Good morning, nice people, and welcome to 2026. We have a brisk read for you in our first issue of the year, led by updates from Turkey and Egypt.

Up first: Turkish Airlines has reportedly greenlit a USD 2.3 bn mega cargo terminal project, a move that could help the carrier protect its leadership in the global air freight market and protect its future margins in a sector that is seeing volumes rise while yields shrink.

Over in Egypt, the government is slashing document verification fees by nearly 50% for the next six months for air freight imports as it rolls out the Advanced Cargo Information system for air cargo. Watch out for how importers adapt to the rollout and clearance speed times.

The big logistics story abroad

The US has signaled it will not "run" Venezuela but will instead act as its gatekeeper, using a naval quarantine on crude tankers to dictate the country's return to global oil markets. Following the capture of Nicolas Maduro, US State Secretary Marco Rubio clarified that Washington intends to "run policy, not the country," downplaying President Trump’s earlier suggestion of direct rule.

Why it matters: By blocking crude tankers' movements, the US is maintaining leverage over Maduro’s de facto successor, Delcy Rodríguez. Trump has already warned of a "big price" if Rodríguez fails to purge alleged Iranian influence and "clean up" the state’s oil industry.

The market impact: Global oil markets largely shrugged off the escalation, with prices remaining more or less stable as markets had already priced in “a conflict with Venezuela that would impact exports,” CNBC says. While Venezuela holds massive reserves, its actual production has been falling over the past several years, with the country currently producing just 500k bbl / d (1% of global output).

What’s next for oil production? Well, don't expect a sudden flood of Venezuelan crude despite the US pledging a USD 100 bn plan to revive the country’s oil infrastructure — with analysts expecting restoring production will be a “years-long” process, Bloomberg says.

Watch this space-

ACQUISITIONS — The Egyptian gov’t isn’t selling itsstake in Alexandria Container and Cargo Handling (ALCN), confirming what we predicted earlier in our explainer last month that the government is in the company for the long game.

Hold on, this changes nothing: The government’s refusal to sell does not derail the Mandatory Tender Offer (MTO) by AD Ports. An MTO is an offer to the market, not a bilateral contract — it does not require all shareholders to exit for the transaction to proceed.

We’ve said it — the real game is consolidation: AD Ports’ move is less about gaining control of ALCN — Abu Dhabi sovereign fund ADQ effectively has an indirect majority ALCN through Alpha Oryx (32%) and AD Ports (19.3%). Instead, Abu Dhabi appears to be interested in unifying those holdings under a single operational umbrella without needing the Madbouly government to sell a single share.

REGULATION — Saudi Arabia’s four flagship Special Economic Zones (SEZ) are cleared to become operational in April, after the Cabinet approved the new SEZ framework last week, state news agency SPA reports. The long-awaited framework, which offers Companies Law exemptions and flexible Saudization, will regulate the Jazan, Ras Al Khair, King Abdullah Economic City, and the Cloud Computing and Information Technology Zone SEZs.

Background: Launched in 2023, the four zones are each tied to a specific sector. Jazan focuses on food, mining, and downstream manufacturing, while Ras Elkhair targets mining and maritime services. King Abdullah Economic City is dedicated to advanced manufacturing and logistics, while the Cloud Computing and Information Technology Zone is built around data storage, processing, and digital services.

What to expect: The framework signals additional incentives, including exempting companies from “certain provisions of the Companies Law” and establishing a “tailored” Saudization regime — easing standard localization quotas for highly specialized sectors. The full regulations are expected to be published in the Official Gazette soon.

AVIATION — Airbus wraps up 2025 with a mega order from China: Chinese flag carrier Air China placed an order for 60 of Airbus’ flagship narrow-body A320neo aircraft. The USD 9.5 bn order — which came a few days after two Chinese carriers placed orders with a combined tally of 55 jets — gives the European-based jet maker a last-minute boost to its 2025 orderbook, which had trailed Boeing’s by over 200 jets as of November.

Still, we expect Boeing to beat Airbus in new orders in 2025 by a margin of some 100 jets, buoyed by historical orders as several countries leveraged Boeing purchases to gain favor with US President Donald Trump amid year-long trade talks and uncertainty. Meanwhile, we will be on the lookout for when the two aviation giants release their audited 2025 figures to give you a full rundown of the year and what to look for in 2026.

Market watch-

Oil prices took a dip this morning, shrugging off shortage concerns after the US capture of Venezuelan President Nicolas Maduro, Reuters reports. Brent crude futures dropped by USD 0.21 to trade at USD 60.54 / bbl as of 04:52 GMT, while US West Texas Intermediate (WTI) fell by USD 0.28 to USD 57.04 / bbl.

Meanwhile, Opec+’s core group is holding the line — at least for now. The eight producers, which are implementing voluntary production adjustments, agreed to maintain current production levels, reaffirming the decision taken in November to pause output hikes through 1Q 2026, according to a press release. The decision will uphold 3.24 mn bbl/d of production cuts, or 3% of global demand, after successive output increases between April and December.

Geopolitics crowds the room: Supply decisions aren’t being driven purely by demand, but rather by political uncertainty, with analysts suggesting that Opec+ is opting for stability over action at a time when tensions are at a peak.

Background: Tensions flared last week between Saudi Arabia and the UAE after the former launched airstrikes in southern Yemen against the separatist STC, which has been backed by the UAE in the past. Russia’s exports are under pressure from US sanctions over the war in Ukraine, while Iran is facing protests and US threats of intervention. The cherry on top was the kidnapping and detention of Venezuelan President Nicolas Maduro by the US.

Baltic index downward streak ends: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — rose 0.3% to 1,882 points on Friday, ending a six-day losing streak. The capesize slipped for a seventh day by 6.4% to 3,108 points, while the panamax index was up 1.2% to 1,282 points, and the smaller supramax index dropped 68 points to 1,076 points.

The Drewry World Container Index increased by 1% to USD 2,213 per 40-ft container on Thursday, according to the latest index readings. This marks the fourth consecutive weekly jump and was supported by a rise in transpacific and Asia-Europe rates, especially the Shanghai-Genoa and Shanghai-Rotterdam routes.

The short-term outlook: With early bookings already building for the February 2026 Lunar New Year, Drewry anticipates a further slight rate uptick next week.

ICYMI- The container shipping market is bracing for a supply glut in 2027, as the potential full return to the Suez Canal meets a record-breaking wave of new ship deliveries, shipowner association Bimco said in a report seen by EnterpriseAM.

***YOU’RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We’re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.

EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.

Were you forwarded this email? Tap or click here to get your own copy of Enterprise Logistics.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com.

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the UAE ***