President Donald Trump's 'Big Beautiful Bill' earmarks more than $8.6 billion to increase the U.S. Coast Guard icebreaker fleet in the Arctic, where Washington hopes to counter rising Russian and Chinese dominance.The funding includes $4.3 billion for up to three new heavy Coast Guard Polar Security Cutters, $3.
The first Russian-built ice-class tanker for liquefied natural gas is expected to go into operation in the second half of this year at the Arctic LNG 2 plant, Interfax news agency quoted tanker group Sovcomflot as saying on Wednesday.International sanctions over Ukraine have led to a shortage of tankers in Russia that can cut through thick ice
When tensions rise in the Middle East, it can be helpful to look at what is not happening as much as what is.In the crude oil market, this means focusing on the fact that so far not a single barrel of crude oil supply has been lost. It is in the interests of all involved parties that this remains the case.
The trade of Russian oil for March-loading in Asia has slowed significantly as a growing gap between buyer and seller expectations in China has emerged. This disconnect comes amid rising costs for chartering non-sanctioned tankers following new U.S. sanctions, according to traders and shipping data.
Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas
Ships carrying Russian liquefied natural gas (LNG) to Asia are returning to the longer routes around Africa's Cape of Good Hope rather than those along the Arctic shore as the winter season begins, LSEG data showed on Thursday.Russia's new Arctic LNG 2 project also lacks enough ice-class gas carriers to continue navigation along the Northern Sea Route, although some such tankers still sail it.
Russia has begun designing nuclear-powered submarines to export liquefied natural gas (LNG) from the Arctic to Asia to try to nearly halve the journey time along the Northern Sea Route (NSR), a senior state official has said.Russia already uses nuclear-powered ice breakers to pave the way for such transport via the NSR
Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded.Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures.
Canadian shipbuilder Davie announced it has appointed Maxie Lafleur as president, bringing in a business executive from outside the shipbuilding sector to help drive growth.A Montréal native, Lafleur brings a wealth of experience in digital transformation, growth strategies, change management, mergers and acquisitions, and business development, both in Canada and abroad.
Russian shipping company Sovcomflot has started this year's transportation of Urals crude oil to Asia via the Northern Sea Route, according to market sources and LSEG data on Tuesday, as melting ice opens the Arctic route for transit shipments.Russia wants alternative routes to Asia from its western ports as Western sanctions have made it increasingly difficult for its fleet to operate in waters
Canada's largest shipbuilder, Davie, on Monday announced it will establish a shipbuilding presence in the United States.The Quebec-headquartered company's investment in a U.S. shipyard remains subject to final site and partner selection, Davie said in a statement.The move coincides with actions announced by the U.S. government to boost the competitiveness of the U.S.
The U.S., Canada and Finland will form a consortium to build icebreaker ships, a senior U.S. administration official said, a move intended to bolster the allies' shipbuilding and counter Russia and China in increasingly strategic polar regions.The initiative, called the Icebreaker Collaboration Effort or ICE pact