Traders have rebranded more than $1 billion of Venezuelan oil shipments to China as Brazilian crude over the past year, according to two tanker tracking firms, company documents and four traders, helping buyers to cut logistics costs and circumvent U.S. sanctions.Independent refiners in China are the main buyers of seaborne oil shipments from countries sanctioned by the United States
Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to up-end global supply chains.China's retaliation intensified the economic turmoil unleashed by Trump's tariffs
The Shenandoah floating production system (FPS) has been transported to the Gulf of America ahead of wet tow and offshore installation at the Shenandoah deepwater field at Walker Ridge project site, developed by Texas-based exploration and production company Beacon Offshore Energy.
The United States' first Jones Act-compliant offshore wind turbine installation vessel (WTIV), Charybdis, has started sea trials ahead of delivery to Dominion Energy planned for later in 2025.The Seatrium AmFELS shipyard in Bronsville, Texas, has been in charge of the construction of the WTIV vessel, the first of its kind to be build in the United States.
Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday.Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China's Finance Ministry said it would impose levies of 15% on imports of U.S.
Container shipping firm Hapag-Lloyd has secured long-term financing, in the amount of $4 billion, for 24 large container ships ordered in October 2024, with a combined capacity of 312,000 TEU.Around $900 million of the purchase price will be financed using the company’s own funds. A total of $500 million will be made available from two banks in the form of bilateral mortgage loans.
India is set to establish a 250-billion-rupee ($2.9 billion) maritime development fund to provide long-term financing for the country's shipbuilding and repair sector, Finance Minister Nirmala Sitharaman announced on Saturday.The initiative aligns with Prime Minister Narendra Modi’s vision of transforming India into a developed nation by 2047.
The domestic passenger vessel answers the call for cleaner and more efficient platforms. It is truly an electric time to be a part of this niche industry.In the shadow of a rapidly changing political landscape, the domestic passenger ferry sector is nevertheless seeing an increasing number of newbuild vessel orders.
Italian Navy divers have recovered video surveillance equipment from the superyacht that sank off Sicily last month, killing British tech tycoon Mike Lynch and six other people, a source close to the matter said on Friday.The recovery of the equipment could help explain why the British-flagged Bayesian went down during a severe and sudden storm off the port of Porticello, near Palermo, on Aug.
The German government plans to take a temporary majority stake in Meyer Werft, one of the world's top cruise ship builders, as part of measures to support the company, sources familiar with the matter told Reuters on Thursday.German Chancellor Olaf Scholz is said to visit shipbuilder Meyer Werft today, raising union hopes for government support for the company which is battling to fill a 2.
Italian state-controlled shipbuilding giant Fincantieri announced public finance expert Biagio Mazzotta has been appointed as chairman of its board of directors. The move follows the untimely death of General Claudio Graziano, who had been appointed in May 2022.Mazzotta's appointment comes at the recommendation of shareholder CDP Equity S.p.A.
Noble Corporation has entered into a definitive agreement to acquire Diamond Offshore, creating a fleet of 41 rigs - including 28 floaters and 13 jack-ups, and a combined backlog of approximately $6.5 billion.Noble will acquire Diamond in a stock plus cash transaction, whereby Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.