DP World Australia completes Silk Logistics acquisition + Qterminal renews concession for Ukraine port

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What we're tracking today

TODAY: DP World completes Sil Logistics acquisition. Qterminals renews commitment to Ukraine port concession

Good morning, nice people. We’re nothing short of important industry developments in today’s issue, with M&A, investment, ports, and earnings updates from across the region. But first, a look into the fallout of Air Canada’s cabin workers strike…

THE BIG LOGISTICS STORY- Hundreds of flights have been grounded as Air Canada cabin workers’ strike heads into its fourth day, after the Canadian Union of Public Employees (Cupe) rejected a government order to return to work. This comes on the heels of an 8-month negotiation over fair compensation that culminated in the strike after Cupe rejected the airline’s latest offer for a 38% raise over four years.

The strike has impacted some 700 flights a day, grounding up to 75% of the airline’s cargo capacity. The airline owns six freighters, which are still operational, but up to 75% of its cargo volumes are moved onboard the passenger flights (belly freight), impacted by the strike. The strike comes amid the summer’s peak season, affecting an average of 130k travelers daily.

What now? The airline was forced to extend flight cancellations into Tuesday afternoon, scrapping its initial plans to resume flights on Monday. Cupe, which represents the striking 10k flight attendants, pledged to remain on strike until their demands are met, even if it means jail time or fines against its leaders and members. The conflicting parties met for the first time since the strike began on Monday evening, but no breakthrough was reported.

WATCH THIS SPACE-

#1- Iraq shortlists two firms for FRSU: The Iraqi Oil Ministry is reviewing two bids for its first floating storage and regasification unit (FRSU) at Khor Al Zubair Port in Basra, according to a statement published last week. The Ministry will announce the selected bid at its next meeting, it said, without disclosing the names of the firms.

REMEMBER- Iraq was mulling over a bid from US-based Excelerate Energy — among other US firms — for its first FRSU earlier this year. Iraq’s interest in LNG imports infrastructure comes as Baghdad ramps up efforts to mitigate energy shortages and diversify imports, amid mounting pressure from Washington to reduce its reliance on Iranian oil and natural gas.

#2- Dubai-based International FreeZone Authority (IFZA) launched a new freezone in Panama City — marking IFZA’s first presence in the region, Wam reported. The new hub will support a range of sectors including logistics, trading, software, tech, and industrial production, and is set to provide Latin American businesses with better access to Middle Eastern, African, Indian, and Pakistani markets, the state news agency said.

IFZA is eyeing more projects abroad: The freezone inked an MoU with the Maldives’ Economic Development and Trade Ministry last year to develop a special economic and financial services zone. IFZA also signed an MoU with Pakistan to explore investments in the country’s freezones back in March.

MARKET WATCH-

#1- Oil prices fell slightly early morning as markets await the outcome of the recently announced trilateral meeting between Russia, Ukraine, and the US, Reuters reports. Brent crude futures went down by USD 0.07 to reach USD 66.53 / bbl by 00.00 GMT, while US West Texas Intermediate (WTI) dropped USD 0.06 to trade at USD 63.36 / bbl.

#2- Baltic index snaps losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 1.1% to 2,022 points on Monday, its lowest since 12 August. The capesize dropped 2.5% to record 3,212 points, while the panamax index gained 0.5% to 1,630 points. The smaller supramax index went up by 0.6% to 1,361 points.

#3- Bunker fuel sales at the Port of Fujairah rebounded in July to their highest in three months, reaching 640.7k cbm, up 13.8% m-o-m, Al Khaleej reports, citing Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. The recovery was driven by stronger demand for high-sulfur fuel oil (HSFO), which climbed 28.4% m-o-m to 205.6k cbm, the highest since January. This comes as low-sulfur fuel oil’s (LSFO) premium over HSFO hit a six-month high of more than USD 95/ton in mid-July, Al Khaleej said, citing London Exchange Group data.

Meanwhile, sales of low-sulfur marine fuels, including LSFO and marine gasoil, rose 8% m-o-m to 435k cbm. HSFO’s market share grew to 32% in July, while LSFO’s share slipped to 68%.

SOUND SMART- HSFO is cheaper but only allowed for vessels with scrubbers to meet the IMO 2020 sulfur cap. LSFO — capped at 0.5% sulfur — has become the dominant marine fuel. Marine gas oil, a cleaner distillate, is used in emission control areas where the sulfur limit is just 0.1%.

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CIRCLE YOUR CALENDAR-

Bahrain will host the Syria Recovery and Investment Forum on Sunday, 1 September and Monday, 2 September in Manama. The forum will host global industry leaders, policymakers, and stakeholders to discuss Syria’s most urgent rebuilding needs — and attract investments — across key sectors including education, energy, housing, smart cities, ports, and metro systems.

Oman will host Transport Middle East on Monday, 1 September until 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.

Algeria will host the Intra-African Trade Fair on Thursday, 4 September until Wednesday, 10 September in Algiers. The fair will host over 75 countries and 2k exhibitors across several sectors to explore investment prospects 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.

Saudi Arabia will host the Smart Ports and Logistics Transformation Summit on Monday, 15 September and Tuesday, 16 September in Jeddah. The summit will host over 40 global and local speakers, industry experts and policymakers to explore smart port solutions, port operations and logistics within Saudi Arabia.

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

DP World Australia completes its acquisition of Silk Logistics

DP World Australia completed its AUD 174.5 mn (AED 421.3 mn) fullacquisition of port-to-door Australian logistics operator Silk Logistics Holdings, implementing the scheme of arrangement that secured shareholder approval on 1 August and court approval on 6 August, according to a statement (pdf). Silk shareholders received AUD 2.14 per share yesterday, and the company is expected to be delisted from the Australian Securities Exchange today.

The transaction also brought board changes, with current directors stepping down and DP World Australia CFOs Peter Conomos and Jason Varsamidis, as well as executive vice president for Oceania Nicolaj Noes, taking on the roles of directors. The company secretary was also replaced with DP World’s senior legal director for Oceania Amelia Mitchell.

REFRESHER- DP World Australia — which operates four terminals and a number of warehouses in the country — will now take over Silk Logistics’ business segments in port and contract logistics, which specialize in wharf cartage services between Australia’s major ports, warehousing, and multimodal distribution solutions. This includes acquiring the firm’s Australian operation portfolio, including 21 logistics hubs and 25 warehousing sites across five states.

More regional investments are coming to Syria’s way

More investments in Syria from UAE firms: UAE-based cement-focused advisory firm A³&Co. inked an agreement with Syria’s state-owned General Company for the Manufacture and Marketing of Cement and Building Materials (Omran) to modernize production and improve sustainability in the Syrian cement sector, according to a press release. The partnership covers the development of a third production line at Syria’s Hama Cement Plant, capacity building for technical staff, and the appointment of A³&Co. as Omran’s strategic advisor.

The partnership will also back Syria’s cement sector at large, with the UAE firm set to provide periodic evaluation reports, energy consumption studies, and testing centers for the cement industry as part of rebuilding efforts in Syria.

REFRESHER- The UAE was among the first movers into Syria after the US lifted long-standing sanctions on the country in May. DP World signed a 30-year, USD 800 mn concession to develop Syria’s Tartous Port last month, while Abu Dhabi’s National Investment Corporation inked a USD 2 bn agreement for a new Damascus metro earlier this month.

ALSO- Saudi + Syria agree to more investment cooperation: Saudi Investment Minister Khalid Al Falih and Syrian Economy and Industry Minister Mohammad Nidal Al Shaar signed an agreement yesterday to promote and protect investments in both countries, the ministry said on X. The agreement — signed during a Syrian delegation visit to Riyadh yesterday — aims to ensure legal safeguards for investors, ease capital flows, create new jobs, and support sustainable economic development.

The Saudi Investment Ministry recently opened a new office in Damascus to oversee the implementation of the Saudi-Syrian agreements, Director General of the Syrian Investment Authority, Talal Al Hilali told Alarabiya (watch, runtime: 1:56).

Al Falih also backed the private sector’s plan to establish a “fund of funds” to act as a central platform for organized investment, helping channel large volumes of financing into Syria’s priority sectors and ensuring projects are carried out effectively, Asharq Business reports. Meanwhile, BinDawood Investment has recently finalized the signing of its updated agreement with Syria’s Tourism Ministry to set up a joint fund focused on tourism, real estate, and infrastructure.

Syrian exchange coming next? Tadawul has begun a feasibility study with the Damascus Securities Exchange on creating and operating a Syrian bourse, Al Falih added.

IN CONTEXT- The Saudi-Syrian Investment Forum held last month in Damascus put forth 47 agreements worth over SAR 24 bn in sectors like real estate, energy, ICT, finance, infrastructure, aviation, and healthcare. The real estate sector came on top with signed agreements worth over SAR 7.2 bn.

QTerminals to resume concession of Ukraine’s Olvia Port

QTerminals to resume Ukraine port concession: Qatari terminal operator QTerminals and its subsidiary QTerminals Olvia have signed an MoU with Ukraine’s Ministry of Community and Territorial Development to resume the concession project at Olvia Port, according to a Ukraine government statement published last week.

IN CONTEXT- QTerminals was awarded a 35-year concession contract in 2020, pledging to invest around USD 120 mn in Olvia Port, according to a statement published by parent company Milaha at the time. QTerminals began operations in Olvia port in 2021, though the project was put on hold following Russia’s invasion of Ukraine.

Respite from the war? The city of Mykolaiv — a shipbuilding and transportation hub on the northern Black Sea coast, and home to Olvia Port — was directly impacted by the Russia-Ukraine war, serving as a battleground in 2022 and 2024. “Attracting foreign investment, especially from a partner such as Qatar, is critically important for economic recovery, particularly for the Mykolaiv region,” Community and Territorial Development Deputy Minister Andriy Kashuba said.

Operating amid uncertainty: A Ukrainian law on public-private partnerships, expected to come into effect in October, will enable parties to change the terms of concession agreements due to force majeure circumstances — in this case, the Russian invasion. This will allow international companies, such as QTerminals, to request changes to the contracts, including on labor relations and financial terms, as well as introduce temporary operational suspensions, as per the statement.

About the port: Under QTerminals’ management, Olvia Port is equipped to deliver a range of services, including cargo handling, storage, warehousing, and facilitation of cargo transport by rail, according to its website . It hosts 22 gantry cranes, 61 forklift trucks, and four hydraulic material handling machines, and boasts an annual handling capacity of 3 million tons of cargo.

GulfNav returns to black in 1H 2025

GULF NAVIGATION HOLDING-

GulfNav returns to black: DFM-listed maritime player Gulf Navigation Holding (GulfNav) saw its bottom line reach AED 7.4 mn (USD 2 mn) in 2Q 2025, reversing an AED 13.2 mn loss in 2Q 2024, according to a press release (pdf). The company also saw its revenues grow 110% y-o-y to hit AED 28.5 mn (USD 7.8 mn) during the period, driven by growing chartering activities, optimized fleet operations, and cost reductions.

On a 1H basis, the firm posted a net income of AED 463k in the six-month period, rebounding from the AED 24.7 mn in losses recorded during 1H 2024, according to GulfNav’s unaudited financials (pdf). Revenues rose 45% y-o-y to AED 54.3 mn over the same period.

REFRESHER- GulfNav closed its AED 500 mn mandatory convertible bond issuance in July, which was oversubscribed by shareholders, to fund its AED 3.2 bn M&A of three subsidiaries of Fujairah-based Brooge Energy, which run oil storage infrastructure.

ALEXANDRIA CONTAINERS AND CARGO-

Alexandria Containers reported a net income of EGP 6.6 bn in FY 2024-2025, up 5% y-o-y, according to the company’s financial statement (pdf). Revenues also increased during the year, rising 26% y-o-y to EGP 8.3 bn. This comes after the company saw a 13% y-o-y increase in the volume of handled containers.

Updates on roads, aviation, and data centers from Oman, UAE, and Saudi Arabia

ROADS-

#1- Oman’s Special Economic Zone at Duqm (Sezad) inaugurated its OMR 58 mn road project linking Duqm Airport with the oil storage terminal in Ras Markaz, Oman’s state news agency ONA reported. The project — totalling over 51 km — includes the development of 43 km-long dual lanes and a secondary roads network of 11.5 km. The road also improves connectivity around the Green Industries Zone and leads to other highways connecting to Salalah.

#2- Oman breaks ground on Rakhyout-Dhalkout road: Oman’s Transport, Communications, and Information Technology Ministry (MTCIT) has kickstarted construction on a 20 km-long, 12 m-wide dirt road in Dhofar Governorate, Oman News reported on Sunday. The new road will link Rakhyout and Dhalkout in Dhofar Governorate, cutting the travel distance between the two by 40 km. The project comes as part of efforts to improve road infrastructure within the governorate, with future plans to pave the road in the future.

Oman’s been on top of its road network: The MTCIT started construction on the 857-km OMR 258 mn Sultan Said bin Taimour Road dualization project in June, after inking agreement with three Omani-Saudi cosnortiums, starting with a phase of the project with a total length of 400 km. Oman also awarded contracts valued at OMR 101 mn to upgrade several road projects across multiple governorates.

AVIATION-

Riyadh Air inked a five-year partnership with aviation solutions provider SATS Saudi Arabia to provide cargo handling services at key airports across the Kingdom, the airline said in a statement yesterday. The agreement includes the Riyadh Air hub at King Khalid International Airport, Dammam’s King Fahd International Airport, and Jeddah’s King Abdulaziz International Airport. Under the partnership, SATS will be tasked with developing world-class hub management capabilities for Riyadh Air.

ICYMI- Home-grown Avilog Logistics Services acquired a 49% stake in the Saudi arm of Singapore-based logistics firm SATS last July, with the goal of supporting SATS Saudi Arabia’s expansion plans, including the establishment of a new cargo facility in Jeddah and the implementation of multi-modal operations across the Kingdom. The initial agreement was signed back in November.

DATA CENTERS-

Turner & Townsend tapped for du’s AED 2 bn Dubai data center: State-owned telco giant du appointed UK-based multinational professional services company Turner & Townsend to provide project and cost management services for its first hyperscale data center in Dubai, according to a statement.

Background: Du said it will build an AED 2 bn hyperscale data center in Dubai, with Microsoft as its main tenant back in April. The 20k sqm facility will be built in phases to expand AI capacity and sovereign cloud solutions as well as meet rising demand.

China extends EU imports probe + India slated to impose up to 12% steel tariff

China is extending its probe into the EU’s dairy exports by six months, until mid-February 2026, Reuters reports, citing a Chinese Commerce Ministry statement. The anti-subsidy investigation, launched last August, is thought to be a retaliatory move against the EU’s decision last year to impose duties on Chinese-made electric vehicles (EVs).

The latest of many: China also extended its probe into pork imports from the EU by six months back in June, while it imposed duties of up to 34.9% on EU brandy producers in July.

Hitting them where it hurts: EU pork, dairy, and brandy exports to China amounted to some USD 10 bn in 2023, making China one of their top export markets.

ON THE FLIP SIDE- Chinese steel could get hit with Indian tariffs: India has recommended a three-year import tariff of 11-12% on certain steel products in a bid to curb shipments from top manufacturers in China, Reuters reports. India’s investigation into the matter found a “recent, sudden, sharp, and significant increase in imports,” which has the potential to cause serious harm to its domestic steel industry, according to the Directorate General of Trade Remedies.

Background: The move comes amid concerns that the US’ decision to impose 50% tariffs on steel imports could saturate markets elsewhere with steel that would have otherwise gone to the US.

Steel tariffs are on the rise: Japan launched an anti-dumping investigation into some steel-types being imported from China and South Korea last week after pressure from Japanese steel lobby groups, Reuters reported. South Korea is also mulling over placing tariffs on Chinese steel.

Calendar

AUGUST

25-29 August (Monday-Friday): Africa Procurement and Supply Chain Leaders’ Conference, Dubai, UAE

31 August (Sunday): GCC Forum for Green Mobility, Salalah, Oman.

SEPTEMBER

1-2 September (Monday-Tuesday): Syria Recovery and Investment Forum, Manama, Bahrain

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.

15 September (Monday): Logistics Leaders Saudi 2025, Riyadh, KSA

15-16 (Monday-Tuesday) September: Smart Ports and Logistics Transformation Summit, Jeddah, KSA

23 September (Tuesday): TradeWinds Shipowners Forum Greece 2025, Athens, Greece

24 September (Wednesday): Syria Recovery & Investment Forum, Abu Dhabi, UAE

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

25 September (Thursday): World Maritime Day.

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 and Logistics Congress, Dammam, Saudi Arabia.

6-8 October (Monday-Wednesday): Maritime Cyprus Conference 2025, Limassol, Cyprus.

7-8 October (Tuesday-Wednesday): Global EV and 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.

15 October (Wednesday): Global Trade Review, Cairo, Egypt

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.

9-11 November (Sunday-Tuesday): TransMea Expo, Cairo, Egypt

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

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

DECEMBER

9-10 December (Tuesday-Wednesday): Rail Industry Summit, El Jadida, Morocco.

16-17 December (Tuesday-Wednesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

JANUARY 2026

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

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