Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.Shares of Chevron were up 3.6% in premarket trading, with Hess gaining nearly 7.4%. Exxon shares were up 0.3%.CNBC first reported the arbitration outcome. An Exxon Mobil spokesperson confirmed to Reuters that Chevron prevailed in the mediation over Guyana oil assets.Chevron and Hess did not immediately respond to Reuters request for comment.
Order intake, exports, and green technology demand fuel confidence for 2025Germany’s maritime equipment and offshore supply industry is posting steady growth in 2024 and setting an optimistic course for 2025, according to new figures released by the VDMA Marine Equipment and Systems Association.With an average turnover increase of 5.5% in 2024, German maritime suppliers are proving resilient in the face of global supply chain volatility, geopolitical tensions, and a fiercely competitive international market.
The Port of Oakland is celebrating the expansion of the Oakland Alameda Water Shuttle, a free pilot program initiated by the City of Alameda, offering public water transit between Oakland’s Jack London Square and Bohol Circle Immigrant Park, at the foot of 5th Street in Alameda. As of July 8th, the service now includes Tuesdays and extended weekend hours—increasing total weekly trips by 35%.Initiated by the City of Alameda and partially funded by the Port, the shuttle operates Tuesday through Thursday from 7:20 a.m. to 8:03 p.m., and extends service Friday through Sunday from 7:20 a.m.
Several Greek-managed tankers transporting Russian oil to Asia are increasingly avoiding the Red Sea, opting instead for the longer route around Africa, due to escalating security threats from Houthi attacks, three oil traders and LSEG shipping data show.The rerouting follows a deadly drone and speedboat assault earlier this month on a Liberian-flagged, Greek-operated bulk carrier off Yemen, which killed four seafarers. The Iran-backed Houthi group also sank another vessel in July, ending a brief period of calm in the region.
The port of Barcelona, Europe's busiest for cruise ships, will scale back its passenger terminal capacity by 2030 as the city tries to put the brakes on surging arrivals and address concerns about overtourism.The city hall and port authority agreed on Thursday to reduce the number of terminals to five from seven, lowering the port's capacity for simultaneously handling cruise ship passengers to 31,000 from 37,000 by the end of the decade.Barcelona recorded a 21% increase in cruise ship calls and a 20% rise in passengers to 1.
Norwegian shipbuilder Vard has signed a contract for the design and construction of two Commissioning Service Operation Vessels (CSOVs) for an undisclosed international customer.The agreement, valued between $115 million and $230 million, also has an option for one additional vessel Vard said.The two CSOVs are of VARD 4 19 design developed by Vard Design in Ålesund, Norway. The design is upgraded, and tailor made to the customer’s needs to give environmental benefits with a hull design optimized for low fuel consumption, as well as high operability and comfort.
Cadeler has taken delivery of its latest acquisition, a newly-constructed jack-up wind turbine installation vessel (WTIV) Wind Keeper, securing also a long-term contract for its maiden job with Vestas.Cadeler announced its agreement to purchase the Wind Keeper from Shanghai Boqiang Heavy Industry Group in May 2025, and the vessel has now officially been delivered to the company.Wind Keeper has become the eighth vessel in Cadeler’s growing fleet, further strengthening the company’s capacity to install and maintain large-scale offshore wind projects.
Current global economic and geopolitical landscapes are shaped by several key uncertainties. Tensions between Israel and Iran, particularly regarding the Strait of Hormuz, pose risks to regional stability and energy supply routes. Similarly, Houthi activity in the Red Sea threatens shipping through the Suez Canal. Oil sanctions continue to disrupt global energy markets, while evolving U.S. import tariffs add further complexity to international trade dynamics. Additionally, uncertainties around Chinese GDP growth cast doubt on the strength of global economic recovery.
The world’s most powerful direct-drive floating offshore wind turbine, rated at 17 MW and co-developed by Dongfang Electric Corporation and China Huaneng, has been rolled out in China.With the highest single-unit capacity and the largest rotor diameter globally, the milestone marks a new breakthrough in China’s offshore wind power equipment manufacturing and provides vital technological support for expanding into deepsea offshore wind development.The turbine has a rotor diameter of 262 meters and a swept area of about 53,000 square meters, roughly equivalent to 7.5 standard football fields.
China's first ocean-level intelligent scientific research vessel was delivered in Shanghai on Sunday, purportedly to enhance the marine research capabilities of China's universities.The vessel dubbed Tongji was built by China State Shipbuilding Corp (CSSC) Huangpu Wenchong Shipbuilding Company Limited for Shanghai-based Tongji University.Construction of the vessel started in April 2024, and it completed comprehensive sea trials in May.
In April, the IMO member states took a historic step by agreeing to the Net-Zero Framework (NZF) – the world’s first global emissions price for an entire industry.The International Chamber of Shipping (ICS) fully supports the framework but says that shipowners are concerned about how complicated the new rules could become, especially smaller to medium sized companies, who may struggle with compliance costs.So far, the focus has been on the penalties for emissions (‘the sticks’), but clear incentives (‘the carrots’) for cleaner fuels will be just as important, says the ICS.
On July 16, Kathy A. Smith released her latest Fascinated by Shipwrecks Podcast where she speaks to Brenden St John, Head of Ocean Science at Voyis Imaging Inc, about the wreck of the Endurance.Endurance was the three-masted barquentine that Sir Ernest Shackleton sailed to the Antarctic in 1914. The ship became trapped in pack ice and finally sank in the Weddell Sea off Antarctica on November 21, 1915.The wreck was discovered on March 5, 2022, nearly 107 later, lying in waters 3,008 meters (9,869ft) deep.