$138M Allocated for Charleston Harbor
President Donald Trump included $138 million in his budget for the coming year to help deepen Charleston Harbor to 52 feet so it can handle larger container ships, said Charleston District of the U.S. Army Corps of Engineers.The project, in the works since 2011, had never been included in a president’s budget until now. The U.S. Army Corps last year revised a formula that measures the project’s economic benefit, putting it above the threshold needed for consideration.The Charleston…
Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…
Israeli Navy Could Respond to Iranian Oil Smuggling
Israel's navy could take action against Iranian oil smuggling, Prime Minister Benjamin Netanyahu said on Wednesday, urging world powers to foil any effort by Tehran to evade U.S. sanctions.The Israeli leader told naval officers that Iran was still resorting to clandestine measures to ship fuel that it first used prior to a 2015 nuclear deal easing Western sanctions on its oil sector.U.S. President Donald Trump last year quit the nuclear deal and reimposed some sanctions, aiming to cut Iran's oil exports to zero."Iran is trying to circumvent the sanctions through covert oil smuggling over maritime routes, and to the extent that these attempts widen…
Trump Warns Saudi Arabia on Oil Prices
U.S. President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy – and his re-election campaign in 2020.“Oil prices getting too high,” the president warned in a message posted on Twitter on Monday. “OPEC please relax and take it easy. World cannot take a price hike – fragile!”The president has kept up a regular commentary on oil prices over the last year and has pressed Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries…
Mnuchin: China Talks "So far, so good"
U.S. Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute."So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.U.S. tariffs on $200…
First U.S. Crude Cargoes Head to China Since Trade Breakthrough
Three cargoes of U.S. crude are heading to China from the U.S. Gulf Coast, trade sources said on Monday, the first departures since late September and a 90-day pause in the two countries' trade war that began last month.The vessels left Galveston, Texas, last month and are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data. The shipments mark a change since Chinese buyers largely began avoiding U.S. oil during the trade dispute that flared last summer."It looks like China has resumed purchasing U.S.
Iran's Revolutionary Guards to Upgrade Speed Boats with Stealth Tech
Iran's Revolutionary Guards said on Monday they plan to upgrade their speed boats in the Gulf with radar-evading stealth technology and new missile launchers as tensions rise between Tehran and Washington in the vital oil shipping route.Ending a long absence of U.S. aircraft carriers in the region, the USS John C. Stennis entered the Gulf last week, and was shadowed by the Revolutionary Guards' speed boats.There have been periodic confrontations between the Revolutionary Guards vessels and U.S. military in the Gulf, although the number of incidents has dropped in recent months."We are trying to increase the agility of the Guards' speed boats and equip them with stealth technology to facilitate their operations…
U.S. Navy Carrier Group Enters the Gulf
Iran says ready to respond, but U.S. aircraft carrier no threatIran is ready to respond to any hostile U.S. action, but it does not consider the arrival of a U.S. aircraft carrier in the Gulf last week a significant threat, an Iranian navy commander said on Monday.The USS John C. Stennis entered the Gulf on Friday, ending a long absence of U.S. aircraft carriers in the region as tensions rise between Tehran and Washington."The presence of this warship is insignificant to us,"…
Iran Ready to Respond, but U.S. Aircraft Carrier no Threat
Iran said on Monday it was ready to respond to any hostile U.S. action, but it did not consider the arrival of a U.S. aircraft carrier in the Gulf last week as a significant threat.The USS John C. Stennis entered the Gulf on Friday, ending a long absence of U.S. aircraft carriers in the region as tensions rise between Tehran and Washington."The presence of this warship is insignificant to us," Iran's Navy commander Habibollah Sayyari was quoted as saying by the semi-official ISNA news agency."We will not allow this warship to come near our territorial waters in the Persian Gulf," he added.Sayyari said the U.S. navy was allowed to sail in international waters near Iran, just as the Iranian navy could sail in the Atlantic Ocean near U.S.
BOEM "Blown Away" by Record U.S. Offshore Wind Auction
A U.S. government auction for three wind leases off the coast of Massachusetts ended on Friday with record-setting bids totaling more than $400 million from European energy giants including Royal Dutch Shell Plc and Equinor ASA.The Bureau of Ocean Energy Management (BOEM) announced the sale's three winners - Equinor Wind US LLC, Mayflower Wind Energy LLC, and Vineyard Wind LLC, at the conclusion of the two-day sale that attracted 11 bidders and lasted 32 rounds.Mayflower is a joint venture owned by Shell and EDP Renewables, a division of Portugal's EDP.
Arctic Posts Second Warmest Year On Record in 2018 -U.S. NOAA
The Arctic had its second-hottest year on record in 2018, part of a warming trend that may be dramatically changing earth's weather patterns, according to a report released on Tuesday by the U.S. National Oceanographic and Atmospheric Administration."Arctic air temperatures for the past five years have exceeded all previous records since 1900," according to the annual NOAA study, the 2018 Arctic Report Card, which said the year was second only to 2016 in overall warmth in the region.It marks the latest in a series of warnings about climate change from U.S.
Coast Guard Commandant Optimistic About Icebreaker Funding
The United States may soon get funding for a new heavy icebreaker ship, the head of the U.S. Coast Guard said on Thursday, as global warming spurs the race to stake out the Arctic, which is rich in oil, gas, and minerals.The United States has two operational icebreakers - a heavy one, the Polar Star, which is more than 42 years old and has outlived its life expectancy by a dozen years, and a medium one, the Healy cutter.By comparison, Russia has about 40 to 50 icebreakers, purpose-built vessels that can rescue other ships…
Iran Navy Launches Stealth Warship in the Gulf
Iran's navy on Saturday launched a domestically made destroyer, which state media said has radar-evading stealth properties, as tensions rise with arch-enemy, the United States.In a ceremony carried live on state television, the Sahand destroyer -- which can sustain voyages lasting five months without resupply -- joined Iran's regular navy at a base in Bandar Abbas on the Gulf.The Sahand has a flight deck for helicopters, torpedo launchers, anti-aircraft and anti-ship guns, surface-to-surface and surface-to-air missiles and electronic warfare capabilities, state television reported.U.S. President Donald Trump pulled out of an international agreement on Iran's nuclear programme in May and reimposed sanctions on Tehran.
INSIGHTS: Rear Admiral Mark H. Buzby, USN (Ret)
Rear Admiral Mark Buzby is the Maritime Administrator, U.S. Maritime Administration.Rear Adm. Mark H. Buzby was appointed by President Donald Trump and sworn in as Maritime Administrator on August 8, 2017. Prior to his appointment, Buzby served as president of the National Defense Transportation Association, a position he has held since retiring from the U.S. Navy in 2013 with over 34 years of service. A 1979 graduate of the U.S. Merchant Marine Academy, Buzby earned his Bachelor of Science in Nautical Science and U.S. Coast Guard Third Mate License.
Maersk Warns Trade War Will Impact Box Shipping
Top U.S. importers are stocking up on Chinese goods before new import tariffs take effect, shipping giant A.P. Moller-Maersk said on Wednesday, but warned a trade war would hit demand for container shipping in the coming years.Maersk's data indicated that imports into the United States from China had grown 5 to 10 percent year-on-year in the third quarter as companies such as Walmart and Home Depot built up inventories to avoid new import tariffs, Chief Executive Soren Skou said."The irony is that after (U.S.
Iranian Military Ready to Protect Oil Tankers
Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock.The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May."Iran's armed forces...are prepared…
Afghan Launches India-Iran Shipping
Afghan Ministry of Transportation will soon launch a commercial shipping line with the assistance of the Islamic Republic of Iran to conduct business activities between Chabahar Free Trade Zone and India.IRNA reported quoted the Afghan Ministry of Transportation as saying that the shipping sector would soon be formed and the ships could operate commercial activities with the flag of Afghanistan in free waters.The other local media hailed the move saying that Afghan will soon establish a department of shipping and ships will plough the ocean flying the Afghan flag.
Mexico Hopes to Reach Deal on Steel with US, Canada Soon
Mexican Deputy Economy Minister Rogelio Garza said on Monday that the government was very confident that it would soon reach a deal with the United States and Canada over steel tariffs.The administration of U.S. President Donald Trump imposed tariffs on steel imports in June, citing national security reasons. Canada followed with tariffs on a range of steel products earlier this month.Reporting by Sharay Angulo; writing by Julia Love
Hurricane Michael Races Northeast, Leaving Devastation in Florida
Hurricane Michael, the third most powerful storm ever to strike the U.S. mainland, headed northeast on Thursday, weakened but still set to soak Georgia and the Carolinas after devastating the Florida Panhandle.By 6 AM on Thursday, heavy rain and wind had reached as far north as Charlotte, North Carolina and the Western North Carolina mountains. The center of the storm was located over Augusta, Georgia, moving north rapidly at more than 20 MPH in a north / northeast heading. Charlotte…
U.S. East Coast Ports Await Yet Another Storm
Hurricane Michael, now a Category 4 storm, will be the second hurricane in two months to significantly affect ports on the U.S. eastern seaboard. Eastern North Carolina in particular is only now recovering from Florence.The U.S. Coast Guard has set conditions X-Ray for ports in Georgia and South Carolina in preparation for Hurricane Michael. The storm is now expected to make landfall by Wednesday afternoon. While gale force winds are expected within the next 48 hours, these ports can remain open to commercial traffic.
China LNG Tariff Casts Shadow Over New US Export Terminals
China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.The rate was smaller than the 25 percent tariff China had touted earlier, which offered some relief and helped shares in listed U.S.
US Aims to Start LNG Deliveries to Germany in Four Years
U.S. companies expect to begin delivering liquefied natural gas (LNG) to Germany in four years at the latest and will challenge Russia which now accounts for 60 percent of German gas imports, the deputy U.S. energy secretary told a German newspaper."U.S. liquefied natural gas is coming to Germany. The question is not if, but when," Dan Brouillette told the mass circulation daily Bild in an interview published on Monday.U.S. President Donald Trump in July accused Germany of being a "captive" of Russia due to its energy reliance and urged it to halt work on the $11 billion…
Venezuela's Crude Sales to U.S. Fall in July
Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.