Oil Prices Rise as US Continues Tanker Interceptions Offshore Venezuela
Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S. West Texas Intermediate crude futures rose $1.49, or 2.6%, to settle at $58.01 a barrel.The U.S. Coast Guard tried to intercept an oil tanker on Sunday that U.S.
Dominion Energy Responds to US Suspension of Coastal Virginia Offshore Wind
Dominion Energy released the following statement in response to the U.S. Department of Interior’s Director’s Order for a 90-day suspension of work issued earlier today for the Coastal Virginia Offshore Wind project:"The Coastal Virginia Offshore Wind Project (CVOW) is essential for American national security and meeting Virginia’s dramatically growing energy needs, the fastest growth in America. This…
Gulf Stock Markets Rise on Increasing Oil Prices
Most stock markets in the Gulf ended higher on Monday, helped by rising oil prices and positive market sentiment amid growing expectations of additional Federal Reserve rate cuts.Oil prices - a catalyst for the Gulf's financial markets - rose after the U.S. intercepted an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, both of which raised fears of supply disruptions.Saudi Arabia's benchmark index gained 0.7%…
Oil Loading in Venezuela Crawls After New US Interceptions
Tanker loading in Venezuela dwindled on Monday, with most ships moving oil cargoes only between domestic ports following U.S. action against two more ships and as state-run energy company PDVSA struggles to recover from a cyberattack, according to tracking data and sources.The U.S. Coast Guard this month seized a supertanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela-related ships over the weekend, U.S. authorities said.
Trump Freezes Five Offshore Wind Projects, Company Shares Plummet
The Trump administration suspended leases on Monday for five large offshore wind projects that are under construction off the U.S. East Coast over what it called national security concerns, sending shares of offshore wind companies plunging.The suspension was the latest blow for offshore wind developers that have faced repeated disruptions to their multi-billion-dollar projects under U.S. President Donald Trump, who has said he finds wind turbines ugly, costly and inefficient.
Crowley Awards 2025 Scholarships to Maritime Students
Seventeen students from seven U.S. and El Salvador maritime academies and universities have been selected as the 2025 recipients of the Thomas B. Crowley Sr. Memorial Scholarship. The scholarship recognizes students who demonstrate exceptional academic achievement and dedication to their studies related to the maritime industry. The scholarship honors the legacy of Thomas B. Crowley Sr. by acknowledging excellence and investing in the next generation of maritime leaders.The Thomas B. Crowley Sr.
Fincantieri Delivers Indonesian Navy Combat Ship
Fincantieri delivered the PPA (Multipurpose Combat Ship) KRI Prabu Siliwangi-321 to the Indonesian Navy, marking the completion of a two-ship program that significantly upgrades Indonesia’s surface combatant fleet.The delivery ceremony took place at Fincantieri’s Muggiano shipyard in La Spezia and follows the handover of sister ship KRI Brawijaya-320 in July. With the delivery of the second vessel…
Chris-Marine Launches PSL Portable Surface Lathe for Sealing Surface Machining
Chris-Marine announced the launch of the PSL Portable Surface Lathe, a high-precision solution designed for sealing surface machining both in-situ and in workshops ashore.Developed for small and medium bore diesel and gas engines, the PSL offers fast set-up, easy mounting and precise alignment, all operated by a single technician. Its compact, robust design and electrically driven system enable reliable…
Fincantieri Marinette Marine Appoints Kenneth J. Braithwaite as Chairman
Fincantieri Marinette Marine (FMM) appointed former U.S. ambassador to Norway and the 77th Secretary of the Navy, Kenneth J. Braithwaite, as Chairman of their Board of Directors. Braithwaite brings a career in defense and public service to the role, as well as deep Navy ties. He is a 1984 graduate of the U.S. Naval Academy and earned a master’s degree from the University of Pennsylvania. His active…
MOL, NYK Agree Ammonia Carrier Charters with JERA
Japanese power generator JERA has signed separate heads of agreements with Mitsui O.S.K. Lines (MOL) and NYK Group for the charter of ammonia carriers, as it moves toward establishing Japan’s first large-scale low-carbon ammonia transport chain.Under the agreements, MOL and NYK affiliates will charter vessels designed to transport low-carbon ammonia produced at JERA’s Blue Point Complex in Louisiana to JERA’s Hekinan Thermal Power Station in central Japan.
Seatrium and Maersk Settle $475M WTIV Dispute
Singapore-based Seatrium has resolved its dispute with an affiliate of Maersk Offshore Wind, over the delivery of a wind turbine installation vessel (WTIV), originally intended for Equinor’s Empire Wind 1 project in the United States.Under the agreement Seatrium Energy reached with Maerk’s affiliate Phoenix II A/S, the parties will discontinue all legal proceedings related to the contract, agreeing to deliver the vessel by February 28…
Shearwater Set to Start Multi-Client Survey Offshore Nigeria
Offshore seismic services firm Shearwater Geoservices has finalized the preparations for the upcoming start of a new multi-client seismic project offshore Nigeria.The 3D survey is backed by significant industry funding and will be executed in partnership with Harvex Geosolutions and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).The project is scheduled to start at year-end 2025 and…
DOF Expands Backlog with Atlantic Awards, Shell IMR Deal
Norwegian offshore vessel owner and subsea services provider DOF Group has secured several new project awards in the Atlantic region and a separate contract in North America with Shell.The Atlantic region awards, amounting to over $60 million, will be executed primarily using DOF’s regional fleet during the fourth quarter of 2025 and the first quarter of 2026. The contracts represent more than 250 firm vessel days…
Wärtsilä to Sell Gas Solutions Business to Germany’s Mutares
Finnish engineering group Wärtsilä has agreed to divest its Gas Solutions business to German private equity investor Mutares SE & Co. KGaA, continuing its efforts to streamline operations and unlock value from its portfolio.Gas Solutions, which operates globally across the gas value chain, provides systems and lifecycle services for maritime gas handling, inert gas systems, gas-to-power solutions, liquefaction and biogas applications.
