Good morning, friends. We’re approaching the weekend with a brisk issue, led by the UAE doubling down on more port expansion projects. We also hope you’re not bored of Chinese investments in Egypt (because they sure aren’t), and we have the latest update on ADQ’s Aramex takeover.

THE BIG STORY ABROAD-

The US announced several trade agreements with Asian countries as we inch closer to the 1 August implementation date for reciprocal tariffs.

#1- The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US, US President Donald Trump said in a social media post (with no confirmation yet from the Japanese government). (Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC)

#2- Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. (Reuters | Axios | CBS)

REMEMBER- The unlucky 14: Trump signed letters earlier this month outlining imminent tariffs on 14 nations slated for rollout on the new 1 August deadline — including Japan at 25% duties and Indonesia at 32%.

WATCH THIS SPACE-

#1- More expansions at Mina Al Hamriya are underway: Dubai Ruler Mohammed bin Rashid Al Maktoum greenlit a project that aims to expand Dubai’s Mina Al Hamriya port in a bid to host mega vessels and improve cargo-handling capacity, according to statements posted on X here and here. The expansion project involves the development of a 700-meter quay with a 12-meter draft. The investment ticket for the project hasn’t been disclosed.

It’s been a busy year for the port: The port registered AED 9 bn in transshipment trade and handled 2.7k vessel calls in 1H 2025, the statement read.

Not the first expansion of the port: DP World completed an expansion project at the port back in May 2024. Launched in 2022, the expansion included the construction of an additional 1.1 km of quay wall extending the port’s quay to 3.1 km.

About the port: Mina Al Hamriya lies in strategic proximity to Dubai’s local market, which allows businesses to more easily distribute their products and services. The port handles a wide range of cargo vessel types, including RoRo vessels, general cargo vessels, container vessels, dhows, and others.

#2- Egypt is importing some 1.1 bcf/d of natural gas from Israel, Oil Minister Karim Badawi told Asharq Business. The imports are up from around 650-750 mcf/d we were importing at the end of last month, when Israel ramped up its gas exports to Egypt from its Leviathan field after a brief halt as Israel exchanged airstrikes with Iran.

IN CONTEXT- The country is facing a gas shortfall of about 2.5 bcf/d as local production and pipeline imports from Israel fall short of the 6.5 bcf/d needed to meet peak demand.

#3- Houthi forces launched an aerial strike on Tel Aviv’s Ben Gurion International Airport, disrupting airport operations and causing residents in the area to flee to bomb shelters, according to a statement by Houthi spokesperson Yahya Saree. The statement came hours after an Israeli army spokesperson announced on X that a missile from Yemen was intercepted en route to Israel. Israel’s airspace was temporarily closed following the strike, Mehr reported.

#4- Oman to dualize Nizwa-Bahla road: Oman’s Authority for Projects, Tenders, and Local Content issued a tender to dualize the Nizwa-Bahla carriageway, the Oman Observer reports. The tender follows Oman’s recent road development projects — with Oman's Transport, Communications, and Information Technology Ministry beginning work on the OMR 258 mn Sultan Said bin Taimour Road dualization project last month. This phase covers 400 km of the total 857 km.

MARKET WATCH-

#1- Marine bunker fuel sales at Fujairah port dipped 5% y-o-y to 3.7 mn cubic meters in 1H 2025, Reuters reports, citing data from the Fujairah Oil Industry Zone (FOIZ). The dip in sales can be attributed to vessels operating with more caution in the Gulf last month amid tensions between Iran and Israel — which also saw Iran threaten to close the Strait of Hormuz. Several ships opted to minimize the duration spent in the region following warnings of a potential closure of the strait.

Sales in June hit a four-month low to 563k cbm — easing 8% m-o-m — as tensions reached their peak. Bunker price differentials to benchmark quotes remained muted for both high-sulfur and low-sulfur bunker grades in 2025, sources told the newswire, indicating weak underlying demand and ample supply in the market.

Traders clocked it early: Several traders expected fuel sales to dampen as demand for refueling was lukewarm for the majority of 2025, even prior to the recent escalation of geopolitical tensions, Dubai-based trading sources told the newswire.

Why is Fujairah important? Fujairah — a major regional bunkering port — is a key refueling point for commercial vessels transporting crude out of the Gulf. The port is poised to see methanol and LNG dominating its alternative bunker fuels.

#2- Baltic index rises once again: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — rose 0.9% to 2,035 points on Tuesday. The capesize increased 2.7% to 3,061 points, while the panamax index dipped 0.3% to 1,909 points. The smaller supramax index fell 1.3% to 1,329 points.

PSA-

Shipping giant Maersk has revised its peak season surcharge (PSS) for cargo traveling from Far East Asia to some Mediterranean ports, according to a statement. A USD 50 PSS applies for 20-ft dry and reefer containers. For 40-ft dry, high cube reefer, and 45-ft high cube dry containers headed to Turkey, Egypt, Israel, Greece, and Ukraine, a USD 100 surcharge applies. Cargo headed to any other Mediterranean port will get charged a USD 250 PSS for 20-ft dry and reefer containers, while a USD 500 surcharge will apply for 40-ft dry, high cube dry, and high cube reefer containers. The PSS is applicable starting 28 July.

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CIRCLE YOUR CALENDAR-

Mozambique is hosting Intermodal Africa, which kicked off yesterday and wraps tomorrow in Beira. 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.

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

Saudi Arabia will host the Sustainable Maritime Industry Conference on Wednesday, 3 and Thursday, 4 September 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.

The UAE will host the Africa Procurement & Supply Chain Leaders’ Conference on Monday, 25 August and run till Friday, 29 August in Dubai. The conference will host global industry leaders, policymakers and stakeholders to discuss how AI is changing procurement and supply chain efficiency, sustainability and risk management.

Algeria will host the Intra-African Trade Fair on Thursday, 4 September and run till Wednesday, 10 September in Algiers. The fair will host over 75 countries and 2k exhibitors across several sectors, to explore investment opportunities and exchange information on trade between B2B and B2G.

Oman will host the Comex Global Technology Show on Sunday, 7 September and run till Wednesday, 10 September in Muscat. The event will host over 360 participants and 133 tech startups to show achievements in eGovernment, fintech, smart cities, health tech, agritech and cybersecurity.

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