Good morning, nice people. We’re ending the week with a packed issue with news from across the regional logistics sector, from data centers updates to port developments to fresh maritime regulation and more. First, a quick reminder on an important meeting being analyzed and picked apart in the press for days…
HAPPENING TODAY-
Opec+ is forecasted to extend its latest round of output cuts during today’s meeting, effective until at least the end of 1Q 2025, four insider sources told Reuters. The move looks to offer additional support for the oil market due to a slowdown in global demand, but a six-month extension is unlikely, one source added.
REFRESHER- Opec+ pushed back a planned 180k bbl / d output hike for December for another month in November, amid lingering concerns of soft oil demand from China and a glut in supply. This marks the second time the global oil group postpones productions restarts that were originally slated for October.
WATCH THIS SPACE-
#1- Egypt could kick off the new year with a port privatization push: Egypt is reportedly planning to offer up 20-25% stakes in Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) in 1Q 2025, Al Mal reports, citing sources it says have knowledge of the matter. PSCCHC’s offering is expected by February, with DCHC’s slated to kick off by March or April at the latest, the sources say. The IPO’s private placement is reportedly attracting interest from major players including the UAE’s AD Ports and DP World.
REMEMBER- Egypt’s Tahya Misr 1 container terminal — one of three terminals planned in the Damietta port development project — will kick off operations in April 2025, with the other two terminals to be completed in 2027. The terminal is expected to add 3.5 mn container capacity to the port.
Not the first we’ve heard of AD interest: AD Ports reportedly submitted an initial offer back in March 2023 to acquire a controlling stake in state-owned Port Said Container Handling (PSCCHC) and Damietta Container Handling (DCHC). AD Ports inked a definitive 30-year concession agreement with Egypt’s Red Sea Ports Authority (RSPA) for the development and operation of a multi-purpose terminal at Safaga Port in January.
IN OTHER EGYPT UPDATES- Will Egypt take over Jordan's LNG regasification unit lease? Energos Infrastructure’s floating storage and regasification unit currently docked in Jordan’s Aqaba port will set sail for Ain Sokhna in the middle of next year when Egypt takes over the lease, Asharq Business reports, citing unnamed sources with knowledge of the negotiations. The Egyptian Natural Gas Holding Company (EGAS) will reportedly lease the unit for a ten-year project.
The regasification unit may be leaving Jordan, but it looks like the country will still be able to make use of the vessel. EGAS signed an agreement earlier this week with Jordan’s National Electric Power Company that will see Jordan share the use of one of Egypt's LNG storage and regasification units over the next two years. The agreement will enable Jordan to ensure it can process incoming shipments ahead of its fixed Aqaba LNG terminal slated for completion in 2026.
AND FROM THE DEPT. OF BAD NEWS- A cargo ship has sunk off Egypt’s Red Sea coast: A Comoros-flagged cargo ship – the VSG Glory – has sunk near the coral reefs of Quseir on Egypt’s Red Sea coast after being stranded for almost ten days, Reuters reported earlier this week.
What happened: The VSG Glory was en route from Yemen to Egypt’s Port Tawfik, when it sustained a 60 cm (23.6 inch) hull breach, causing seawater to flood the vessel’s engine room, Marine Insight reports. Egyptian authorities tried their best to salvage and stabilize the ship, but efforts were sabotaged by the deteriorating weather which caused the vessel to tilt further. The ship, stranded since 22 November, was carrying 4k metric tons of bran, 70 tons of fuel oil and 50 tons of diesel.
Egypt’s Red Sea governorate and the Egyptian Environment Ministry extracted 250 tons of contaminated water and fuel, but some remains on board, Reuters writes. There is concern the remaining fuel could spill and cause lasting damage to the surrounding coral reefs and ecosystem, sources tell the newswire.
#2- Pakistan has postponed its purchase of LNG from Qatar to 2026 instead of receiving cargoes in 2025, Pakistani Petroleum Minister Musadik Malik told Reuters. The country currently has a surplus of LNG, and has chosen to defer the order instead of cancelling to avoid facing financial penalties. Malik told Reuters back in June that Pakistan is unlikely to buy LNG cargoes until at least the beginning of winter due to oversupply and high prices.
Lots of deferrals: The South Asian nation has deferred five LNG cargoes from Qatar, and is negotiating to defer five more from other markets, according to the newswire. Pakistan’s government said in November that it would slash its electricity tariffs over the winter to boost consumption and cut the use of natural gas for heating.
Is this because of talks with Russia? Pakistan has also restarted talks with Russia to solve obstacles such as “ins., reins., transaction structure, shipping lines and ship cargo size, Malik said, but no agreement has been reached. The minister also denied any importation of crude oil cargo from Russia each month from January.
#3- Turkish Airlines, Qatar + Etihad Airways resume Beirut flights: Turkish Airlines has joined other airlines including Qatar Airways and Etihad Airways in resuming flights to Beirut this week, Bloomberg reports. Qatar Airways said it will resume its flights on 9 December, while Abu Dhabi’s Etihad Airways will resume their Beirut services on 18 December. Foreign airlines have halted their flights to the region since September, after Israel intensified strikes on Hezbollah, launching attacks on Beirut. Several airlines, including Jordan’s flagship carrier Royal Jordanian and Iraqi Airways resumed flights this week.
ICYMI: Iraqi Airways announced on Monday that it will resume its flights to Lebanon’s Beirut this week.
#4- Maritime player GulfNav is in the final stages of acquiring oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy, with plans to close the acquisition by 1Q 2025, Wam reports. GulfNav had previously provided the Securities and Commodities Authority with the required documents for the transaction as of October.
Background: The acquisition has been in the works for more than a year, with an initial proposal submitted in October 2023, and board approval coming in September. The transaction, if it goes ahead, will be a share swap, with GulfNav’s board having approved an AED 448.5 mn capital increase — equivalent to the value of the shares that will be issued to Brooge.
#5- China is plugging heaps of investment into Saudi’s green tech sector: Chinese exports and investments are piling into Saudi Arabia, as the Kingdom’s demand for green tech is enriching the two countries’ trade ties, the Financial Times reports. Chinese exports to Saudi Arabia increased 15% y-o-y to USD 40.2 bn in the first 10 months of 2024.
The breakdown: China’s greenfield foreign direct investments into the Kingdom totalled USD 21.6 bn between 2021 to October this year, making it Saudi’s largest investor into the sector. Around a third of the FDI was plugged into clean tech including solar, wind, and electric battery power. China has overtaken the Saudi’s traditional investment partners, the US and France, with US being the second-largest investor in the green tech sector, plugging in USD 12.5 bn in investments during the same period.
Shifting tides: China is increasingly looking to deepen its influence outside of the US and Europe in the wake of new proposed tariffs from both parties. Heightened Saudi and China trade ties could complicate the US’ dealings with the Kingdom, European Council on Foreign Relations expert on China and Middle East policy Camille Lons told FT. Saudi Arabia has remained cautious to limit its trade with China in industries deemed sensitive by its Western partners, including defense and AI.
MARKET WATCH-
#1- Oil prices remained stable in early morning trading ahead of the Opec+ meeting later today as investors await news on supply cuts, Reuters reports. Brent crude futures rose USD 0.06 trading at USD 72.37 a barrel by GMT 04.00, while US West Texas Intermediate crude (WTI) futures gained USD 0.07 to USD 68.61 a barrel. Both benchmarks fell nearly 2% yesterday.
#2- Baltic index continues to ease: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell nearly 4.6% to 1,180 points on Wednesday, easing for the sixth consecutive session. The capesize index fell 183 points to 1,609 points, while the panamax index snapped its 13-day losing streak to grow 9 points at 1,014 points. The smaller supramax index inched up 3 points to unchanged at 982 points.
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CIRCLE YOUR CALENDAR-
Morocco will host the Rail Industry Summit from Tuesday, 10 December to Wednesday, 11 December in Casablanca. The two-day summit includes pre-scheduled business meetings with potential partners, conferences, and themed workshops on new market trends and future strategies presented by OEMs on infrastructure, rolling stock, embedded equipment and railway vehicle interiors.
The UAE will host the Middle East Business Aviation Show from Tuesday, 10 December to Thursday, 11 December in Dubai. The event will showcase innovations from over 135 exhibitors and will have over 25 jets on display, with over 55 speakers offering insight on market trends.
Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.




