Maritime Industry Top News
Finland Detains Vessel Suspected of Subsea Cable Damage
Finnish police on Wednesday seized a ship sailing from Russia on suspicion of sabotaging an undersea telecoms cable running from Helsinki to Estonia across the Gulf of Finland, an area hit by a string of similar incidents in recent years.The seized cargo vessel "Fitburg" was en route from the Russian port of St Petersburg to Israel at the time of the incident, Finland's Border Guard authority told…
Taiwan on Alert As China Withdraws Ships from Military Drill
Taiwan remained on high alert on Wednesday after China staged massive military drills around the island the previous day, keeping its emergency maritime response centre running as it monitored Chinese naval manoeuvres, the coast guard said.The exercises named "Justice Mission 2025" saw China fire dozens of rockets towards Taiwan and deploy a large number of warships and aircraft near the island, in…
Top 8 Market (& Maritime) Movers of 2025
This past year won’t soon be forgotten. In 2025, conventional thinking about economics and investor behavior was frequently challenged, as dramatic changes in technology, energy and geopolitics drove markets in often unexpected ways.As the clock turns to 2026, here are 8 general market movers that can help explain what happened in 2025 and what it might mean for 2026 and beyond.1. Trade TurmoilPresident…
Fincantieri’s WASS Bags $235M Torpedo Order from Indian Navy
Fincantieri, via its subsidiary WASS Submarine Systems, has secured a contract from the Indian Navy to supply Black Shark Advanced (BSA) heavyweight torpedoes for six Scorpène-class submarines in service with the fleet.The contract, valued at more than $235 million, is the largest ever awarded in WASS’s history and coincides with the company’s 150th anniversary. Deliveries are scheduled between 2028 and 2030…
Oil Tankers Arrive in Venezuela Despite US Blockade
At least two oil tankers have made their way to Venezuela in recent days and others are navigating towards the country, a sign of state-run PDVSA's effort to expand floating storage and keep selling crude even as a U.S. blockade has reduced exports to a minimum.U.S. President Donald Trump this month announced a blockade of all sanctioned vessels going in or out of Venezuelan waters as part of a strategy to pressure Venezuelan President Nicolas Maduro. The U.S.
Aramco Taps Saipem for Offshore Work in $600M Deal
Saipem has been awarded two offshore contracts in Saudi Arabia, known as Contract Release Purchase Orders (CRPO), under its existing Long-Term Agreement with Aramco.The first contract (CRPO 162), with a duration of 32 months, encompasses the Engineering, Procurement, Construction, and Installation (EPCI) of approximately 34 km of pipeline, with diameters of 20” and 30", and related works on topside structures at the Berri and Abu Safah oil fields.The second contract (CRPO 165)…
Oil Prices Stabilize as Russia-Ukraine Peace Hopes Fade, Yemen Tensions Rise
Oil prices were steady in choppy trade on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.Brent crude futures for February delivery, which expire on Tuesday, were up 3 cents, or 0.05%, at $61.97 a barrel at 1:18 p.m. EDT. The more active March contract was down 12 cents or 0.2% at $61.37.U.S. West Texas Intermediate crude fell 6 cents…
Russian Oil Exporters Struggle to Stay Afloat as Discounts Deepen
Discounts on Russian oil at export terminals have once again approached historic highs, putting pressure on exporters' trade profits amid weak global oil prices, Reuters calculations show.Western sanctions over Russia's military action in Ukraine have forced its oil companies to sell crude at steep discounts, reaching $20 to $30 per barrel below Brent in December - the widest gap at Russian ports since early 2022…
China Launches Rockets into Taiwan Waters During Military Display
China fired rockets into waters off Taiwan on Tuesday, showcased new assault ships and dismissed prospects of U.S. and allied intervention to block any future attack by Beijing to take control of the island in its most extensive war games to date.As part of drills rehearsing a blockade, China's Eastern Theatre Command conducted 10 hours of live-fire exercises, launching rockets into waters to the north…
Fincantieri's WASS Snags Torpedo Deal
Fincantieri’s underwater systems subsidiary WASS has secured its largest contract to date, winning an order from the Indian Navy to supply Black Shark Advanced (BSA) heavyweight torpedoes for the service’s Scorpène-class submarine fleet.“This agreement represents a strategically important step for Fincantieri in India,” said Pierroberto Folgiero, CEO and General Manager of Fincantieri, noting the country’s growing role as a global naval hub and a key player in maritime security.The contract…
ASRY Completes Multiple Rig Upgrades for ADES
The Arab Shipbuilding and Repair Yard Company (ASRY) has completed several rig repair and upgrade projects for Saudi-based ADES Holding, strengthening the partnership between the two companies.In 2025, several ADES jack-up rigs underwent major works at ASRY’s facilities in Bahrain.The ADM-501 and ADM-504 units were prepared earlier in the year for drilling operations in Nigeria, while upgrade works…
DOF Inks $150M ROV Support Vessel Contract with Petrobras
Norwegian offshore vessel owner DOF Group has secured a new four-year contract with Petrobras for the remotely operated support vessel (RSV) Skandi Commander.The contract was awarded following the same competitive tender process that led to six previous four-year RSV contracts announced earlier.The Skandi Commander will be equipped with both a Remote Operated Vehicle (ROV) and an Autonomous Underwater Vehicle (AUV)…
"The Year of Glut": 2026 Energy Trends to Track
Energy markets enter 2026 in a downbeat mood as geopolitical uncertainty clouds the outlook and increasing signs of swelling oil and gas supplies threaten to sink prices.This past year was a wild one for the oil and gas industry, punctuated by the 12-day Israel-Iran war in June, U.S. President Donald Trump's trade wars, the intensified targeting of energy infrastructure in Russiain its war against Ukraine, OPEC’s often perplexing production decisions and the recently threatened U.S.
China Flexes Military Might Encircling Taiwan
China fired rockets into waters off Taiwan on Tuesday, showcased new assault ships and dismissed prospects of U.S. and allied intervention to block any future attack by Beijing to take control of the island in its most extensive war games to date.As part of drills rehearsing a blockade, China's Eastern Theatre Command conducted 10 hours of live-fire exercises, launching rockets into waters to the north…
HII Delivers Destroyer Ted Stevens (DDG 128) to U.S. Navy
HII’s Ingalls Shipbuilding division has delivered Arleigh Burke-class guided missile destroyer Ted Stevens (DDG 128) to the U.S. Navy. This marks the second Flight III Arleigh Burke-class destroyer to be delivered by Ingalls shipbuilders.“The delivery of Ted Stevens reflects the strong momentum of our destroyer program as we accelerate Flight III production and bring enhanced capabilities to the fleet,” said Brian Blanchette, Ingalls Shipbuilding president.
USCG Awards Icebreaker Vessel Construction Contracts
The U.S. Coast Guard announced the award of two contracts to build up to six Arctic Security Cutter (ASC) icebreakers between the United States and Finland..Contracts were awarded to Rauma Marine Constructions Oy of Rauma, Finland, and Bollinger Shipyards Lockport, L.L.C. of Lockport, Louisiana, and are the result of President Donald Trump and Secretary of Homeland Security Kristi Noem’s international…
Subsea Vessel Market Outlook 'Robust' for 2026
Throughout 2025 we have seen the subsea vessel market transitioning from a period of record highs towards a more cautious, but still fundamentally strong, outlook. While short-term activity and rates have softened in the latter part of the year, long-term demand - driven by deepwater projects and global energy infrastructure- remains robust. The market is watching closely how the influx of newbuilds…
CPC Suspends Black Sea Oil Exports After Storm Halts Terminal
The Caspian Pipeline Consortium, which delivers oil from Kazakhstan, said it had suspended oil exports from the Black Sea's terminal on Monday due to bad weather.It also said that terminal has halted oil intake due to full reservoirs until weather improves.CPC's loading operations have already been constrained by the Ukrainian drone attack on November 29.The exports bottlenecks at the terminal near the Russian Black Sea's port of Novorossiysk…
Greece, Israel and Cyprus to Step Up Defense Cooperation in Mediterranean
Greece, Israel and Cyprus will step up joint air and naval exercises in the eastern Mediterranean in 2026, deepening their defence cooperation, Greek military officials and a senior source said on Monday.The three eastern Mediterranean nations have drawn closer over the past decade through joint military drills, defence procurement and energy cooperation, developments closely watched by regional rival…
Shipbuilding a Bright Spot for German Industry in 2026
A majority of German business associations expect job cuts in 2026 as the country's economic crisis persists, with industry hit hardest by global protectionism and weak exports, a survey by the German Economic Institute IW showed on Monday.Of 46 business associations surveyed, 22 anticipate workforce reductions next year. Only nine expect to increase hiring and 15 foresee stable employment levels.The automotive, paper and textile industries are among those expecting production declines.
