus a seat for a founder-appointed director.

ICYMI- Jahez graduated to Tadawul’s big league from Nomu late last year. The company’s net income jumped 184.7% y-o-y to SAR 33.3 mn in 1Q 2025.

What Snoonu brings to the table: Founded in 2019, Snoonu runs an e-commerce and on-demand delivery platform serving food, grocery, retail, and courier customers. The firm’s revenues more than tripled over the past two years to USD 138 mn in 2024, with net income rising to USD 7.3 mn.

ADVISORS- Our friends at EFG Hermes Saudi Arabia quarterbacked the transaction as financial advisor, with law firm Kirkland & Ellis providing counsel. IP Excellera acted as the communications advisor for Jahez Group. Consulting Haus was appointed financial advisor to Snoonu, with Eversheds Sutherland providing counsel.

ADIA and PAI Partners invest in aviation solutions provider Alvest

ADIA, PAI Partners acquire controlling stake in Alvest: Abu Dhabi Investment Authority (ADIA), through an unnamed subsidiary, teamed up with private equity firm PAI Partners to acquire a controlling interest in French ground support equipment firm Alvest, press release (pdf). The financial terms of the agreement were not disclosed.

Leadership remains involved: The company’s founding team and senior leadership will remain shareholders and are reinvesting as part of the agreement. Ardian, Alvest’s previous majority owner, will stay on with a minority stake.

Where will the money go? The investment aims to drive Alvest’s expansion and innovation plans, enabling it to push forward with its transition to electrified ground support equipment. The funds will also allow Alvest to expand its range of products and services. This includes the development of automated or autonomous systems, advanced decarbonization technologies, robust maintenance operations, fleet management tools, and support services.

It is not ADIA and PAI’s first rodeo: The sovereign fund is in talks to acquire a significant minority stake in European Camping Group (ECG), where PAI would remain the majority shareholder.

Adia has been ramping up its investments in the aviation sector, making a INR 63 bn (c. USD 733.4 mn) debt investment in Indian infrastructure firm and airport operator GMR Group. The sovereign wealth fund, along with Global Infrastructure Partners, Khazanah Nasional Berhad, Malaysia’s Employees Provident Fund, and BlackRock, secured an 84.1% stake in Malaysia Airports.

Looking ahead, investments in airports worldwide are expected to reach USD 2.4 bn by 2040, and estimates indicate the global airport industry reached a value of USD 194 bn in 2024. The International Civil Aviation Organization predicts that the air transport industry will contribute USD 1.5 tn to the global GDP by 2036.

China, Morocco linked by new rail-sea corridor route

China, Morocco linked by rail + sea corridor: A rail-sea route connecting China’s Chengdu to Morocco’s Tangier has launched operations, marking the first China-Europe express railway trip to an African-Mediterranean port, Moroccan news outlet Médias24 reports. This new route extends the China-Hamburg railway — using Hamburg as a hub to redistribute containers to Barcelona, where they are transhipped by sea to Morocco, an undisclosed source told Médias24.

Who’s behind it? The initiative is reportedly a collaboration between Sichuan Silk Road Supply Chain Management and France’s La Poste subsidiary DPD (Deutscher Paketdienst).

Saving time and trouble: The system reportedly aims to trim delivery times from over 35 days to around 20 days, bypassing geopolitical hotspots — the straits of Bab El Mandab and Hormuz — and the protracted Cape of Good Hope route.

A saving grace for China: The new route is set to offer Chinese firms “a stable and predictable alternative that could reduce dependence on vulnerable sea lanes,” Founder of Sino Contractors Abdelhak Benkerroum told EnterpriseAM Logistics. It will also help Chinese firms looking to increase trade to Morocco and the wider African region avoid challenges associated with maritime disruptions, such as “cost increases, perishable risks, and scheduling chaos,” Benkerroum said.

Morocco is set to benefit, too: The route is set to cut costs for Moroccan exporters, and turn Morocco into an attractive destination for Chinese investors looking to leverage Morocco’s freetrade agreements with the EU and US, as well as its access to African markets, Benkerroum told us. “The new China-Morocco tariff exemptions (covering 98% of African goods) will make several [Moroccan] exports — including phosphates and derivatives, automobiles, and agricultural products and seafood — competitive,” Benkerroum said.

ICYMI- China is currently negotiating the implementation of its no-tariff access plan that will allow all 53 African countries with which it has diplomatic relations to trade with China at near zero duties.

Morocco, China trade: Rabat is a member of China’s Belt and Road Initiative, having signed a formal implementation plan in 2022, Morocco World News reported at the time. In 2024, the total trade volume between China and Morocco reached USD 9.04 bn, according to a statement. China’s exports to Morocco were USD 7.74 bn, primarily consisting of textiles, apparel, electronics, machinery, footwear, tea, and hardware. China’s imports from Morocco amounted to USD 1.3 bn, mainly comprising electronic components and metal ore.

IN OTHER INTERMODAL LOGISTICS NEWS-

AD Ports kicks off new Central Asian logistics JV: AD Ports Group has partnered with Kazakhstan Railway’s freight arm KTZ Express to launch its new Central Asian logistics joint venture (JV), according to a statement. The Abu Dhabi-based port operator holds the majority share in the JV — dubbed GulfLink Ltd — at 51%, while KTZ Express maintains the remaining 49%.

Expanding trade links…: GulfLink aims to offer new cargo routes for Central Asia — connecting through Pakistan, Turkey, the GCC, and the Indian subcontinent. The new firm will utilize KTZ’s 16k km of rail lines in Central Asia to boost trade flows and expand transport infrastructure. The move is important as nearly 70% of freight moves through Kazakhstan via rail.

…and supporting ongoing projects: Under the JV, AD Ports looks to revamp Central Asia’s logistics infrastructure and support its existing ventures in Kazakhstan, Uzbekistan, and Georgia. The firm had agreed to expand their existing collaboration with Kazmortransflot on container shipping in the Caspian Sea, adding another four vessels with a capacity of 780 20-foot equivalent units to support bilateral trade. AD Ports Group is also Investing over USD 50 mn to develop the Sarzha Grain Terminal at Kuryk Port in partnership with Kazakhstan’s Semurg.

REMEMBER- UAE inked USD 5 bn in MoUs with Kazakhstan spanning energy, infrastructure, AI, and logistics back in May.

Updates on data centers, trade, shipping, and cargo from KSA, UAE, Qatar, and Lebanon

DATA CENTERS-

Al Moammar Information Systems Company (MIS) sealed a framework agreement to add up to 112 MW in capacity to Saudi Data Center Fund 1’s existing data centers, it said in a Tadawul disclosure. The 36-month agreement could also see MIS establish new data centers for the fund. The financial details of the agreement will be announced once Saudi Data Center Fund 1, represented by Saudi Fransi Capital as its manager, hands in development notices.

MIS + Saudi Data Centers Fund 1 go way back: The fund was established in 2021 when MIS and Saudi Fransi Capital inked a SAR 1.2 bn agreement to develop, design, and manage data centers through the private investment fund. The agreement laid out plans for six data centers with a combined 24 MW capacity.

SHIPPING + MARITIME-

Hamad Port gets new MSC service: Qatari port operator QTerminals has added the Mediterranean Shipping Company’s (MSC) Chinook Clanga service to Hamad Port — following the arrival of its container ship MSC Charleston, according to a statement. The service offers routes connecting to Asian and North America’s West Coast ports.

ICYMI- QTerminals launched an MSC service — MSC Clanga — from Hamad Port in April, targeting trade links between China, Singapore, Qatar, and Saudi Arabia.

CARGO-

Lufthansa Cargo has launched a new weekly service between Frankfurt and Beirut, according to a statement. The new service — operating once a week on Thursdays — widens Lufthansa Cargo’s reach to upwards of 50 destinations in the Middle East and Africa, including Lufthansa Group belly capacities. The route will facilitate transporting goods such as automotive parts, meds, and high-tech products.

TRADE-

#1- Sectors to watch under the UAE-EAEU Cepa: A new trade pact between the UAE and the Eurasian Economic Union (EAEU) will expand market access for industries including metals, petrochemicals, processed foods, polymers, and consumer goods, Eurasian Economic Commission Trade Minister Andrey Slepnev told Emirati state news agency Wam. Over 85% of goods will see tariff reductions, with Emirati exports like polyethylene, cosmetics, and home appliances gaining wider entry to Eurasian Economic Union (EAEU) markets, while goods from the bloc such as dairy, steel and aluminium, and transport products will face fewer barriers entering the UAE.

IN CONTEXT- The UAE ratified a comprehensive economic partnership agreement with the EAEU last month, after concluding trade talks earlier in December. The agreement also targets cooperation in sectors like renewable energy, logistics, and construction across the bloc’s five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

#2- The UAE and Azerbaijan signed an economic partnership agreement aimed at boosting investment flows and cooperation across renewables, tourism, logistics, and construction services, according to a statement and state news agency Wam. The two countries’ non-oil trade hit USD 2.4 bn in 2024, up 43% y-o-y, while the UAE’s investments in the country exceed USD 1 bn.

The two countries’ leaders also discussed further potential projects in the renewables sector yesterday, according to the statement. The UAE and Azerbaijan have strong energy ties, with the State Oil Fund of the Republic of Azerbaijan (SOFAZ) investing USD 50 mn in Adnoc’s gas pipeline unit, Adnoc Gas Pipeline Assets, earlier this year, and Masdar planning a 240 MW Absheron-Garadagh onshore wind farm in Azerbaijan as part of a a pipeline of 10 GW of clear energy capacity in Azerbaijan.

South Korea’s K Shipbuilding to be sold for USD 727 mn

South Korean shipyard K Shipbuilding will be put on sale with an estimated value of KRW 1 tn (c. USD 727 mn), South Korean outlet Maeil Business Newspaper reports. The owners — Uamco and KHI consortium — have sent requests for proposals to local accounting outfits to take 99.58% of their shares to market. The final selling price may change during negotiations, the news outlet reports.

Turning the tanker: Once the world’s fourth-largest shipyard, K Shipbuilding faltered after the 2008 financial crisis before it entered court receivership in 2016 — the state of being managed by a court-appointed third party. The firm was later sold to the current owners who oversaw a strong performance rebound by last year, recording KRW 934.7 bn in revenues.

Calendar

JULY

22-24 July (Tuesday-Thursday): Intermodal Africa, Beira, Mozambique.

SEPTEMBER

1-3 September (Monday-Wednesday): Transport Middle East 2025, Salalah, Oman.

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference, Jeddah, Saudi Arabia.

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

7-10 September (Sunday-Wednesday): Comex Global Technology Show, Muscat, Oman.

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

25 September (Thursday): World Maritime Day 2025.

30 September – 2 October (Monday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi, UAE.

OCTOBER

The International Maritime Organization (IMO) is set to formally adopt the Net-zero Framework this month, stipulating new fuel standards for ships and a global pricing mechanism for emissions.

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

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

13 – 17 October (Monday-Friday): The Marine Environment Protection Committee’s second extraordinary session, London, UK.

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

28-30 October (Tuesday-Thursday): Borneo International Maritime Week, Sarawak, Malaysia.

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.

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

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

27-29 January (Tuesday-Thursday) Transport Middle East 2026, Abu Dhabi, UAE.

28-30 April (Tuesday-Thursday) Mediterranean Ports and Logistics, Porto, Portugal.

24-26 June (Wednesday-Friday) Transport Logistic & Air Cargo 2026, Shanghai, China.

7-9 July (Tuesday-Thursday) Asean Ports and Logistics, Kuala Lumpur, Malaysia.

17-19 November (Tuesday-Thursday) Intermodal Africa 2026, Luanda, Angola.

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

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

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