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Argus News

28 Dec 2023

USCG's New Cutters Can’t Arrive Soon Enough

(Photo: Brandon Giles / U.S. Coast Guard)

The much-needed replacement for the U.S. Coast Guard’s long-serving medium endurance cutters (WMEC) took a giant step closer to joining the fleet as the first Offshore Patrol Cutter (OPC) was launched and christened at Eastern Shipbuilding Group (ESG) in Panama City, Fla. on October 27, 2023.The future USCGC Argus (WMSM 915) was christened by the ship’s sponsor, Captain (Ret.) Beverly Kelley, the first woman to command a U.S. military vessel, the 95-foot patrol boat, USCGC Cape Newagen (WPB 95318).

07 Dec 2023

Russia Pledges More Oil Data to Ship Trackers

© AUUSanAKUL+ / Adobe Stock

Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters.Russia is the only member of OPEC+ which contributes to export cuts rather than production cuts as part of its participation in the group's agreement to curb supplies. Market analysts have struggled to verify…

27 Oct 2023

Eastern Launches First Offshore Patrol Cutter USCGC Argus

(Photo: Vard Marine, Inc.)

The lead ship in the U.S. Coast Guard's Heritage-class Offshore Patrol Cutter (OPC) program, USCGC Argus (WMSM-915), was launched and christened during a ceremony at Eastern Shipbuilding Group's Nelson St. Shipyard in Panama City, Fla.Attended by more than 3,000 guests, the event featured a keynote address delivered by Admiral Linda Fagan, Commandant of the U.S. Coast Guard.“The Offshore Patrol Cutter (OPC) is one of the service’s highest acquisition priorities and is absolutely…

18 Jul 2023

U.S. Navy Shipbuilders & Disaggregated, Dispersed Production

The Los Angeles-class fast-attack submarine, USS Columbia (SSN 771) moors alongside the submarine tender USS Emory S. Land (AS 39) in Apra Harbor, Naval Base Guam, Jan. 4.  (U.S. Navy photo by Mass Communication Specialist 1st Class Joshua M. Tolbert)

With a lame-duck CNO, a divided Congress and the impending launch of the next Presidential election cycle, America’s naval market is locked into something of a fragile and fearful autopilot, cruising inexorably towards whatever excitement 2024 might bring.Materially, don’t expect much change: The demand for naval platforms will continue to outstrip available funding, meaning there will be little movement or growth in America’s major shipbuilding programs of record. The procurement outlines are already set.

26 May 2023

Asian Spot LNG Prices Slide for Fifth Straight Week

© Anatoly Kolodey / Adobe Stock

Asian spot liquefied natural gas (LNG) prices have weakened for the fifth consecutive week on muted demand due to healthy stocks, remaining at their lowest level in two years.The average LNG price for July delivery into north-east Asia was down 3% from the previous week at $9.50 per million British thermal units (mmBtu), the lowest since early May 2021, industry sources estimated."North Asia remains largely void of demand. Prices have continued to walk down week-on-week and support hasn't been helped by Japanese utilities selling into an already weak market…

19 May 2023

Asian Spot LNG Prices Slip to Two-year Low

© Nicola / Adobe Stock

Asian spot liquefied natural gas (LNG) prices slipped to their lowest level in two years on weak demand and high inventories, while European LNG prices also fell below the $10 mark amid healthy stock build and limited need for additional supply.The average LNG price for July delivery into northeast Asia was down 6.6% from the previous week at $9.8 per million British thermal units (mmBtu), the lowest since May 2021, industry sources estimated."Prices continue to linger sub $10 as general demand remains lacking…

06 Apr 2023

Western Restrictions on Russian Oil Reshuffle Global Shipping Patterns

©Happyphotons/AdobeStock

Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.As a result of the European Union ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are traveling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to Europe…

16 Mar 2023

Austal USA Taps Fairbanks Morse Defense to Equip OPC WMSM-919

(Image: Austal USA)

Fairbanks Morse Defense (FMD) on Thursday announced it has been awarded a contract from shipbuilder Austal USA to supply a range of equipment to support the construction of WMSM-919, the U.S. Coast Guard’s next Heritage-class Offshore Patrol Cutter (OPC).FMD, which has been expanding its offering as single-source maritime defense contractor, said its cross-company package for WMSM-919 includes two main propulsion diesel engines through Fairbanks Morse Defense, a hangar door and stores elevator through Federal Equipment Company (FEC)…

06 Jan 2023

What’s Next for Eastern Shipbuilding?

(Credit: Eastern Shipbuilding Group)

When Hurricane Michael slammed the Florida Panhandle in October 2018, the deadly category 5 storm inflicted billions in damages to the region, tearing apart homes and businesses in its path. Among those severely impacted was Eastern Shipbuilding Group, which suffered a nearly direct hit at its Allanton shipyard, located about 15 miles east of the company’s headquarters and main yard in Panama City.Eastern, which had been scheduled to begin building the first of up to 11 Heritage-class Offshore Patrol Cutters (OPC) for the U.S.

26 Oct 2022

LNG Ships Play Waiting Game Off Spain's Coast as Higher Prices Eyed

Several ships carrying liquefied natural gas (LNG) anchored off Spain's Bay of Cadiz are likely to stay there until late November in anticipation of a rise in European gas prices, industry sources said.Dozens of ships have been circling off the Iberian coast and in the Mediterranean sea for weeks, unable to secure slots to unload their LNG cargoes as plants that convert the superchilled fuel back to gas are operating at maximum capacity.The high volume of LNG in floating storage exposes Europe's lack of "regasification" capacity just as the continent stocks up for a winter of substantially less Russian pipeline gas.But industry sources say some of the waiting ships are part of a trading strategy from their respective companies…

18 Oct 2022

Eastern Cuts Steel for Fourth USCG Offshore Patrol Cutter

(Photo: Eastern Shipbuilding Group)

Eastern Shipbuilding Group, Inc. (ESG) commenced construction of U.S. Coast Guard Cutter (USCGC) Rush (WMSM-918), the fourth hull of the Heritage Class Offshore Patrol Cutter (OPC) program. The occasion was observed by leaders of the U.S. Coast Guard Project Resident Office at ESG’s Allanton Shipyard where the first steel plates were cut by ESG personnel in the builder’s 103,000-square-foot steel and aluminum processing facility.“The first four offshore patrol cutters are fully under production for the U.S.

07 Oct 2022

Austal USA Cleared to Begin OPC Stage 2 After Eastern Withdraws Protest

(Image: Austal USA)

Mobile, Ala. shipbuilder Austal USA has been cleared to begin the second stage of the U.S. Coast Guard's (USCG) Heritage-class offshore patrol cutter (OPC) build program following the withdrawal of an award protest filed by an unsuccessful bidder, the USCG said on Thursday.In June, Austal USA was awarded a $208.26 million contract for detail design and long lead-time material for one OPC, with options for production of up to 10 additional vessels. The deal could be worth up to $3.33 billion if all options are exercised.

26 Jul 2022

Energy Opinion: China May End Australian Coal Import Ban

Copyright InfinitumProdux/AdobeStock

Talk that China may end its unofficial ban on imports of Australian coal is unlikely to result in any significant increase in shipments to the world's biggest coal buyer.Media reports last week suggested that Beijing is considering lifting the informal embargo, put in place in the second half of 2020 as tensions escalated with Canberra over a series of issues.Coal wasn't the only commodity affected, as China placed restrictions or bans on imports of barley, seafood and wine, among others.The unofficial ban was effective, with Australia going from being China's biggest supplier of coal in July

20 Jun 2022

Argeo First to Operate Maritime Robotics' Mariner X Unmanned Surface Vessel

Image courtesy Maritime Robotics

Maritime Robotics' new multi-purpose Unmanned Surface Vehicle (USV) platform, the Mariner X, is the company's most configurable and optimizable USV platform to date, built to deliver high-quality data acquisition at sea.The first operator of the new Mariner X USV platform is Argeo. Dubbed Argus, Argeo’s first unmanned survey and inspection vehicle is intended to exploit the strong demand for accurate ocean mapping, especially within the growing offshore wind market. The Argus…

29 Mar 2022

Argus Launches a Non-Russian Diesel Cargo Assessment

Copyright Tomas Ragina/AdobeStock

Price reporting agency Argus launched a new non-Russian diesel cargo assessment delivered into the Antwerp-Rotterdam-Amsterdam (ARA) port complex, the agency said."The new price will represent fair market value of non-Russian diesel, providing buyers and sellers which do not wish to trade Russian diesel with an alternative benchmark value," Argus said.Russia has been a key supplier to Europe, accounting for up to 60% of diesel imported into the region each year, according to Argus.The…

04 Oct 2021

Interview: Joey D’Isernia, President, Eastern Shipbuilding

Joey D’Isernia, President, Eastern Shipbuilding Group (Photo: Eastern Shipbuilding Group)

Eastern Shipbuilding Group is one of America’s leading shipbuilders. Perhaps best known for its history building tugs, towboats and offshore supply vessels, the company is today finding success in other markets, with notable build projects underway for the U.S. Coast Guard, Staten Island Ferry and dredging contractor Weeks Marine. Eastern’s president Joey D’Isernia weighs in on the yard’s current workload, market drivers and the challenges overcome and on the horizon.Where do you see the best opportunities for Eastern Shipbuilding Group today?We see a lot of opportunity in the defense sector…

28 Sep 2021

Eastern Cuts Steel for USCGC Ingham

(Photo: Eastern Shipbuilding Group)

Eastern Shipbuilding Group on Monday commenced construction of U.S. Coast Guard Cutter (USCGC) Ingham (WMSM-917), the third hull of the Heritage Class Offshore Patrol Cutter (OPC) program.The occasion was observed by leaders of the U.S. Coast Guard Project Resident Office at ESG’s Allanton Shipyard where the first steel plates were cut by ESG personnel in the 103,000-square-foot steel and aluminum processing facility and transferred to the Nelson Street Shipyard for assembly and construction.This milestone is yet another signal of growing momentum in the OPC program.

09 Aug 2021

China Goes from Driver to Brake for Crude Oil, Iron Ore and Copper

© masterskuz55/AdobeStock

China has switched from driving global demand for major commodities to being a drag on growth, with July's customs data confirming the weakening trend for imports of crude oil, iron ore and copper.The exception to the trend was coal, but the sharp gain in July's imports of the polluting fuel are more a result of China having to go the seaborne market because of domestic policies that curbed local output.China, the world's biggest importer of crude oil, brought in 41.24 million tonnes in July, equivalent to 9.71 million barrels per day (bpd), according to official customs data released on Aug.

26 Jul 2021

Iron Ore Stumbles as Rising Supply Runs into China Steel Discipline

Credit;masterskuz55/AdobeStock

Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play - Chinese steel producer discipline and a recovery in supply of ore.The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract, dropped around 10% in the week to July 23, the worst weekly performance since February last year.The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid about 17% from its record high in May.Benchmark spot 62% iron ore for delivery to north China , as assessed by co

25 May 2021

Eastern Lays Keel for Second Offshore Patrol Cutter

(Image: Eastern Shipbuilding Group)

Eastern Shipbuilding Group, Inc. (ESG) on Monday held a keel authentication ceremony for the U.S. Coast Guard’s future Offshore Patrol Cutter (OPC), USCGC Chase (WMSM-916), at its Nelson Street facility in Panama City, Fla.The 360-foot vessel is the second of the Heritage-class OPC being built by Eastern to replace the Coast Guard's 210-foot and 270-foot Medium Endurance Cutters. The series' first vessel, USCGC Argus, is scheduled to be delivered in 2022.“Here at Eastern we start…

24 May 2021

China Lands Uppercut on Iron Ore Prices, But No Knockout Blow

© Amarinj / Adobe Stock

It's round one to China in its efforts to cool the red-hot iron ore and steel sectors, but victory in future rounds largely depends on making increasingly harder choices, and hoping factors beyond its control work in Beijing's favor.The catalyst for the chill was reports that China's government will strengthen what it termed the management of commodity supply and demand to curb "unreasonable" increases in prices - action that has so far seen the spot iron ore price retreat by almost 15% since its record high of $235.55 a tonne on May 12.The spot price of iron ore for delivery to North China…

09 Apr 2021

China is Paying a High Price for Its Ban on Australian Coal

© chungking / Adobe Stock

China is paying a high price for its unofficial ban on coal imports from Australia, with the cost of domestic and alternative foreign supplies rising for both thermal and coking grades of the fuel.China, the world’s biggest importer, producer and consumer of coal, has effectively ended imports from Australia, the biggest shipper of coking coal used to make steel and number two in thermal coal used to produce electricity, as part of an ongoing political dispute between the two nations.The restrictions on imports from Australia came into effect in the second half of last year…

09 Feb 2021

Iron Ore Imports Outside China Show Signs of Recovery

Crane unloads iron or at a port - Credit; martinfredy/AdobeStock

The iron ore market is focused mainly on developments in China, which isn't surprising given the world's biggest buyer of commodities takes about 70% of global seaborne cargoes.But that other 30% does matter - and there are signs of a recovery in demand in the wake of the coronavirus pandemic.The total global volume of seaborne iron ore discharged at ports in January was 134 million tonnes, according to vessel-tracking and port data compiled by Refinitiv.This was up from 122.82 million tonnes in December and 125.18 million in November…