{"id":85115,"date":"2025-03-13T00:00:00","date_gmt":"2025-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/03\/13\/today-dae-mulls-selling-its-stake-in-joramco-ksas-red-sea-gateway-terminal-lands-in-djibouti\/"},"modified":"2025-03-13T00:00:00","modified_gmt":"2025-03-13T00:00:00","slug":"today-dae-mulls-selling-its-stake-in-joramco-ksas-red-sea-gateway-terminal-lands-in-djibouti","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/03\/13\/today-dae-mulls-selling-its-stake-in-joramco-ksas-red-sea-gateway-terminal-lands-in-djibouti\/","title":{"rendered":"TODAY: DAE mulls selling its stake in Joramco + KSA\u2019s Red Sea Gateway Terminal lands in Djibouti"},"content":{"rendered":"

Good morning, folks. <\/strong>The news cycle has picked up some rigor as we head into the weekend, with ports, debt and M&A watch updates from across the region. But first, the latest update on the world\u2019s intensifying trade warring\u2026<\/p>\n

THE BIG<\/strong> LOGISTICS STORY- The <\/strong>E<\/strong>U <\/strong>claps back <\/strong>at the US: <\/strong>The EU will impose tariffs on up to EUR 26 bn (USD 28 bn) of US goods starting April in retaliation for the US\u2019 most recent<\/a> 25% tariffs on steel and aluminum imports which took effect yesterday. The EU\u2019s strategy involves \u201cstrong but proportionate\u201d measures including reinstating previously suspended tariffs on EUR 9 bn worth of US exports and introducing new countermeasures on EUR 18 bn worth of goods.<\/p>\n

The ex is playing it cool: <\/strong>The UK has decided not to retaliate immediately and will \u201c[focus on] rapidly negotiating a wider economic agreement with the US to eliminate additional tariffs and to benefit UK businesses and our economy,\u201d UK Business and Trade Secretary Jonathan Reynolds told Bloomberg<\/a>.<\/p>\n

The story made headlines in int\u2019l <\/strong>press<\/strong>:<\/strong> Reuters<\/a> | The Associated Press<\/a> | Bloomberg<\/a> | Financial Times<\/a> | The Wall Stree<\/a>t Journal<\/a> | The New York Times<\/a> | The Washington<\/a>Post<\/a> | CNBC<\/a> | CNN<\/a> | BBC<\/a> | The Guardian<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- Egypt\u2019s National Railway Authority is reportedly seeking an EGP 2 bn loan from a consortium of<\/strong> local banks for its Arish-Taba logistics corridor project<\/strong>, informed sources told Al Mal<\/a>. The loan will be backed by the Finance Ministry and is slated to be secured by the end of the fiscal year. The Arish-Taba corridor will connect the Red Sea\u2019s Taba to the Mediterranean\u2019s Arish in Sinai, passing through the heavy industries\u2019 zones in Central Sinai. <\/p>\n

Part of a larger plan: <\/strong>The Arish-Taba corridor is part of the Transport Ministry\u2019s plan to develop seven new integrated logistic corridors<\/a> to connect production areas with seaports, or to link Red Sea ports with their Mediterranean counterparts. The ministry\u2019s plan also seeks to connect these corridors to dry ports and logistic zones via rail and road networks. <\/p>\n

ALSO FROM EGYPT- <\/strong>New<\/strong> public freezones could be in the works: <\/strong>The General Authority for Investment and Freezones (GAFI) submitted a proposal to Egyptian Prime Minister Moustafa Madbouly to set up new freezones catering to the spinning, textiles, engineering, and chemical production industries, GAFI head Hossam Heiba told Al Borsa<\/a>. The authority says it's ready to start infrastructure work after it gets the green light.<\/p>\n

Unlike private freezones, public freezones are a bit of a rarity<\/strong>, with only nine public<\/a>freezones<\/a> in the country and 230 private freezones, Heiba said. The new zones will support the expansion of companies operating in the country and attract new foreign companies to the market, the authority head said.<\/p>\n

#2- Construction on eight LNG vessels commissioned by <\/strong>Qatar Gas Transport Company <\/strong>Limited\u2019s (Nakilat)<\/strong> has begun at South Korea\u2019s Hanwha Ocean Shipyard<\/strong>, according to a statement<\/a>. The move is part of Qatar\u2019s ongoing initiative to expand its fleet of LNG vessels as it advances plans to bolster its LNG production capacity to some 142 mn tons per year by 2030<\/a>.<\/p>\n

Qatar\u2019s growing orderbook: <\/strong>QatarEnergy inaugurated four new LNG vessels<\/a> developed in South Korea last November, bringing its tally to 128, including 24 QC-Max mega vessels. QatarEnergy inked a 15-year time charter last year<\/a> with Nakilat to operate 25 conventional-size LNG vessels as part of the second ship-owner tender under QatarEnergy\u2019s LNG Fleet Expansion program. The vessels will each have a capacity of 174k cubic meters and will be built by South Korea\u2019s Hyundai Heavy Industries and Hanwha Ocean.<\/p>\n

IN OTHER NAKILAT NEWS- Credit ratings agency Fitch Ratings has sustained the company\u2019s <\/strong>debt outlook prompted by robust government support<\/strong>, according to a statement<\/a> released last week. The assessment maintained an \u2018AA-\u2019 rating for Nakilat\u2019s USD 850 mn series A senior secured bonds due in 2033 and an \u2018A+\u2019 rating for its junior debt offering of USD 300 mn series A subordinated second-priority secured bonds.<\/p>\n

The rationale: <\/strong>Fitch says the state-backed Nakilat is integral to Qatar\u2019s LNG exports \u2014 a sizable contributor to the nation\u2019s inflows \u2014 and that the authorities are incentivized to support its projects. Nakilat\u2019s operational risks remain ballasted by its passing-on of voyage costs, fuel costs, and port charges to charterers, as well as its outsourcing of ship management to Shell. <\/p>\n

<\/a>#3- <\/strong>DP World to expand its London Gateway Logistics Park<\/strong>:<\/strong> UAE\u2019s DP World has received the green light to expand at its UK London Gateway Logistics Park after the Thurrock borough council approved a new 10-year local development order (LDO) for the site, according to a statement<\/a>. Under the new order, new builds will be granted final approval within 28 days of submission \u2014 streamlining the process of granting lease agreements and construction approvals of new facilities. DP World has so far developed half of its London hub \u2014 the largest of its facilities in the UK at an area spanning 9 mn sqft.<\/p>\n

Background:<\/strong> The park originally obtained its first 10-year LDO in 2013, which allowed for the development of 17 state-of-the-art facilities spanning over 4 mn sqft and 1.5k jobs on the site. <\/p>\n

#4- <\/strong>Asyad <\/strong>Shipping makes its debut on MSX: <\/strong>Asyad Shipping \u2014 the LNG transport unit of Omani state-backed logistics giant Asyad Group \u2014 has successfully debuted on the Muscat Stock Exchange (MSX) following an IPO that raised USD 332.8 mn<\/a>, according to a press release<\/a>. The floated shares will now be available for trades at MSX under the symbol \u201cASCO.\u201d<\/p>\n

REFRESHER- <\/strong>Asyad Shipping wrapped an IPO offering 20% of its shares \u2014 over 1 bn \u2014 earlier this month that saw the company\u2019s market capitalization hit over USD 1.66 bn. <\/p>\n

#5- Riyadh Air is exploring partnerships with Air India and IndiGo to strengthen its <\/strong>presence in India<\/strong>, according to a statement<\/a> released following CEO Tony Douglas\u2019s visit to the country. \u201cIndia has long been a crucial part of Riyadh Air\u2019s network planning ahead of our operations launch,\u201d Douglas said. The airline plans to launch<\/a> this year, with several Boeing aircraft scheduled for delivery in 3Q. <\/p>\n

<\/a>#6- <\/strong>Boeing<\/strong> beats Airbus\u2019 deliveries once again: <\/strong>American aircraft manufacturer Boeing delivered 44 aircraft in February \u2014 including 32 from its 737 models \u2014 beating its European rival Airbus for the second month<\/a> in a row, Bloomberg<\/a> reports. Boeing delivered a total of 89 commercial aircraft since the start of the year \u2014 outpacing Airbus\u2019 65 deliveries. For new orders, Boeing received a total of 13 aircraft orders in February against Airbus\u2019 14. <\/p>\n

Could it be the start of a good year? <\/strong>The plane manufacturer delivered some 45 aircraft in<\/a>January<\/a>, its busiest month since 2023. Deliveries included 40 737 MAX jets, which saw a 60% y-o-y increase in deliveries. In contrast, Airbus only delivered 25 aircraft<\/a> in January. <\/p>\n

REMEMBER- <\/strong>Boeing\u2019s delivery delays and general supply chain disruptions have been projected to persist into 2025<\/a>. The manufacturer is bracing for a tough year<\/a> that could see its supply chains destabilized and operational costs rocked as a result of US President Donald Trump\u2019s tariffs. <\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- Oil prices saw a slight drop this morning after a major surge on Wednesday driven by <\/strong>reports of lower-than-expected US stockpiles, <\/strong>Reuters<\/a> reports. Brent crude futures decreased by USD 0.05 to USD 70.90 a barrel, while the US West Texas Intermediate (WTI) went down by USD 0.10 to USD 67.58 a barrel by 04.26 GMT. <\/p>\n

ALSO- Opec+ oil output jumped in February to 41.01 mn bbl \/ day<\/strong>, rising 363k bbl \/ d from the previous month, according to Opec\u2019s monthly oil market report (pdf)<\/a>. The increase was driven primarily by higher output from Kazakhstan, which added 198k bbl \/ d to its monthly production \u2014 bringing its monthly production to \u201cat least 300k bbl \/ d above the Opec+ ceiling,\u201d Bloomberg<\/a> notes. <\/p>\n

#2- Balti<\/strong>c index on a winning streak:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 gained 128<\/a> points to 1,559 on Wednesday, buoyed by all segments. The capesize climbed 285 points to 2,759, while the panamax index rose 94 points to 1,158. The smaller supramax index rose by 8 points to 872.<\/p>\n

#3- Chinese alumina prices are projected to fall to CNY 3k a ton this year, <\/strong>signaling the end of 2024\u2019s market rally that saw its prices double to CNY 5.7k a ton (USD 795), AZ China Ltd analyst Zhang Meng told Bloomberg<\/a>. Alumina is a multi-purpose industrial material that is also essential for aluminum smelting. <\/p>\n

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***<\/strong>YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior <\/strong>execs who care about the industry that connects producers and retailers to global markets. <\/strong>We\u2019re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.<\/p>\n

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CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

The UAE will host the <\/strong>Fuj<\/a><\/strong>airah International Bunkering and Fuel Oil Forum (FUJICON 2025)<\/a><\/strong> from Monday, 7 April to Wednesday, 9 April<\/strong> in Fujairah. The forum will host energy leaders from the private and public sector to discuss geopolitical and decarbonization impacts on shipping and bunker markets, fuel quality, market trends, pricing and technological advancements. <\/p>\n

The UAE will host the <\/strong>Gulf Ship Finance Forum<\/a><\/strong> on Thursday, 10 April<\/strong> in Dubai. The forum will host shipping and finance executives from around the region and the world to host presentations, interviews and panel discussions on ownership, management, chartering, legal and trading in shipping. <\/p>\n

The UAE will host the <\/strong>CargoIS Forum<\/a><\/strong> on Monday, 14 April<\/strong> in Dubai. The event will discuss industry insights and strategies from leading logistics players, including Emirates SkyCargo and Lufthansa Cargo. <\/p>\n

The UAE will host the <\/strong>IATA World Cargo Symposium<\/a><\/strong> from Tuesday, 15 April to Thursday, 17 April <\/strong>in Dubai. The event will host sessions, specialized streams, workshops and summits related to technology, se<\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":85116,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[264,352,145,146,165,23,49,15,173,142,153,406,31,123,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-airbus","tag-asyad","tag-aviation","tag-boeing","tag-debt-watch","tag-dp-world","tag-egypt","tag-logistics-park","tag-nakilat","tag-oman","tag-qatar","tag-riyadh-air","tag-saudi-arabia","tag-shipping-maritime","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4cf3cb64-f433-4137-92f8-18e517c0d94f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/3\/1068.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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