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Goldman News

09 Jan 2024

US Trade Deficit Shrinks on Falling Imports

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The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

07 Jan 2024

War, Weather Put Ocean Shippers on Notice for Rough Seas in 2024

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Recent hostilities in the Red Sea have thrown global shippers of vital goods for a loop - but it is hardly the only issue that big carriers are facing as 2024 kicks off.Giants like Maersk say the industry, which handles 90% of global trade, faces the possibility of significant disruptions, from ongoing wars to droughts affecting key routes like the Panama Canal. Complex vessel schedules are likely to be knocked out of sync for giant container ships, fuel tankers and other commodity haulers throughout the year.That will increase delays and raise costs for retailers like Walmart…

19 Dec 2023

Some LNG Carriers Avoiding the Red Sea as Attacks Increase

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Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.The Red Sea is linked to the Mediterranean by the Suez Canal, creating the shortest shipping route between Europe and Asia, and is connected to the Gulf of Aden by the Bab-el-Mandeb strait between Yemen and Djibouti. About 12% of world shipping traffic transits the canal.But attacks in recent days on ships along the route have led companies such as oil major BP…

19 Dec 2023

Shippers Mask Positions, Weigh Options Amid Red Sea Attacks

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A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

20 Dec 2023

BP Pauses All Shipments Through Red Sea Amid Houthi Attacks

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Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…

19 Dec 2023

Disruptions in Red Sea Unlikely to Have Large Effects on Oil, LNG, Goldman says

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The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline FRO.OL said on Monday its vessels would avoid

30 Oct 2023

F&G and OIM Wind Introduce WTIV Designed for Next-gen Offshore Wind Turbines

Credit: F&G

Naval architecture and engineering firm Friede & Goldman (F&G) and OIM Wind Ltd on Monday announced the FO-146 Wind Turbine Installation Vessel (WTIV). "The FO-146 is based on F&G’s WindSetter Class WTIVs. It combines the industry’s latest technology and innovative solutions to meet the evolving needs of the global offshore wind market," F&G said.According to F&G, the FO-146 WTIV is the result of a collaboration between Friede & Goldman and OIM Wind, with the vessel set to offer "unparalleled performance…

11 Jan 2023

Ingalls Promotes Nastasi to VP

Kimberly Nastasi (Photo: HII)

HII announced on Wednesday that its Ingalls Shipbuilding division promoted Kimberly Nastasi to vice president of the newly formed integrated communications and stakeholder engagement department. This new department will enhance communication and engagement with key stakeholders inside and outside of the shipbuilding community.As vice president of integrated communications and stakeholder engagement, Nastasi will report to Ingalls Shipbuilding President Kari Wilkinson and will be responsible for leading internal and external efforts in marketing and communications…

05 Jan 2023

Hess Signals Guyana's Seventh Oil Platform

(File photo: Hess Corp)

Hess Corp on Thursday said drilling results expected this month could add a seventh platform in Guyana, which would lift the nascent oil producing nation's output above the 1.2 million barrels of oil equivalent per day planned.The U.S. oil producer is part of the Exxon Mobil Corp-led consortium that controls all production in the tiny South American nation. The group has confirmed so far plans for six floating production vessels in the country, home to the world's largest offshore…

19 Sep 2022

Friede & Goldman WTIV Design Gets DNV Approval in Principle

DNV issues an Approval in Principle to Friede and Goldman’s Windsetter 156 Class Wind Turbine Installation Vessel with Optional BargeRack Feeder Barge System design, pictured here with and without the optional system. Image courtesy of Friede and Goldman.

An innovative wind turbine installation vessel (WTIV) design from Houston-based naval architecture and marine engineering firm Friede & Goldman (F&G) has earned approval in principle from classification society DNV.The review and AIP confirms that F&G's Windsetter 156 Class WTIV with optional BargeRack feeder barge system design complies with applicable DNV classification rules and statutory requirements.The WTIV design is suitable for all offshore wind markets globally and was…

21 Jul 2022

ABB Intends to Spin Off Its Turbocharging Business

Björn Rosengren, Chief Executive Officer of ABB. Copyright ABB

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

13 Jul 2022

China's Exports Rebound, But Global Risks Darken Trade Outlook

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China's exports rose at the fastest pace in five months in June as factories revved up after the lifting of COVID lockowns, but a sharp slowdown in imports, fresh virus flare-ups and a darkening global outlook pointed to a bumpy road ahead for the economy.Analysts say the rebound in exports reflected an easing of supply chain disruptions and port congestion that hammered the world's second-largest economy in spring when the government rolled out widespread lockdowns.Outbound shipments in June rose 17.9% from a year earlier…

02 May 2022

ABS Grants AIP for F&G-Designed COSCO Wind Turbine Installation Vessel

Image courtesy of Friede and Goldman

American Bureau of Shipping (ABS) has granted Approval in Principle (AIP) for a design for a wind turbine installation vessel (WTIV) for China Ocean Shipping Company Limited (COSCO) by Friede and Goldman (F&G).According to ABS, the design is suitable for all offshore wind markets and is capable of installing 15 MW and larger-sized turbines. It can be equipped with F&G’s BargeRack feeder barge system to support Jones Act-compliant operations in the U.S. that has previously received an AIP from ABS.

04 Apr 2022

Hornblower Names Peakes EVP and CFO

Adam C. Peakes (Photo: Hornblower Group)

Hornblower Group announced Monday that Adam C. Peakes has joined the company as executive vice president and chief financial officer. Peakes will report to Kevin Rabbitt, chief executive officer, Hornblower Group.As Hornblower Group’s CFO, Peakes will oversee the company’s global shared services functions of finance and accounting, human resources, information technology and marine operations.“I am excited to welcome Adam to the Hornblower family and work with him as a trusted partner,” said Kevin Rabbitt, chief executive officer, Hornblower Group.

09 Mar 2022

US Sanctions on Russian Oil to Leave More Cargoes at Sea with No Buyers

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The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to make much difference to disarray in Russian oil trade, analysts said on Tuesday.U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine and Britain said it would phase out imports through the end of 2022.The European Union did not join the ban because it is more dependent on Russian oil and gas supplies.

28 Feb 2022

Steady Lifting for Offshore Wind

(Image: Friede & Goldman)

Offshore wind in the United States is moving forward at pace, thanks in large part to a number of positive developments for the newly emerging industry over the last year or so. For one, the Biden administration at the start of 2021 revealed its aim to have 30 gigawatts (GW) of offshore wind power in development by 2030 and 110 GW by 2050. Those are some big numbers, and the industry is now getting in gear to produce.It will take a large number of vessels to help build up to reach these targets, including both U.S.- and foreign-flagged tonnage.

26 Jan 2022

Friede and Goldman's WTIV Integrated Feeder Barge Gets ABS AiP

Credit: F&G

American Bureau of Shipping (ABS) has granted its Approval in Principle (AIP) to a coordinated design for a wind turbine installation vessel (WTIV) in conjunction with the BargeRack feeder barge system by Friede and Goldman (F&G).The design enables the Jones Act-compliant barge in a lifting system that F&G says reduces motion and increases the window of operational time. The design was reviewed in accordance with the ABS 2017 Guidance Notes on Review and Approval of Novel Concepts, ABS said Wednesday.Greg Lennon, ABS Vice President, Global Offshore Wind said: "To achieve the scale of U.S.

06 Aug 2021

China's Export, Import Growth Seen Moderating in July

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China’s robust export growth likely moderated in July amid an acceleration in COVID-19 cases globally and continuing severe pressure on global supply chains, a Reuters poll showed on Friday.Although there are signs China’s strong industrial recovery in the first half of the year may be losing some momentum, overseas demand has remained strong in recent months even as factories in many countries return from lockdowns.Headline trade numbers are also being helped by the statistical…

29 Jun 2021

LR to Focus on Shipping with Sale of Division to Goldman Sachs Arm

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British professional services provider Lloyd’s Register (LR) has agreed to sell its business assurance and cyber security division to Goldman Sachs Asset Management as the company focuses on maritime activities, executives said on Tuesday.The deal is expected to be completed during the second half of 2021 subject to regulatory approval, the companies said.When asked about the value of the transaction, an LR spokeswoman said it “exceeds $100 million”.LR’s business assurance & inspection…

24 Jun 2021

Brunswick to Acquire Navico for $1B

Image courtesy Navico

Brunswick Corporation entered into a definitive agreement to acquire Navico for $1.05 billion, bringing to Brunswick's Advanced Systems Group (ASG) well-known marine electronics brands such as Lowrance, Simrad, B&G and C-MAP."The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences,” said Dave Foulkes, Brunswick Corporation CEO.

22 Jun 2021

VIDEO: Friede & Goldman Launches Offshore Wind Feeder Concept

Credit: F&G

Friede & Goldman Ltd. (F&G), a company known for its offshore oil drilling rig designs, has announced the BargeRack, "a revolutionary solution to the feeder concept of offshore wind turbine installation.""BargeRack is tapping F&G’s unmatched 72-year history to bring a safe and simple method of installing up to 20MW wind turbines using a self-elevating vessel," F&G, a company which has seen more than 120 offshore rigs built to its designs, said in a statement sent to Offshore Engineer.According to F&G…

21 Jun 2021

As Iran Eyes Return to Oil Trading, Storage at Sea Rises

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Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said.The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading…

18 Jun 2021

US Coast Guard Decommissions Two Patrol Boats

USCGC Aquidneck (Photo: Jason Zalasky / U.S. Coast Guard)

After more than 30 years of active service, U.S. Coast Guard Island-class patrol boats USCGC Aquidneck (WPB 1309) and USCGC Adak (WPB 1333) were decommissioned in a ceremony aboard Naval Support Activity Bahrain, Tuesday.Vice Adm. Steven Poulin, commander of U.S. Coast Guard Atlantic Area, was in attendance to honor the years of service Aquidneck, Adak, and their crews, provided to the Coast Guard.“Thank you to every single crew member who has ever served aboard Aquidneck and Adak, from the plank owners to the final crew and all the crews in between,” Poulin said.