While global energy markets are not yet pricing in worst-case scenarios for the Israel-Iran war, oil tanker rates are providing a good real-time gauge of the escalating risks.Geopolitical risk has spiked following Israel's surprise bombardment of the Islamic Republic last Friday and Iran's retaliatory ballistic missile strikes, leading to a rally in global energy prices
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
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.The gas had kept flowing despite nearly three years of war, but Russia's gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused to renew a transit agreement.
President James Earl "Jimmy" Carter passed away on December 29, 2024, at the age of 100.President Carter graduated from the U.S. Naval Academy in 1946 with distinction, after which he was assigned to USS Wyoming (E-AG 17) as an ensign. After completing two years of surface ship duty, Carter applied for submarine duty.
A Russian missile hit a Palau-flagged vessel in Ukraine’s southern port of Odesa on Monday, killing one Ukrainian national and injuring five foreign nationals, regional governor Oleh Kiper said on Telegram.The attack was the second on a ship in as many days in southern Ukraine. Ukraine's Restoration Ministry earlier said a Russian missile had damaged a civilian Saint Kitts and Nevis-flagged
Belgian marine contractor Jan De Nul has ordered a rock installation vessel, specifically built to strengthen the protection of offshore energy and subsea data infrastructure.The vessel, named George W. Goethals, will be the company’s largest rock installation ship to date, with a carrying capacity of 37,000 tonnes.
Voltron Future announced the launch of its CTV-26 RON, a high performance crew transfer vessel designed for the offshore wind sector. This project marks Voltron Future’s official entry into the maritime industry. Developed in consultation with wind farm operators and marine professionals, the vessel prioritizes efficiency, reliability and crew comfort.
The Surface Navy Association (SNA) announced the appointment of retired Vice Admiral Ron Boxall as its new President, succeeding retired Vice Admiral Rick Hunt, who has served in the role since 2019. Admiral Boxall will make his first official appearance as SNA President at the upcoming Waterfront West Symposium, taking place September 10–11, 2025, in San Diego.
PETRONAS CCS Ventures Sdn. Bhd. (PCCSV) MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd., (MOL) announced the incorporation of a strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV will lead the development and act as the ultimate owner of Liquefied Carbon Dioxide (LCO₂) carriers
Resolve Marine said it will merge operations, equipment and personnel with the marine division of Construction Solutions International, expanding Resolve Marine Service Centers in the U.S. Gulf region. Construction Solutions International is a regional provider of industrial marine and commercial diving services and supports industries across the Theodore Industrial Canal and West Mobile, Alabama.
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.
U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said."We're not going to see anybody in 'drill, baby, drill' mode," Liam Mallon, head of Exxon's upstream division, told the Energy Intelligence Forum conference in London.