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Shearwater Geoservices has agreed to sell the vessel SW Baret to an undisclosed buyer for conversion into a dedicated source vessel.The agreed sales price exceeds the vessel’s carrying book value and is expected to result in a gain in Shearwater’s accounts, as well as a positive impact on liquidity, the company said.Completion of the transaction is expected late in the second quarter of 2026.The vessel, built in 2012, has been in lay-up since 2021 and will undergo modifications following the sale…

Oil prices zig-zagged between negative and positive territory on Friday as traders weighed supply disruptions against the potential restart of peace talks between the U.S. and Iran that could help limit those disruptions.Prices rose 2% earlier in the day on fears of renewed military escalation in the region after Iran released footage on Thursday of commandos boarding a cargo ship in the Strait of Hormuz, and as progress stalled on re-opening the key waterway.Crude futures then…

Iran said it had captured two container ships seeking to exit the Gulf via the Strait of Hormuz on Wednesday after firing on them and another vessel, in its first seizures since its war with the United States and Israel began in February.Iran's semi-official Tasnim news agency reported the seizures and added its Revolutionary Guard Corps Navy had warned that any disruption to order and safety in the strait would be considered a "red line."The seizure of one of the ships, the Panama-flagged MSC Francesca…

Reopened Middle East shipping and plummeting oil prices on Friday boosted bets the Federal Reserve may begin cutting interest rates as soon as December, but its policymakers still face a tangled outlook ahead of their April 28-29 meeting.Iran's announced reopening of the Strait of Hormuz pushed oil below $90 a barrel for the first time in more than five weeks, but U.S. central bank officials will now need to assess how much damage the seven-week conflict has done to underlying price trends…

U.S. import prices increased less than expected in March, though the trend still pointed to firming imported inflationary pressures as the Middle East conflict boosts oil prices and snarls supply chains.Economists shrugged off the report from the Labor Department on Wednesday and said they expected the oil price surge from the U.S.-Israeli war with Iran to show in April's import price data."The less-than-expected increase in import prices most likely reflects timing differences between when the oil that entered U.S.

Wall Street stock indexes edged up, oil prices tumbled and the dollar's safe haven appeal waned on Tuesday as investors looked past a U.S. blockade on Iran's ports to the prospect of an eventual resolution to the conflict.Negotiating teams from the U.S. and Iran could return to Islamabad this week, four sources said, days after talks - held at the highest level between the two sides since the 1979 Islamic Revolution - ended in the Pakistani capital without a breakthrough.U.S.

Germany's coalition government has agreed fuel price relief for consumers and businesses worth 1.6 billion euros ($1.9 billion), ending a dispute over how to respond to an oil price surge triggered by the Iran war.The energy tax on diesel and petrol will be cut by about 0.17 euros per litre for two months, the conservative CDU party and its centre-left SPD coalition partners said on Monday.The Iran war has caused the biggest disruption to global energy supplies on record, with plans for a U.S.

Oil prices surged on Monday as the U.S. moved to impose a blockade on Iranian shipping after the collapse of weekend peace talks, while the dollar rose and stocks and bonds fell.The U.S. move, aimed at putting pressure on Tehran, leaves a fragile ceasefire hanging in the balance and no end in sight to the choke on Middle East energy exports - though the mood on trading floors leaned toward hoping for a resolution.Brent crude futures LCOc1 were up 7% at $102 a barrel - a gain of more than 40% since the war shut navigation of the Strait of Hormuz.

Antarctica is the only continent without a fiber-optic connection.The technology required to get one there is available, but the creation of such infrastructure raises geopolitical questions, including its potential military use, say researchers from Germany.The US National Science Foundation has plans to build a subsea data cable link from New Zealand or Australia to its McMurdo research base in Antarctica. There’s been no update on the project under the current administration…

Oil prices rose on Thursday as doubts over a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of Hormuz will remain restricted.Brent crude futures LCOc1 were up $2.18, or 2.3%, at $96.93 a barrel at 0645 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $3, or 3.18%, to $97.41 a barrel.Both benchmarks fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since April 2020…

Oil prices dived, stocks surged and the dollar was knocked back on Wednesday as a two-week Middle East ceasefire sparked a relief rally, fuelled by hopes that oil and gas flows through the Strait of Hormuz could resume.The news capped weeks of market volatility and geopolitical upheaval after U.S. and Israeli strikes on Iran at the end of February pushed tensions to the brink, with Tehran effectively choking off the strategic waterway that typically carries about 20% of the world’s oil and gas.U.S.

Mesabi Metallics, backed by Essar Group, has secured $150 million of financing from Macquarie Group, supporting the Q3 2026 startup of its world-scale Direct Reduction (DR) grade iron ore mine and pellet plant in Nashwauk, Minnesota.The financing follows Mesabi's recently announced $520 million senior secured credit facility with Breakwall Capital, further reinforcing the strong momentum behind the project.Mesabi has also recently received support from the U.S. Export-Import Bank (EXIM), reflecting the project's growing strategic importance to U.S.

Oil prices climbed on Tuesday and U.S. crude was on track for its highest close since 2022 ahead of a deadline set by U.S. President Donald Trump for Iran to open the Strait of Hormuz or face attacks on power plants and other infrastructure.Brent futures rose 63 cents, or 0.6%, to $110.40 a barrel at 10:41 a.m. EDT (1441 GMT), while U.S. West Texas Intermediate (WTI) crude rose $3.95, or 3.5%, to $116.36.Typically WTI trades at a discount to Brent, but this has reversed in a market where barrels for earlier delivery command a higher price.

Geopolitical risk has overtaken supply-demand fundamentals as the primary price driver in energy markets, and ship recycling is feeling the impact from both sides, as higher oil keeps aging vessels trading while a volatile U.S. dollar makes confident bidding difficult to sustain, says cash buyer GMS.India delivered the week’s most notable currency development, as the rupee rebounded sharply from its record low of 94.42 to 92.73 following intervention measures by the Reserve Bank of India…

Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.Extreme price changes in…

Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's liquefied…

Iran accused Israel of striking its facilities in the huge South Pars gas field on Wednesday in a major escalation in the U.S.-Israeli war that sent oil prices shooting higher, and retaliated by vowing attacks on oil and gas targets throughout the Gulf, firing missiles at Qatar and Saudi Arabia.Qatar's state oil giant QatarEnergy reported "extensive damage" after the Ras Laffan Industrial City, an energy-industry hub, was hit by Iranian missiles. Saudi Arabia said it had intercepted…

Next Geosolutions has finalized financing to support the acquisition of a new offshore vessel, strengthening its fleet and subsea service capabilities as demand grows in the offshore energy sector.The Italy-based marine geosciences and offshore construction support specialist said it has secured backing from Intesa Sanpaolo and Cassa Depositi e Prestiti (CDP) for the purchase of the vessel Siem Day, which will be renamed NG Supporter. The total investment is valued at approximately $112 million.The two financial institutions are providing 70% of the funding, with a 10-year repayment term.

Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.Brent crude futures gained $1.33, or 1.3%, to $101.53 a barrel by 1515 GMT while U.S. West Texas Intermediate (WTI) crude advanced $1.21, or 1.3%, to $94.71.The U.S.-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly $120 a barrel from earlier in the month…

An ATSB preliminary investigation report details the circumstances leading up to the brief grounding of the Australian research vessel Nuyina off Heard Island, 4,000 km south-west of Perth, October 13 last year.The grounding occurred while Nuyina, the Australian Antarctic Division’s research and supply vessel, was conducting drone survey operations over the shore of Heard Island, close to an area of uncharted seafloor.On board the vessel were 37 marine crew and 85 expeditioners.“Nuyina had several scientific instruments installed on a retractable drop keel…

The outlook for the offshore support vessel (OSV) business has brightened considerably since the dark days of the previous decade and is possibly in a “Goldilocks moment” — not too weak and not too strong. While strengthening, it has not yet reached the point of significant new vessel ordering. Paradoxically, across maritime markets, observers are often concerned when exuberance gets out of hand. For now, newbuild activity remains limited.On the Q3 2025 earnings call for listed company Tidewater (NYSE: TDW)…

G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.The IEA said it was convening an extraordinary meeting of its member states on Tuesday.Members would "assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," IEA Executive Director Fatih Birol said."We have asked the IEA to elaborate scenarios for a potential oil stock release…

India’s decision to introduce additional documentation checks before end-of-life vessels are cleared could prevent the practice of fake documents among the dark fleet, says leading vessel cash buyer Wirana Shipping Corporation.The recent decision taken by the Directorate General of Maritime Administration (DGMA) to introduce an additional process of documentation checks will act as a deterrent to ships being sent for recycling with fake documents, says Wirana Shipping, the world’s…