Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission seen by Reuters on Saturday.The finance ministers of Germany, Italy, Spain, Portugal and Austria made the joint call for an EU-wide tax in a letter dated Friday.
Oil prices were little changed in choppy trade on Monday, as investors awaited clarity on the status of talks between the U.S. and Iran even as they remained wary about sustained supply losses due to shipping disruptions.Brent crude futures LCOc1 rose 76 cents, or 0.7%, to $109.79 a barrel at 0656 GMT. U.S. West Texas Intermediate crude CLc1 futures were trading 53 cents, or 0.5% lower, at $111.
Valero Energy Corp has shut its 380,000-barrel-per-day (bpd) oil refinery in Port Arthur, Texas, following an explosion and fire at a diesel hydrotreater unit, people familiar with the plant operations said on Monday.The cause of the explosion at the 47,000-bpd 243-diesel hydrotreater unit was not clear. The blast could be heard as far as 11 miles away, the sources said.
The surge in the spot price of liquefied natural gas (LNG) has dragged seaborne thermal coal prices higher, but only for the higher quality grades that can substitute for natural gas in power generation.The spot price of LNG in Asia more than doubled last week as the market digested the loss of nearly 20% of the global supply of the super-chilled fuel after the U.S.
The Digitally Enabled Efficient Propeller (D.E.E.P) project, led by industry consortium and funded by Innovate UK, has been launched to investigate the development of a new generation of marine propellers produced using advanced additive manufacturing (AM) processes, integrated with digital twin technology.
A landmark moment in Gulf Coast industry was celebrated today with the christening of Creole King, a state-of-the-art barge-mounted stevedoring crane, at the Port of Iberia.Operated by Cooper Consolidated and assembled by E-Crane’s Gulf Coast Service team, the Creole King represents a technological and environmental leap forward for midstream cargo operations.
American Cruise Lines christened American Patriot in Newport, Rhode Island last week—celebrating the holiday and simultaneously marking the countdown to the country’s 250th birthday on July 4, 2026. American Patriot is the first ship in the company’s new Patriot Class—a fleet of new 130-passenger ships designed for exclusively cruising the U.S.A.
Mallows Bay, located on the Potomac River in Maryland, is not only a shipwreck site filled with decades of maritime cultural heritage, but it is also an excellent training ground for students immersed in studying maritime archaeology at East Carolina University.“When the United States entered the First World War, they had a plan to build about 1,000 wooden steamers to carry material to Europe.
The advancement of the recently announced America’s Maritime Action Plan (MAP) is embraced by the ports in the bi-state St. Louis region as a unique opportunity to play a role in this comprehensive federal framework. The MAP is a blueprint for rebuilding the nation’s maritime strength, increasing the use of technology, enhancing supply chain resilience and expanding domestic industrial capacity.
New analysis by Maritime Strategies International cites emerging evidence that the demand side of the industry will prove better-insulated from tariffs than was expected earlier in the year, while a dynamic where Chinese exporters continue to export their manufactured goods surplus - above all to emerging economies - has significantly buoyed trade so far this year.
China's military held joint sea and air patrols in the South China Sea on Saturday, a spokesperson for the People's Liberation Army's Southern Theater Command said.Spokesperson Tian Junli said in a statement on Sunday that the Philippines has courted countries outside the region to organise "joint patrols" and "raised security risks" in the region.
The U.S. issued Iran-related sanctions targeting more than 30 individuals and entities it said are part of a "shadow banking" network that has laundered billions of dollars through the global financial system, the Treasury Department said on Friday.The sanctions, which target Iranian nationals and some entities in the United Arab Emirates and Hong Kong, were announced as U.S.