That instinct explains why yesterday’s diplomatic optimism didn’t survive 24 hours. We wrote yesterday about Oman’s push<\/a> for a Malacca-style regional management mechanism for Hormuz \u2014 a real sign of progress, we said. But, Iran said the plan has \u201cno chance of success,\u201d killing off the path to reopening the strait to commercial shipping.<\/p>\n Meanwhile, one consortium isn’t hedging around Hormuz \u2014 it’s building outside it entirely. A US-Saudi group is in the final stage of picking a site for a USD 5 bn refinery and export complex beyond the strait.<\/p>\n BEFORE WE DIVE IN- A fire in Damietta Port yesterday<\/a> spread to two regasification and storage vessels, the Oil Ministry confirmed. On-site emergency personnel including firefighters contained the blaze, which impacted a total of two ships, the ministry said, adding that there were no injuries. The statement did not address widely circulating claims<\/a> in the international press<\/a> of a drone strike on the US-owned gas storage tanker. The ministry called on the press and social media users to \u201cobtain information from official statements issued by the ministry.\u201d<\/p>\n A source in the petroleum industry told us there had been no damage to natural gas export or import infrastructure \u2014 and said the incident posed no threat to the nation\u2019s electricity-generation sector. The incident began when a blaze broke out in the engine room of an old, stationary ship, the source added.<\/p>\n US President Donald Trump said he had been \u201cbriefed\u201d on the fire, adding, \u201cit\u2019s a little \u200bmore of the same. But it’s going to be straightening out,\u201d Reuters<\/a> reported. Trump did not elaborate further.<\/p>\n The EnterpriseAM Egypt Forum is back \u2014 and this year, we’re giving the full day to the one question on every business leader’s mind: What does AI actually mean for your company, your people, and your own job?<\/p>\n Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We’re all figuring it out in real time \u2014 and for Egypt, the stakes are unusually high.<\/p>\n Egypt could leapfrog a generation on the back of this technology \u2014 or watch AI hollow out the industries and jobs we can’t afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.<\/p>\n Every session on stage answers one question: “So, what do I actually do about it?”<\/p>\n Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only. Request your invitation here<\/a>.<\/p>\n Hormuz\u2019s middle path hits a wall<\/p>\n Iran rejected Oman\u2019s proposal for regional joint management of Hormuz, closing off a path to reopening the strait to commercial shipping, Reuters<\/a> reports, citing an unnamed senior Iranian source. Tehran said that the Gulf-backed plan had \u201cno chance of success,\u201d one day after Muscat had presented Tehran with a regional mechanism<\/a> modeled on cooperation in the Strait of Malacca.<\/p>\n A zero-sum game: Iran said it would only accept an arrangement under which Tehran and Muscat manage their respective areas of control, without other powers taking part. But Iran’s proposed split is far from equal, wanting control over the entire inbound route and part of the outbound route, leaving Oman to oversee only the section corresponding to its waters. A joint arrangement giving the two countries equal control would not serve Iran’s interest, the source said.<\/p>\n The clock is ticking: Every week without an agreement strengthens the case for Gulf producers and logistics companies to route around Hormuz altogether. Pipelines to export terminals outside the strait, trucking to alternative ports, and other bypass infrastructure will be viewed more as the base case for protecting trade flows rather than emergency hedges. The shift will not eliminate the strait\u2019s importance \u2014 bypass capacity remains limited relative to the volumes normally crossing the chokepoint\u2014 but it could permanently redirect investment toward infrastructure that reduces exposure to Iranian control.<\/p>\n And the workarounds keep coming<\/p>\n A consortium of US and Saudi firms is advancing plans for a USD 5 bn refinery and export complex outside Hormuz, Reuters<\/a> reports. The Mera Oil consortium \u2014 made up of Texas-based developer MWG Enterprises, the Patel Family Office, and PWS, an associate of Saudi industrial conglomerate AHQ Group \u2014 has entered the final stage of picking a host site.<\/p>\n The plan is built to route around the strait entirely: The planned facility would process 200k bbl \/ d and connect to deepwater port infrastructure, large-scale storage, and marine export facilities with direct access to international shipping routes, with plans to produce ultra-low-sulfur diesel and jet fuel for the US, Gulf, Atlantic Basin, and other markets.<\/p>\n A lot still needs to fall into place: The consortium has narrowed its search to three undisclosed locations across the GCC and expects to select a host by the end of the year. The partners are still negotiating with potential feedstock providers, with definitive arrangements expected to advance alongside the final site decision. Its commercial and strategic value will depend on where the refinery is built, where its crude comes from, and whether the consortium secures financing and buyers.<\/p>\n DAE seals Macquarie takeover<\/p>\n DAE joins the mega-lessor tier: Dubai Aerospace Enterprise (DAE) has completed its full acquisition of Macquarie AirFinance (MAF) at an enterprise value of around USD 9 bn, according to a press release<\/a>. The combined business now holds roughly 1k owned, managed, and committed aircraft worth USD 35 bn, making DAE the world\u2019s third-largest aircraft lessor by fleet value and by number of owned and managed jets.<\/p>\n BACKGROUND- DAE initially agreed to acquire the Dublin-based lessor in February in an allcash transaction carrying a USD 7 bn enterprise value<\/a>. The transaction follows its USD 2 bn acquisition of Nordic Aviation Capital, which added 252 aircraft and helped DAE more than double its leasing franchise in around 18 months.<\/p>\n Doubling down: The lessor is pairing large-scale acquisitions with institutional-capital platforms that allow it to buy and manage more aircraft without funding every asset itself. Its Mustang Aerospace platform with Neuberger Speciality Finance is targeting around USD 6 bn across multiple investment vehicles<\/a> following the launch of its Equator platform with Blackstone, which targets around USD 1.6 bn in annual aircraft investment.<\/p>\n Market watch<\/p>\n Oil prices eased this morning as supply flows outweighed escalating Gulf attacks, Reuters<\/a> reports. Brent crude futures dipped USD 0.96 to USD 89.78 \/ bbl by 04.18 GMT, while West Texas Intermediate (WTI) slipped USD 0.64 to USD 83.32 \/ bbl.<\/p>\n MEANWHILE- Opec+ will likely hold oil production steady for the final three months of the year after completing the return of 1.65 mn bbl \/ d of previously withheld supply in September, Reuters<\/a> reports, citing four sources familiar with the matter. No final decision has been made.<\/p>\n One last hike: The now-seven core members participating in the cut are expected to approve a roughly 188k bbl \/ d increase for September<\/a> when they meet next week. The hike, matching the monthly increases approved for June through August, would complete the phased rollback of voluntary cuts agreed in 2023.<\/p>\n Why this matters: The extra barrels exist largely on paper, as the quota hikes have not translated into equivalent supply growth<\/a>, with the conflict forcing several Gulf producers to cut exports and the disruption eroding the group’s spare capacity. The bigger shift is from restoring cuts to managing a potentially messy redistribution of market share.<\/p>\n What\u2019s next? The group is reviewing members\u2019 maximum sustainable production capacity<\/a> to set 2027 baselines, and any decision to release more barrels will have to balance members\u2019 demands for larger quotas against weakened spare capacity, disrupted Middle East exports, and forecasts of a surplus if Hormuz flows normalize<\/a>.<\/p>\n The Baltic Index is on a downwards spiral: The Baltic Exchange\u2019s dry bulk index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 dipped 1.2%<\/a> to 2,632 points on Wednesday. The capesize index slipped 1.8% to 4,067 points, while the panamax increased 0.4% to 1,995 points. The smaller supramax eased 1.2% at 1,628 points.<\/p>\n \n Get Enterprise daily\n<\/p>\n The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n Subscribe here<\/a> <\/p>\n ***<\/p>\n YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We\u2019re out Monday through Thursday by 10:15am in Cairo and Riyadh, and 11:15am in the UAE.<\/p>\n EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities and Transmar.<\/p>\n Were you forwarded this email? Tap or click here<\/a> to get your own copy of EnterpriseAM Logistics.<\/p>\n Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on [email\u00a0protected]<\/a>.<\/p>\n DID YOU KNOW that we also cover Egypt<\/a>, Saudi Arabia<\/a>, and the UAE<\/a>? ***<\/p>\n \n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"Good morning, nice people. This morning’s issue is about hedging against a strait that isn’t reopening on anyone’s…\n","protected":false},"author":2,"featured_media":229092,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[26],"tags":[1519,34,39,50,27637,445,709,22232],"class_list":["post-229091","post","type-post","status-publish","format-standard","has-post-thumbnail","category-persian-gulf","tag-aviation","tag-iran","tag-persian-gulf","tag-saudi-arabia","tag-shipping-maritime","tag-trade","tag-uae","tag-what-were-tracking-today"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117008609303706503","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/229091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=229091"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/229091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/229092"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=229091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=229091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=229091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/07\/36.jpg\"\/)
<\/p>\n