Good morning, friends. The Ramadan slowdown is striking us, but we have some port updates emerging from Kuwait. We also sat down with Transmar’s Ahmed Al Ahwal to discuss the company’s future and how Transmar is navigating Red Sea disruptions.

PSA-

#1-New rules for Suez Canal mooring: Mooring services will be shore-based, with stations for mooring boats distributed along the length of the Suez Canal, effective 1 May, 2025, according to a Suez Canal Authority (SCA) circular released earlier this week. Up to 30% of vessels in a convoy will be eligible to receive shore-based mooring services, subject to certain criteria including windage area, gross tonnage, draft, and inter-ship distance, with ships declining or unable to receive mooring services charged additional fees of USD 5k. Any vessel benefiting from onboard or shore-based mooring services will be charged USD 3.5k. US and other warships, towed units, and other vessel categories, are exempted from these changes and will benefit from tugboat escorts in accordance with previously concluded agreements, the circular stated.

#2- Abu Dhabi Police will prohibit large vehicles, including trucks and buses, on roads in Abu Dhabi and Al Ain during Ramadan rush hours, with restrictions applying between 8 and 10 am and 2 and 4 pm, Wam reports. Compliance will be enforced through patrols and smart traffic systems, WAM said.

WATCH THIS SPACE-

#1- Saudi oil giant Aramco is set to meet crude contracts for most Asian buyers in April, but will cut supplies of heavier grades to Chinese and Indian buyers on the back of oilfield maintenance, Reuters reports, citing sources with knowledge of the matter. KSA’s crude allocations for China in April stood at 47.5 mn barrels, just a notch below March’s 47 mn barrels, but at least one Chinese buyer’s request for more Arab Medium and Arab Heavy crude grades were turned down, unidentified sources said. One Indian buyer, at the very least, received the full volumes it had requested, but there was some restructuring to deliveries with heavier crude grades reduced, the newswire said citing a source.

#2- Iran will develop two new ports, Grand Makran and Lehkeh, to boost trade with neighbors, Mehr reports, citing statements by CEO of Iran’s Ports and Maritime Organization (PMO) Ali Akbar Safaei. The PMO looks to boost transit trade and foreign investment in Iran’s ports and will allocate a significant share of the organization’s income towards improving port infrastructure, Safei said.

DISRUPTION WATCH-

A “missile-related” incident was reported west of Yemen’s port of Hodeidah yesterday,Reuters reports, citing British maritime security firm Ambrey. UKMTO also filed a separate report of an explosion nearby a vessel, some 71 nautical miles from Yemen’s Saleef report, with no damage to the vessel or injuries to crew, the newswire said.

Global shipping companies will see short-term profitability gains on the back of Red Sea disruptions,as bumps to freight rates exceed higher costs due to longer reroutes, Fitch Ratings said last week. Operating cost inflation, hiked port charges, and rising costs of environmental regulation compliance will support freight rates in the medium and long term, Fitch writes. While disruptions have continued longer than Fitch’s initial expectations, with no indications of relief, they have not resulted in structural shifts in the sector and remain markedly distinct from the challenges seen during the pandemic, which saw wider supply-chain problems, Fitch said. Despite longer routes leading to capacity shortfalls in the maritime shipping sector, newbuild deliveries this year should fill these gaps, Fitch said, citing Maersk.

MARKET WATCH-

Oil prices dipped on Monday, as worries about geopolitical developments clashed with sluggish demand in China, Reuters reports. Brent fell USD 0.31 to USD 81.77 a barrel by 12.22 GMT, while West Texas Intermediate (WTI) saw a USD 0.34 drop to USD 77.67 a barrel, with Brent and WTI closing 1.8% and 2.5% lower for the week, the newswire said. Oil markets are “in a wait-and-watch mode,” as analysts try to gauge what effect the beginning of the Muslim holy month of Ramadan will have on the ongoing war in Gaza, the newswire said, citing Vandana Hari of Vanda Insights.

REMEMBER: OPEC+ revealed that it would extend voluntary oil cuts into this year’s second quarter earlier this month.

DATA POINTS-

#1- Dubai-based freezone,Dubai Multi Commodities Centre (DMCC), saw 2.69k new companies move in in 2023,marking its second-best year on record and bringing the total of companies registered in DMCC to 24k, WAM reported. Last year’s growth was attributed to the kicking off of a new industry ecosystem, more service offerings, and expansion via the launch of DMCC’s Uptown Tower, with DMCC now accounting for 11% of Dubai’s total FDI inflows, WAM said.

#2- Global air cargo demand rose 13% y-o-y in the first two months of 2024, with a surge in demand recorded from the Middle East and South Asia region, according to WorldACD Market data. Air cargo tonnage was up 8% and 17% y-o-y in February and January, WorldACD said.

CIRCLE YOUR CALENDAR-

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

Iran will host the second Iran-Africa International Summitfrom Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.

Saudi Arabia will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host the 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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