Louis Dreyfus Armateurs (LDA) and InfraVia, a private equity company in Europe, have entered into exclusive negotiations for InfraVia to acquire a majority stake in LDA, a group specializing in high value-added industrial marine services.LDA currently specializes in three growing segments, transportation and logistics of industrial equipment, mainly through dedicated Ro-Ro vessels
South Korean President Yoon Suk Yeol spoke with Donald Trump on Thursday and congratulated him on winning the U.S. presidency on the "Make America Great Again" slogan as officials in Seoul worked to prepare for "significant" economic changes.Yoon and Trump held a 12-minute phone call and discussed the close security and economic ties of their two countries across all areas
European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas.The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil.
Contract talks covering 45,000 dockworkers on the U.S. East and Gulf Coasts are set to restart on Tuesday in a labor dispute that will help set the pace of automation at ports stretching from Maine to Texas.The International Longshoremen's Association wants to eliminate past labor contract concessions on automation - notably the use of semi-automated cranes that stack containers on docks -
Two German warships await orders from Berlin, their commander said, to determine whether next month they will be the first German naval vessels in decades to pass through the Taiwan Strait, drawing a rebuke from Beijing.While the U.S. and other nations, including Canada, have sent warships through the narrow strait in recent weeks
Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index.
U.S. President Joe Biden's administration has concluded that China uses unfair policies and practices to dominate the global maritime, logistics and shipbuilding sectors, three sources familiar with the results of a months-long trade investigation told Reuters.U.S. Trade Representative (USTR) Katherine Tai launched the probe in April 2024 at the request of the United Steelworkers and four other U.
Shipowners and cash buyers continue to struggle with the ongoing tonnage shortage as sub-continent ship recycling markets continue down their current trajectory, says cash buyer GMS.Negativity is permeating across the industry on the back of a short supply of vessels and global economies that remain shaky.
The United States' Secretary of the Navy Carlos Del Toro on Monday announced a federal, state and local partnership intended to help rebuild the maritime industrial base workforce required to support the Navy.The so-called Michigan Maritime Manufacturing Initiative (M3) will establish training pipelines and programs to meet the Navy’s need for thousands of new workers and jobs across the state
Greek shipowner Tsakos Energy Navigation (TEN), Ltd. announced it another vessel sale as part of its ongoing fleet renewal program.Sold was the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the company built between 2007 and 2010.The sale will add approximately $37 million to the company’s cash balances, TEN said.
Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.The world's top importing region is forecast to see arrivals of 27.48 million barrels per day (bpd) in March, up from 26.70 million bpd in February and January's 27.