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Thursday, March 28, 2024
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Treasury News

25 Mar 2024

Demopolis: A Cautionary Tale for Increased Infrastructure Investment

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. (Photo: Chuck Walker / U.S. Army)

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…

25 Mar 2024

US Revises Tax Credit Rule to Help Offshore Wind Projects

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The Biden administration on Friday released new rules that will make it easier for offshore wind developers to claim a subsidy for facilities planned in areas that have historically relied on fossil fuel industries for employment.The revision follows nearly a year of warnings by offshore wind companies that their projects might not move forward without access to certain subsidies in President Joe Biden's landmark climate change law, the Inflation Reduction Act.Offshore wind is a critical part of Biden's plan to decarbonize the U.S.

20 Mar 2024

Petrobras Exec Says Gas Export Possible from Colombia Project

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A promising area off Colombia's coast where Brazil state-run Petrobras is drilling this year could justify a large project to supply natural gas to the Andean country and for exports, Petrobras' head of exploration and production said on Wednesday.As oil production in Brazil's prolific presalt region is set to plateau in coming years, Petrobras is expanding its horizons to new frontiers including the Equatorial Margin, Colombia and Africa.At Colombia's Tayrona block, Petrobras…

13 Mar 2024

Second Russian Tanker, Hit by Sanctions, Docks in China

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Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel Sokol crude cargo at the Chinese port of Huanghua near Cangzhou city in Hebei province.The Dongying port authority declined comment when contacted by Reuters.

07 Mar 2024

Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil

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The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week, shipping data showed, following fresh U.S.

06 Mar 2024

Russia Oil Fleet Shifts Away from Liberia, Marshall Island Flags Amid US Sanctions Crackdown

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Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S.

28 Feb 2024

Tanker Backlog Grows in Venezuela as PDVSA Struggles to Deliver Oil

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A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

28 Feb 2024

US Hits Iran with New Sanctions Targeting Commanders, Shipping

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The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.Mohammad Reza Falahzadeh, deputy commander of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen's Houthi militia, were designated under the sanctions, the Treasury Department said.The Iranian military has provided weapons and intelligence support to the Houthis that support the group's attacks on international shipping in the Red Sea…

23 Feb 2024

US Imposes Sanctions on Russia's Leading Tanker Group Sovcomflot

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The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil, or other cargoes, from the vessels for 45 days."Sovcomflot as a whole…

12 Feb 2024

US Spending $7 Million a Year to Maintain Yacht Seized from Russian Oligarch

Amadea (File photo: Sukkoria / CC BY-SA 4.0 DEED)

The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved.Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S. warrant alleging it was owned by Suleiman Kerimov, a multibillionaire sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine.Efforts to auction the yacht are being challenged by Eduard Khudainatov…

25 Jan 2024

UK and US Sanction Senior Houthis Over Ship Attacks

Bulk carrier Genco Picardi was hit by a Houthi drone attack on January 17. (Photo: Indian Navy)

Britain and the United States on Thursday said they had imposed coordinated sanctions on four key Houthi figures for their roles in supporting or directing attacks on commercial shipping in the Red Sea.Attacks by the Iranian-backed Houthis have disrupted global shipping and stoked fears of global inflation. They have also deepened concern that fallout from the Israel-Hamas war could destabilize the Middle East.Those sanctioned were Houthi Defence Minister Mohamed Nasser al-Atifi…

09 Jan 2024

US Trade Deficit Shrinks on Falling Imports

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The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

20 Dec 2023

Russia Oil Price Cap Coalition Toughens Shipping Rules

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The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…

12 Dec 2023

US Issues Sweeping Sanctions Targeting Russia Over Ukraine War

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The United States on Tuesday imposed sanctions on hundreds of people and entities, including in China, Turkey and the United Arab Emirates, as it targets Russia's sanctions evasion, future energy capabilities, banks and its metals and mining sector.The U.S. Treasury and State departments targeted more than 250 individuals and entities in Washington's latest action attempting to crack down on Russia and its evasion of sanctions imposed by the U.S. and its allies over the war in…

08 Dec 2023

US Says Iran Helping to Plan, Execute Attacks on Ships in the Red Sea

The Galaxy Leader escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. (Photo: Houthi Military Media/Handout)

The United States believes that Iran is involved in the planning and execution of drone and missile attacks by Yemen's Houthi group on Israel and ships in the Red Sea, a senior aide to U.S. President Joe Biden said on Thursday.The comments by deputy White House national security adviser Jon Finer are among the most explicit to date by a U.S. official alleging Iranian involvement in the Houthi attacks.Finer spoke hours after the United States imposed new sanctions aimed at throttling what U.S.

07 Dec 2023

CAPP Says Canada’s Emissions Cap will be Production Cap

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Canada’s Minister of Environment and Climate Change, Steven Guilbeault, and Minister of Energy and Natural Resources, Jonathan Wilkinson, introduced Canada’s draft framework to cap pollution from the oil and gas sector on December 7. The aim is to reduce emissions and remain competitive in a shifting global market. “No sector of the economy should be allowed to emit unlimited pollution, not when we are all driving toward the same goal of net zero by 2050 to ward off the worst impacts of the climate crisis,” said the ministers in a statement.

05 Dec 2023

Seatrium Names Adrian Teng CFO

(File photo: Seatrium)

Singaporean shipbuilding group Seatrium announced it has appointed Adrian Teng as Chief Financial Officer (CFO), effective January 1, 2024.Teng brings over two decades of diverse international experience in strategy, finance, restructuring, operations and corporate management across developed and emerging markets. Prior to his current appointment, Teng was Group Chief Financial Officer and Chief Operating Officer of Clifford Capital Holdings, with responsibilities in finance, treasury…

29 Nov 2023

Gazelle Wind Power Appoints U.S. Wind Finance Pioneer as CFO

Source: Gazelle Wind Power

Floating platform developer Gazelle Wind Power has appointed clean energy finance industry expert Álvaro Ortega as Chief Financial Officer (CFO).Ortega is the former Vice President of Finance at Avangrid Inc., a publicly traded company on the NY Stock Exchange and the U.S. subsidiary of global energy leader Iberdrola.“Finding someone with a track record like Álvaro’s is rare. Due to his financial expertise and passion for renewable energy, his joining the team is a home run for Gazelle as we enter an exciting phase in our company’s development,” said Gazelle CEO and Founder Jon Salazar.

27 Nov 2023

Biden's Clean Energy Agenda Faces Mounting Headwinds

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Canceled offshore wind projects, imperiled solar factories, and fading demand for electric vehiclesA year after the passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda.Soaring financing and materials costs, unreliable supply chains, delayed rulemaking in Washington and sluggish permitting have wrought havoc ranging from offshore wind developer Orsted’s project cancellations in the U.S.

20 Nov 2023

Supertanker Chartered by Polish Firm to Load Venezuelan Oil for China

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Polish oil and gas firm Orlen has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of U.S. sanctions on the South American country.The Very Large Crude Carrier (VLCC) Olympic Trophy, chartered for $13 million, is scheduled to load in early December, according to a source and ship tracking data on Kpler.Vitol, the world's largest independent oil trader, chartered a supertanker earlier this month to load Venezuelan crude for China.

16 Nov 2023

US Sanctions Maritime Companies, Vessels for Shipping Oil Above Russian Price Cap

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The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action, accusing the vessels of engaging in the export of Russian crude oil priced above the $60 a barrel cap.

14 Nov 2023

Kremlin, on US Probe into Oil Sanctions, Says Russia Acting in Own Interests

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The Kremlin said on Tuesday that Russia was acting in its own interests when asked about a probe by the United States into alleged violations of Western oil sanctions on Moscow.Kremlin spokesman Dmitry Peskov also told a daily conference call with reporters that President Vladimir Putin would hold a meeting on the fuel and energy complex later on Tuesday.The U.S.

08 Nov 2023

US Working with Allies Over Sanctions on Russian Arctic LNG Project

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The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday.The U.S. imposed sanctions last week on the Arctic LNG-2 project in Russia as part of wide-ranging measures to punish Moscow for the war in Ukraine. The Office of Foreign Assets Control, part of the Treasury Department, also issued a general license that authorizes the wind down of transactions involving Arctic LNG-2, through Jan.