{"id":85156,"date":"2025-03-17T00:00:00","date_gmt":"2025-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/03\/17\/today-gulfnav-approves-valuation-for-brooge-assets-acquisition-egypts-adabiya-port-plans\/"},"modified":"2025-03-17T00:00:00","modified_gmt":"2025-03-17T00:00:00","slug":"today-gulfnav-approves-valuation-for-brooge-assets-acquisition-egypts-adabiya-port-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/03\/17\/today-gulfnav-approves-valuation-for-brooge-assets-acquisition-egypts-adabiya-port-plans\/","title":{"rendered":"TODAY: GulfNav approves valuation for Brooge assets acquisition + Egypt\u2019s Adabiya Port plans"},"content":{"rendered":"

Good morning, nice people. <\/strong>We are starting this week with an issue heavily-packed with M&A watch news from the UAE, as well as trade, aviation, and ports updates from across the region. Let\u2019s get the ball rolling. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- US launches probe into Suez Canal, other global shipping chokepoints:<\/strong> The US Federal Maritime Commission (FMC) has launched an investigation into global maritime chokepoints \u2014 including the Suez Canal \u2014 to assess whether foreign governments or shipping operators are creating conditions unfavorable to US shipping and trade, according to an investigation order<\/a> published Friday on the Federal Register. The commission is seeking comments until 13 May regarding the causes of constraints in the global checkpoints, which also include the English Channel, the Malacca Strait, the Northern Sea Passage, the Singapore Strait, the Panama Canal, and the Strait of Gibraltar. <\/p>\n

Why the Suez Canal?<\/strong> The waterway \u2014 which handles 10-12% of global trade \u2014 is a focal point of concern for the US administration, because \u201cits narrow width and single-lane format often leads to delays, especially during peak seasons,\u201d according to the investigation order. The commission also pointed out that its shallow depth \u201cmakes it prone to weather-related issues, further increasing the risk of accidents,\u201d citing the 2021 Ever Given crisis<\/a>. The commission also highlighted security risks stemming from ongoing conflicts, including that involving the Houthis and the war in Gaza, on top of \u201cthreats from piracy and terrorism,\u201d the document read.<\/p>\n

What could this mean: <\/strong>The FMC has been given the authority to take corrective action if the investigation proves unfavorable conditions in shipping, Former FMC lawyer Lauren Beagen told Bloomberg<\/a>, including blocking access to US ports or a USD 1 mn fee per voyage for foreign-flagged vessels. This could limit \u201cfirms\u2019 ability to participate in FMC-filed agreements including alliances.\u201d<\/p>\n

<\/a>IN OTHER EGYPT-RELATED NEWS- Gov\u2019t is in talks with the US\u2019 Excelerate Energy over a possible lease of floating <\/strong>storage <\/strong>and regasification units, <\/strong> according to a statement<\/a> released on Thursday. The talks took place between Egypt\u2019s Oil Minister Karim Badawi and Excelerate Energy\u2019s CEO Steven Kobos during a meeting in which they also discussed sharing technical expertise and LNG trade cooperation, according to a separate statement<\/a>. <\/p>\n

In line with larger plans: <\/strong>Egypt is set to resume its natural gas imports next month, seizing on a moment of lower global gas prices due to waning European demand, a senior government source told EnterpriseAM. The move comes amid a gov\u2019t push to redevelop its strategic gas reserve \u2014 leveraging newly secured infrastructure and LNG supply agreements, the source added. The country aims to import<\/a> 155-160 shipments of LNG this year to close the gap between demand and supply. Egypt reportedly needs around 6.2 bn cubic feet per day (bcf\/d), but domestic production only contributes 4.4 bcf\/d.<\/p>\n

On the cards:<\/strong> Egypt is expected to receive four LNG shipments by April \u2014 with projections of an increase in imports between five to six shipments per month during the summer period due to a rise in consumption levels due to high temperatures, the source noted. Egypt has reportedly contracted at least five regasification units<\/a> at present \u2014 with forecasts pointing to boosted shipments of imported gas and an increased flow of Israeli gas entering the country to meet growing demand from the industrial sector. <\/p>\n

Hopes are high for new local discoveries: <\/strong>The country still has a long-term objective to become a net LNG exporter once again and has so far avoided long-term contracts despite current favorable prices in hope of new natural gas discoveries that could put Egypt once again on the global export map. \u201cWe hope that [natural gas] discoveries and increased production will contribute to reducing demand for imported gas by next year,\u201d the source added. <\/p>\n

<\/a>#2- Washington hits Iran with a fresh wave of sanctions: <\/strong>The US has slapped sanctions on Iranian Oil Minister Mohsen Paknejad, a number of vessels, and three companies linked with its shadow oil operations, according to statements published on Thursday here<\/a>, here<\/a>, and here<\/a>. The US targeted Paknejad for supervising the Islamic Republic\u2019s export of crude and designating bns of greenback worth of oil to Iran\u2019s armed forces for export. <\/p>\n

The vessels in question?<\/strong> The newly-designated vessels include the Hong Kong-flagged Peace Hill, Iran-flagged Polaris 1, Panama-flagged Corona Fun, and the San Marino-flagged Seasky, Reuters<\/a> reports. <\/p>\n

The third salvo: <\/strong>The move marks the Trump Administration's third strike on Iranian crude since the signing of a \u201cmaximum pressure\u201d campaign<\/a> in February. The sanctions aim to reduce Iran\u2019s oil exports to zero to cripple its alleged pursuit of a nuclear weapon and its funding of what the US designates as terrorism abroad, Bloomberg<\/a> reported on Thursday. <\/p>\n

Warning Tehran: <\/strong>US President Donald Trump has ordered aerial attacks on Houthi targets and threatened Tehran over its funding of the group, according to a statement<\/a> on Truth Social published on Saturday. Trump vowed to continue the strikes until the Houthis cease their attacks on US and US-allied commercial and naval vessels navigating the Red Sea \u2014 an issue that has disturbed the waterway in 2024<\/a>. <\/p>\n

IN <\/strong>OTHER SANCTION UPDATES- <\/strong>The delivery time of a Russian oil tanker has increased sevenfold due to US sanctions<\/strong>, Bloomberg<\/a> reported on Friday. The Russian vessel \u2014 the Daba \u2014 delivered 2 mn barrels of Sokol crude to China after a voyage of more than seven weeks, notably much longer than its usual one-week delivery time. Although unsanctioned by the US, the tanker underwent ship-to-ship transfers and received shipments from vessels that were themselves targeted by the US\u2019 sweeping addition<\/a> of around 180 tankers in January<\/a>.<\/p>\n

#3- <\/strong>Chevron <\/strong>eyes Middle East for crude: <\/strong>American oil and gas firm Chevron is reportedly looking for the Middle East for crude supplies as they look for alternatives of Venezuelan oil to keep its refineries humming, Bloomberg<\/a> reported on Thursday. Chevron \u2014 which was given a 30-day window to stop their Venezuela operations after a Trump order \u2014 is also looking into sourcing crude from Mexico and Brazil. <\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- O<\/strong>il prices went up on Monday morning in the wake of US airstrikes on the <\/strong>Yemen-based Houthis, <\/strong>Reuters<\/a> reports. Brent crude futures increased by USD 0.41 to USD 70.99 a barrel, while the US West Texas Intermediate (WTI) surged by USD 0.40 to USD 67.58 a barrel by 03.36 GMT. <\/p>\n

ALSO- Goldman Sachs has slashed its forecasts for oil prices in 2026, citing projections <\/strong>of higher supplies from Opec+ and a slowed down oil demand, <\/strong>Reuters<\/a> reports. The financial institution now predicts WTI to trade at USD 67 and Brent crude at USD 71 by December 2025, almost USD 5 below its previous projections.<\/strong><\/p>\n

IN REGIONAL OIL MARKET NEWS- <\/strong>Saudi Aramco is expected to ship between 34-36 mn bbl of oil to China next month, the<\/strong> lowest amount since June 2024<\/strong>, Bloomberg<\/a> reports, noting that there is no clarity on whether the decline is due to lower demand or reduced supply. The expected decline is reportedly partly due to maintenance at China\u2019s Sinopec-owned refineries, reducing processing capacity by 700k barrels per day (bbl \/ d) from mid-March to May, Reuters<\/a> reported, citing trade sources.<\/p>\n

REMEMBER- Saudi Arabia was <\/strong>looking to boost<\/a><\/strong> its oil exports to Asia<\/strong> \u2014 particularly China and India \u2014 in a race against Russia to uptake a larger share of the region\u2019s market, after Opec+ decided to gradually increase output earlier this month. Aramco also lowered its crude oil prices for Asian buyers in April for the first time in three months, cutting Arab Light by USD 0.40 to USD 3.50 a barrel above Omani and Dubai average prices.<\/p>\n

#2- <\/strong>Baltic index <\/strong>on an upwards trend: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was up 19<\/a> points to 1,669 on Friday. The capesize dipped 36 points to 2,857, while the panamax index gained 65 points to 1,365, a five-month high. The smaller supramax index rose by 35 points to 930.<\/p>\n

#3- T<\/strong>he Drewry World Cont<\/strong>ainer Index decreased 7% to USD 2,368 per 40-ft container on <\/strong>Thursday<\/strong>, according to the latest index readings<\/a>. Spot rates for 40-ft containers are at their lowest since January 2024 and 77% below the previous pandemic peak, but remain 67% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 3,205 per 40ft container, which is USD 321 higher than the 10-year average rate of USD 2,884.<\/p>\n

#4-<\/strong> The <\/strong>US<\/strong> is set to see long-term growth in LNG demand despite a lack of pipeline capacity for natural gas<\/strong>, Reuters<\/a> reported on Thursday, citing industry executives. Government entities are forecasting a rise in domestic gas consumption to 105.5 bn cubic ft per day (cf\/d) in 2025 and 107.6 bn cf\/d in 2026, up from 102.3 bn cf\/d in 2024. The critical insufficiency of pipelines \u2014 which resulted in a 35% rise in stateside electricity costs \u2014 is not expected to deter LNG capacity growth, which is predicted to almost double between 2024-2028.<\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Oman saw its trade balance surplus decline 3.4% y-o-y, reaching OMR 7.5 bn at the <\/strong>close of 2024<\/strong>, <\/strong>according to preliminary statistics<\/a> released by the National Centre for Statistics and Information. The country\u2019s commodity exports rose 6.8% y-o-y to reach OMR 24.2 bn in the same period, which is primarily attributable to an 18.4% y-o-y incline in Oman\u2019s oil and gas exports \u2014 valued at OMR 16 bn at year-end.<\/p>\n

#2- The total value of re-exported goods from Saudi Arabia increased 42.3% y-o-y to SAR 90 <\/strong>bn in 2024<\/strong>, with smartphones accounting for 27.5% of re-exported goods, according to Gastat data seen by Aleqtisadiah<\/a>. Ships (13.4%), lightships (12.1%), cars (4.3%), and tugboats (3.9%) followed.<\/p>\n

\n
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/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>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, security, customs, cargo operations, and sustainability for over 1.4k industry leaders. <\/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":85157,"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":[49,119,227,123,32,726,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-iran","tag-lng","tag-shipping-maritime","tag-trade","tag-usa","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"9ee055f8-4ecf-4f40-a2e4-4ce8a938d8c8","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/3\/1176.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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