Global Markets News

Brazil-based WEG Coatings and Canadian-based GIT Coatings have entered an agreement to strengthen each other’s marine coating product offerings across international markets.The partnership aims to accelerate market adoption of green solutions in the marine market such as GIT’s graphene-based coatings. Both companies will leverage each other’s strengths and expertise to enhance product offerings and provide tailored solutions to their customers. GIT Coatings CEO, Mo AlGermozi, said…

Demopolis Lock—which suffered a recent catastrophic failure—is a cautionary tale for other locks and those in Congress and the White House who may fail to see the urgency and importance of investing in the inland waterways system.The nation’s inland waterways lock and dam infrastructure, largely constructed in the 1930s, has seen modernization and rehabilitation across the system, albeit very slowly. Despite those efforts, lock failures continue, and the risk of failure persists.While…

The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.The Houthis say they are acting in solidarity with Palestinians and have threatened to expand attacks to include U.S.

Great Lakes Dredge & Dock Corporation on Thursday announced the receipt of five dredging contracts totaling $173.7 million. The projects are in Texas, New Jersey, Florida and Louisiana.The Sabine-Neches Waterway Channel Improvement Project-Phase 1 (Capital, Texas, $62.8 million) includes dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. The construction of the Sabine-Neches Waterway will generate widespread economic benefits for Southeast Texas…

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…

An oil tanker that the U.S. government imposed sanctions on for recently carrying Russian oil above the Western price cap is proceeding to the Baytown refinery in Texas for unloading, Exxon Mobil said on Tuesday.Exxon, the current charterer of the Yasa Golden Bosphorus, was not targeted by the sanctions last week since the oil producer chartered the tanker months after it had carried and offloaded Russian oil, a price cap coalition official after the U.S. imposed the sanctions on the tanker.The unloading by Exxon has been authorized by the U.S. Treasury Department's Office of Foreign Assets Control, the company said in a statement. The deliveries are certified products of Canadian origin, according to Exxon.The U.S.

Crown LNG Holdings AS, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has agreed to merge with Catcha Investment Corp, a publicly traded special purpose acquisition company, that would result in Crown becoming a U.S. publicly listed company. The combined company, named Crown LNG Holdings Limited (“PubCo”), intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol “CGBS”.Crown designs and…

A tanker containing liquefied natural gas (LNG) that originated from a Russia supplier and was loaded onto a Gunvor Group-chartered vessel off the coast of France was turned away this week by Argentine energy firm Enarsa, according to officials.The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14.The rejection is one more sign of the energy market upheavals since Russia’s invasion of Ukraine last year and of a growing wariness of buyers involving even authorized deals with Russia-originated fuels.

Ukrainian air defence systems were engaged in the early hours of Wednesday in repelling a Russian air attack on the southern port of Odesa for a second consecutive night, the region's governor said.Russia struck Ukrainian ports on Tuesday, a day after pulling out of a U.N.-backed deal for safe Black Sea grain exports, a decision that raised concern primarily in Africa and Asia of rising food prices and hunger."Do not approach the windows, do not shoot or show the work of air defence forces…

Rolls-Royce has acquired Team Italia/Onyx Marine, an Italian group specializing in yacht bridges and marine automation.Having begun to collaborate on joint development projects in 2019, the two companies now agreed that the best way to realize strategic growth plans would be for Team Italia to become part of Rolls-Royce.Team Italia, established in 2000, designs and develops integrated bridges and marine navigation and automation systems – mainly for Italian yacht builders and shipyards positioned prominently on the global yacht market.With this acquisition…

The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.The European Commission had no comment while the Kremlin on Monday, in response to a question about the report, said it had…

Chevron and the Angelicoussis Group have come together to explore how tankers can be used to transport ammonia, a potential lower carbon marine fuel.Under a newly announced Joint Study Agreement (JSA), Chevron, through its subsidiary Chevron Shipping Company, and the Angelicoussis Group, through its Energy Transition division, Green Ships, will initially evaluate the ammonia transportation market, existing infrastructure, the safety aspects of ammonia, potential next generation vessel requirements and a preliminary system to transport ammonia between the U.S. Gulf Coast and Europe.

When it comes to war, the old adage that the best defense is a good offense rings true. Nowhere is this more the case than naval warfare, where initiative can make the difference between victory and defeat. As an integral part of naval warfare, mine warfare – both mine countermeasures and mine laying, or “offensive” mine warfare - will continue to influence naval operations. Yet the latter of these sub disciplines - the “other” mine warfare, as Admiral James Winnefeld, Jr. calls it - has often been missing from mine warfare discussions.

Ukraine has started online talks with partners on extending the Black Sea Grain Initiative aimed at ensuring Kyiv can keep shipping grain to global markets, a senior Ukrainian government source said on Tuesday.The source said Ukraine had not held discussions with Russia, which blockaded Ukrainian Black Sea ports after its invasion last year, but that it was Kyiv's understanding that its partners were talking to Moscow."The situation with negotiations is rather complicated.

Norwegian offshore support vessel owner Solstad Offshore said Monday it had secured multiple new contracts and contract extensions.The contracts and extensions are for various platform supply vessels and anchor handling tug supply vessels."The contracts have a combined firm duration of approximately 10 vessel years and will support various clients in the global markets. The contracts will be executed by 14 of the company's PSVs and AHTS vessels and have a value of approximately NOK 830 million [~81…

Offshore construction company Havfram Subsea said Thursday it was taking back its Ocean Installer name.The company's subsea business was known as Ocean Installer from the company's inception in 2011, with the 2020 name change reflecting its diversification into the offshore wind industry. The relaunch follows last year's announcement of the sale of Havfram's wind business lines. "Ocean Installer's operations focus on all aspects of offshore marine construction, encompassing both the traditional oil and gas and emerging renewables markets.

In the 45 years since the Arab Shipbuilding & Repair Yard (ASRY) opened on reclaimed land in Bahrain, the Middle East has become one of the world’s ship repair hotspots. A broad range of shipyards now service both regional and global markets.Regional yards have a ready market, with hundreds of offshore rigs working across the region together with the service ships that support them. Then there are thousands of tankers and gas carriers that arrive each year to load energy cargoes for far-flung destinations.

Dozens of merchant ships with grains and sugar are stuck outside Iranian ports after weeks of delays as payments snags disrupt flows of goods into the country, according to trade sources and shipping data. Food is exempt from the West's sanctions on Iran over its nuclear program, but the impact of the sanctions on Iran's financial system has created complex and erratic payment arrangements with international companies. The latest payment issues have led to ships being unable to discharge cargoes, with at least 40 bulk carrier ships stuck outside the major Iranian ports of Bandar Imam Khomeini and Bandar Abbas, ship tracking data on Refinitiv showed. Iran’s foreign ministry was not immediately available for comment.

A deal aimed at easing global food shortages by facilitating Ukraine's agricultural exports from its southern Black Sea ports was extended for 120 days on Thursday, though Moscow said its own demands were yet to be fully addressed.The agreement, initially reached in July, created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine, a major producer of grains and oilseeds."I welcome the agreement…

A public-private partnership between the state of Louisiana, the Port of New Orleans and two global maritime industry leaders will build a $1.8 billion container facility on the Lower Mississippi River, Gov. John Bel Edwards announced.The new Louisiana International Terminal (LIT) in St. Bernard Parish will be able to serve vessels of all sizes, increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates.New Jersey-based Ports America…

Russia said on Wednesday it would resume its participation in a deal to free up vital grain exports from war-torn Ukraine after suspending it over the weekend in a move that had threatened to exacerbate hunger across the world. The Russian defense ministry said it had received written guarantees from Kyiv not to use the Black Sea grain corridor for military operations against Russia. "The Russian Federation considers that the guarantees received at the moment appear sufficient, and resumes the implementation of the agreement," the ministry statement said.

Canada is one of 20 markets to be featured at the Discover Global Markets: The Blue Economy export forum September 20-22, 2022The growing demand for marine technologies is generating new export possibilities for U.S. companies. To help American businesses pursue these opportunities, the Department of Commerce’s International Trade Administration (ITA) is hosting Discover Global Markets: The Blue Economy, in Providence, Rhode Island, Sept. 20-22, 2022. Based at the U.S. Embassy in Ottawa, Canada Senior Commercial Specialist Tracey Ford is leading a delegation with a Canadian buyer to the event.

A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators.Democratic and Republican senators last week proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen the price cap aimed at capping Russia's oil revenues while minimizing the impact on global markets and prices."We don't think secondary sanctions are needed," Catherine Wolfram, deputy assistant secretary for climate and energy economics at the U.S.