Good morning, lovely people. It’s a busy start to the week in the logistics world, with a lot going on in the departments of aviation, ports, and diplomacy. Let’s dive in.

THE BIG LOGISTICS STORY- Iran has conducted feasibility studies to establish a seaport on the Gulf of Oman, as part of plans to develop its maritime economy.

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UN tries to salvage the Black Sea grain agreement:The UN has asked Ankara, Moscow, and Kyiv to take steps to prepare for the transit of Russian ammonia through Ukrainian ports while it pursues parallel talks aimed at widening the agreement to include more ports and cargoes, sources close to the talks told Reuters. Russia recently agreed to a two-month extension to the arrangement, but it got off to a rocky start with Russia citing obstacles to its exports of grains and fertilizers and Ukraine accusing Russia of blocking its own grain exports. Ukraine and Turkey have accepted the new proposal tendered by the UN, but Russia has yet to respond, sources told Reuters.

Ukrainian officials have nevertheless aired designs for a “plan B” that will allow it to sidestep Russia if the current initiative fails,Reuters reported separately. The Ukrainian government has put together a USD 547 mn fund to provide ins. for ships coming to its ports with Ukrainian officials saying that merchant vessels should have confidence that Ukraine’s defenses “can do their job” to protect them from Russian attacks, according to official Ukrainian statements cited by Reuters.

Global air cargo demand continued to fall in April, though at a slower monthly pace, according to data from the International Air Transport Association. Global demand, measured in cargo ton-kilometers (CTK), fell 6.6% y-o-y (down 7% for international operations). However, available cargo capacity, measured in available CTK (ACTK), was up 13.4% y-o-y and up 3.2% from April 2019, surpassing pre-covid-19 levels for the first time in three years. The increase in capacity was primarily driven by belly capacity as passenger demand recovers.

How did MENA’s airlines do? They reported a decline in cargo volumes of 6.8% y-o-y, while African airlines had a positive performance with increased demand of 20% y-o-y and a capacity increase of 5.3% y-o-y.

What they said: “The air cargo industry is adjusting itself to the implications of the recovery in passenger demand that brings with it an expansion of belly capacity,” IATA Director General Willie Walsh said. “Preighter operations stopped in March and freighter services were scaled back by 2.3% in April,” he added.

WATCH THIS SPACE #1- Iraqi Transport Minister Razzag Al Saadawi invited China to participate in its USD 17 bn Development Road Project, whether through investments or implementation, during a meeting between Al Saadawi and Chinese ambassador Cui Wei on Wednesday, according to an Iraqi Transport Ministry statement. While Iraq is open to contributions from all countries, it is “looking forward to an effective contribution by China,” Al Saadawi added. Iraq is planning a second press conference to further discuss the project, and plans to invite China to it, Al Saadawi said, without disclosing an exact date for the conference.

China could benefit from being involved in the project: The project is “an important transportation node linking East to West and therefore can be used by China for its trade and because it is a short route between Asian and European markets,” Baghdad-based economist Nabeel Al Marsoumi told The National. While the countries do have friendly ties, there are “doubts that China would pour money into this project,” he added, attributing this to the security situation and the difficulty of protecting foreign investments in Iraq.

WATCH THIS SPACE #2- Oman will award the design contract for Musandam Airport by 3Q 2023:Oman Civil Aviation Authorityis expected to award the design and supervision contract for its proposed Musandam Airport by 3Q 2023, Zawya quotes sources it says are in the know as saying. The project is set to be complete by 4Q 2027, with an estimated value of around USD 200 mn, another source reportedly said.

The contract details: The commercial submission date for the contract is scheduled for 2 July, with the contract expected to be awarded by September 2023. The contract scope includes preliminary design, detailed design, tender documents and tendering, supervision and post contract services. The bidders list includes 14 companies, according to officials from 14 companies, Zaywa reports.

WATCH THIS SPACE #3- The construction of phase three of Agility’s logistics park in Abidjan in Côte d'Ivoire is underway, the company said. Set for completion in 1Q 2024, the completion of this phase of construction will triple the amount of space at the facility by offering an additional 33k sqm of move-in ready units.

Don’t know what a logistics park is? Check out our handy explainer.

WATCH THIS SPACE #4- We could see more acquisitions from Agility’sMenzies amid a wider consolidation trend: Agility subsidiaryMenzies Aviation is focusing on both acquisitions and organic growth as the aviation industry shifts from diesel to more environmentally-friendly alternatives, Bloomberg reports. Menzies is looking to strengthen its presence in Southeast Asia by acquiring a smaller rival in the region. The company’s expansion strategy is concentrated in southern and eastern Europe, the UK, Latin America, and Southeast Asia. Menzies aims to increase its current 250 locations to 300 by the end of 2024 or early 2025, with a long-term vision of reaching 450 locations. The airport handler’s CEO Philipp Joeinig predicts that four major global players will acquire smaller competitors that have operations in one or two airports.

Menzies has been on an acquisition + expansion spree: Just last month the company formed a joint venture with MYAirline to establish a ground services company in Kuala Lumpur International Airport and expanded its presence in Latin America with the acquisition of Aircraft Services and Consulting in Panama. The company also acquired a 50.1% stake in TAP Air Portugal’s aviation services subsidiary, Groundforce, in April.

WATCH THIS SPACE #5- An airport operator in Qatar is among several potential partners Hungary is in discussions with to help it acquire and operate Budapest Airport, Reuters reports.The government is aiming for a controlling share but is open to negotiating the terms, according to Economic Development Minister Marton Nagy. The acquisition could be finalized by the end of 2023, he said. “The state would like to buy the airport together with a friendly co-investor, who could also be able to operate the airport," Nagy said.

REFRESHER- Hungary's has been attempting to repurchase Budapest Airport from its current owners — a consortium led by AviAlliance, a Germany-based airport management company and the airport’s largest shareholder. The government is currently engaged in advanced discussions to reacquire the airport for EUR 4.44 bn.

Saudi Arabia’s Riyadh Air has unveiled one of two liveries following the announcement that it has secured a designator code — RX — from the International Air Transport Association (IATA), Arab News reports. The PIF-owned airline’s launch was announced in March, and is set to begin operations by early 2025.

MARKET WATCH-

Baltic index takes worst weekly hit in nearly five months: The Baltic Exchange's main sea freight index fell for the 16th straight session on Friday, at its sharpest pace since early January,Reutersreported. The main index slumped 21.6% for the week, while the overall index — which factors in rates for capesize, panamax, and supramax vessels — fell 18 points, or 1.9%, to settle at 919, its lowest in more than three months.

The breakdown: The capsize index, which is the index’s largest component, was down 2.5% on Friday, marking a 33% fall over the week and the biggest weekly drop since 17 February, according to Reuters. The supramax index tracking smaller sized vessels fell 3.3% to mark its lowest reading since late February and meant that it was down 13.4% for the week. Analysts cited lower European coal imports and a slower-than-expected recovery in China as factors dragging down the Baltic Index, Reuters reported.

Drewery’s World Container Index (WCI) fell 0.2% last week and 77.9% y-o-y, according to its website. The composite index value is 84% below its peak in September 2021 and 37% lower than the 10-year average, indicating a return to normalcy following the pandemic. The index is now 18% above average pre-pandemic rates.

India crowds out Saudi for imports of Russian oil in May: India’s imports of Russian oil rose to 1.96 mn barrels per day (bbl / d) in May, up 15% from the previous month, while Saudi imports declined to their lowest levels since February 2021, Bloombergreports. The surge in Russian crude oil imports comes on the back of their competitive prices, which reached USD 68.21 / bbl in April, compared with the Saudi price of USD 77.77 / bbl. Overall volumes are expected to see a continued rise in June and July as a result of increased demand from Indian refineries, an analyst at Vortexa was quoted as saying.

CIRCLE YOUR CALENDAR-

The Cargo Network Services Partnership Conference kicked off yesterday,and will run until tomorrow in Miami. The conference brings together industry leaders and decision makers to explore the future development of air cargo.

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