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Officials in the US claim that two vessels bound for the US were allegedly compromised by hackers.
The US Coast Guard and FBI boarded two 'commercial vessels' bound for the United States last month in the Gulf of Mexico after receiving a report that hackers had hacked into their 'computer networks. The unusual operation was carried out between August 21 and 24 on two foreign-flagged vessels. It comes at a time when US authorities are grappling with a number of cyber incidents which media reports have linked Iran to since the outbreak conflict between Washington and Tehran. The FBI stated that they boarded both vessels after "receiving indications that the networks of both vessels had been compromised." The Coast Guard, who referred to only the August 21 boarding?said "foreign hackers" were involved, but did not identify them. The Coast Guard was contacted by the US Cybersecurity and Infrastructure Security Agency for more information about these incidents. The US Cybersecurity and Infrastructure Security Agency "referred" questions to the Coast Guard. Corey Ranslem said his company, Dryad Global (a maritime security group), had confirmed the Liberian flagged VL Prosperity as one of the vessels. According to LSEG ship tracking data and MarineTraffic, the vessel is currently anchored around Galveston, Texas. Liberia’s flag registry didn't immediately respond to a comment request. Mehr, the Iranian news agency, reported that VL Prosperity suffered a "major cyberattack" as it was?transiting across the Strait of Gibraltar on August 20, and that communications were?blocked for 30 hours. Mehr reported, citing an unnamed member of the crew, that hackers also had infiltrated engine-room systems. They reduced the cooling flow, increased engine speed and disabled the ship’s fuel and engine-oil tanks. The Iranian news agency didn't say who they thought was behind the alleged assault. Ranslem says that despite its dramatic effects, a cyberattack on a ship is not difficult to execute. He said, "We expect these attacks to continue in the near future and expand."
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Tariffs cost the FAA $100 million on US air traffic modernization plan
The head of the U.S. Federal Aviation Administration has said that the agency 'expects a cost of about $100 million from tariffs for the government's more than $12.5 billion plan to modernize air traffic control. U.S. Representative 'Rick 'Larsen is a Washington Democrat and ranking member of the FAA committee. He said that FAA Administrator Bryan Bedford told lawmakers the tariff cost of $100 million was largely attributed to the air traffic radars they are buying. Larsen said that the tariffs were increasing government costs. Larsen stated, "I have asked them for specific figures and which equipment is affected." "I am not a fan of tariffs. We are trying to modernize the national aerospace system and will have to pay tariffs because of the President's policies. Congress approved $12.5 Billion in funding in the last year for an aging air traffic system, to?boost hiring of controllers and address decades of complaints regarding airport congestion and flight delay. The FAA is asking for at least $10 billion more to complete phase two. A government report released this week revealed that the cost of upgrading telecommunications has increased from $4.75 to $5.91 Billion. Bedford stated that outdated copper wires in telecoms should be replaced before September 2027. Bedford said that two radar suppliers, RTX Collins Aerospace?and Spain's Indra Group, would also be moving their radar production to U.S. locations in Largo and Kansas. He did not specify where the production was moving from. In January, FAA awarded $780,000,000 in contracts to RTX &?Indra for the replacement of?upto 612 ground-based Radars, many of which date to the 1980s. Bedford stated earlier that many radars have exceeded their intended service life, are expensive to maintain, and difficult to support. In March, RTX announced that it would invest $26.5 million to expand its Largo plant, and?Indra revealed it would spend $7.5 million to build the next-generation radars for air traffic surveillance in a Kansas City suburb. Indra also builds next-generation digital audio radios for FAA in Kansas under a separate contract worth $244 million.
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Sources say Shell-led LNG Canada may approve the Phase 2 expansion as early as October.
Three people with knowledge of the project said that partners in the Shell-led LNG Canada Export Project could make a final investment decision for its 'Phase 2 expansion' as soon as next month. The expansion will add 14 million metric tonnes per annum of export capacity for liquefied gas to the Kitimat facility, British Columbia. This effectively doubles the total project capacity, which is now 28 mtpa. The Middle East conflict and disruptions in the Red Sea, as well as the lack of certainty regarding the resumption of flows through the Strait of Hormuz, have prompted LNG buyers to prioritize supply security. This is especially true for those in Asia. LNG Canada is Canada's biggest private sector investment. It's a joint-venture led by Shell, supported by Malaysian Petronas and PetroChina and Korea Gas Corp. The facility, strategically located on Canada's Pacific Coast allows for shorter shipping routes from the US Gulf Coast to Asian markets than US Gulf Coast exporters who must pass through the Panama Canal. "We are continuing to work with our venture partners to explore possible pathways for a Phase 2 expansion. Shell stated in a statement that any decision would be based on factors like affordability and competitiveness, as well as government support and stakeholder requirements. The first phase of the project, which costs?about C$40billion, is designed to generate 14 mtpa from two processing train. The facility shipped its first cargo earlier this year. It is considered a cornerstone in Canada's efforts to become a global LNG exporter.
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Officials in the US claim that two vessels bound for the US were allegedly compromised by hackers.
The US Coast Guard and FBI announced on Thursday that they seized two commercial vessels bound to the United States in the Gulf of Mexico after receiving indications hackers had accessed their computer networks. The unusual operation was carried out between August 21 and 24 on two foreign-flagged vessels. It comes at a time when US authorities are grappling with a number of cyber incidents which media reports have attributed to Iran ever since the conflict began between Washington and Tehran. The FBI stated that a joint Coast Guard-FBI boarded both vessels after "indications" that their networks were compromised. The Coast Guard said "foreign cyber-actors" were involved in the August 21 boarding but did not name them. The agencies did not provide any additional details or explain the discrepancies in their accounts. The US Cybersecurity and Infrastructure Security Agency didn't immediately respond to a message seeking comment. Corey Ranslem (CEO, Dryad Global) confirmed that the Liberian flagged VL Prosperity was one of the vessels. According to LSEG ship tracking data and MarineTraffic, the vessel is currently anchored around Galveston, Texas. Liberia’s flag registry didn't immediately respond to our request for comment. Iran's Mehr News Agency reported that on August 20, VL Prosperity suffered a "major cyberattack" as it transited through the Strait of Gibraltar. Its communications were knocked out for 30 hours. Mehr, citing an unnamed member of the crew, reported that hackers also had infiltrated engine-room system, decreased the cooling flow for the engines, increased the engine speed and disabled the fuel and engine oil?tank. The Iranian news agency didn't say who they thought was behind the alleged assault. Ranslem says that despite its dramatic effects, a cyberattack centered on a ship is not difficult to execute. He said, "We expect these attacks to continue in the near future and expand."
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Boeing 777X will not be delayed by GE Aerospace's GE9X seal issue
GE Aerospace's Chief Financial Officer Rahul Ghai stated on Thursday that he is confident a?durability issue with GE9X engines'?mid-seal?"wouldn't hold up the entry into service of the Boeing 777X next year. In February, the US company announced that it was examining a possible durability issue involving a'seal' in the GE9X. GE announced in April that it had 'identified the cause and was working on a solution. Ghai, speaking at a Morgan Stanley Conference, said that testing had revealed the mid-seal?a part connecting 'the front and'rear sections of engine?was not as durable as GE expected. He said that GE redesigned this part and began shipping GE9X engine fitted with the new sealing to Boeing in third quarter. The company anticipates FAA certification for the redesigned component in the coming months. Ghai stated that GE was "extremely confident" about the redesigned'seal, after a series of internal tests. The design is now being incorporated into engines currently in production. He said the existing seal could be used for the certifications that are in progress, as well as the approvals required before 'Boeing starts ETOPS testing. The FAA is certifying the redesigned seal for production aircraft.
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FAA waives emission rules so Boeing can sell 35 more 777F freighters
Federal Aviation Administration announced on Thursday that it had approved a waiver to the airplane emission rules, allowing Boeing to continue selling 35 more 777F Freighters after 2028. Boeing will be able to continue selling the planes until January 1, 2028 when new emission rules come into effect. This would have prevented the sale of this plane. Boeing had asked for approval in December 2025, citing a strong demand from customers and a delay with the certification of the next-generation aircraft. The 777F remains the only large-widebody freighter currently in production. Its next-generation replacement, the 777-8F (which is expected to enter service around 2029), is still a few years away. Boeing says that without the waiver it would have faced a 'freighter gap' which could have cost U.S. Exports more than $15 billion. The FAA stated that it would give Boeing "flexibility in accommodating uncertainty" regarding the certification timeline for the dedicated freighter aircraft replacement, the 777-8F. BIDEN-ERA EMISSIONS RULES The FAA issued its final rules in February 2024, adopting international standards for reducing carbon pollution by large aircraft flying in U.S. Airspace. This would ban 777F sales starting in 2028. Airplanes that were in service prior to this date are not covered by the rules. Boeing did not respond immediately to a comment request. The planemaker stated earlier that every export of a single 777F aircraft at list price to a foreign client contributes $440 to a positive U.S. trade balance. The company said that without the exemption, more than $15 billion worth of U.S. exported could be lost. The company expects to deliver its first 777-8F aircraft approximately two years after the first delivery date of the 777-9 which is currently set for 2027. Boeing says the 777F is the most fuel-efficient aircraft for the global cargo market, and the only widebody freighter currently in production. Congress passed legislation in 2024 that allows Boeing to continue producing its?767 Freighter in the United States for an additional five years, through 2033, and exempts it from the FAA efficiency regulations taking effect in 2020. FAA previously stated that domestic aircraft are responsible for 9% in transportation emissions, and 2% of the total carbon pollution in the United States. The U.S. announced a climate plan under Biden that aimed to achieve zero greenhouse gas emissions in the U.S. Aviation sector by 2050. The FAA stated that the 35 aircraft could increase freighter operation by about 2%, and fuel consumption by around 8% compared to global freighter operations for 2024.
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European stocks rise as oil prices fall and yields stabilize after the Fed's hike
European shares rose Thursday, as lower oil prices and a pause in the global bond saleoff lifted risk appetite after the US Federal Reserve announced its much-anticipated interest rate hike. Most regional markets advanced, as the pan-European STOXX 600 rose 0.9% to 642.6. Metal mining shares led gains with a jump of 2.1%. BMW, Renault, and Volkswagen all saw gains around 2%. Brent crude prices fell for a second consecutive day, despite reports that Saudi Arabia was offering more cargoes via Oman. Prices remained at or above $100 per barrel. The energy sector in Europe grew by 0.1%. The Fed's first rate hike in three years, which occurred on Wednesday, reinforced expectations that central banks will intensify their efforts to combat inflation. Investors weighed the decision as well as signals for further tightening. Luca Bindelli said that the move yesterday was really to restore, I believe,?Fed credibility. This was due to a decline in?interest rate volatility which hurt sentiment and put pressure on equity values. Investors were also focused on Bank of England which kept rates unchanged while warning of the inflationary pressures that would be intensified by rising energy costs. The UK blue-chip FTSE 100 rose 1.2% on the day, its largest one-day increase in more than two months. The preliminary estimate for inflation in the euro zone was 3.3%. This has been revised down to 3.2%. Ulf Kristersson, Sweden's Prime Minister, announced his resignation after the center-left opposition narrowly won a parliamentary majority on Sunday. Social Democrats led by former prime minister Magdalena Andersson are expected to lead the talks for forming the new government. The benchmark index in Sweden rose by 1.1%. Berentzen, among other stocks, jumped by?19.4% following the German spirits producer's confirmation of its negotiations with New Orleans-based alcohol manufacturer Sazerac regarding a possible takeover bid. Allegro, Poland's largest e-commerce platform, raised its forecasts for?2026 while confirming that the second quarter results exceeded the guidance. This sent its shares to the top of the STOXX 600 leaderboard with a 9.5% increase. Helvetia Baloise gained 5,3% after the Swiss insurance company released results for the first six months of the year. The underlying earnings came in ahead of expectations. Bilfinger's biggest ever one-day decline, down 21.4% after the German industrial service group lowered their 2026 outlook, was recorded. Raiffeisen Bank International dropped 6% after Grizzly Research revealed a short position in the Austrian lender.
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Middle East supply disruption worries ease as oil falls to a one-week low of 2%
Prices fell by 2% to a new low on Thursday, easing supply concerns. However, prices remain above $100 per barrel due to fears that the Middle East conflict may worsen. Brent crude futures fell $2.67 or 2.5% to $103.13 per barrel at 12:03 pm. After reaching their lowest level since October 10, ET (1603 GMT) has now reached its highest level. US West Texas Intermediate futures fell $1.61 or 1.6% to $100.82 per barrel, the lowest level since September 11. Both contracts dropped about $3 on Wednesday. Tim Waterer is the chief analyst at KCM Trade. He said that crude oil prices fell from their weekly highs as US Energy Secretary Chris Wright announced a faster return to service of Saudi Arabia's East West pipeline. Saudi efforts to maintain shipments through additional loadings in Oman also eased supply concerns. People familiar with the matter have confirmed that Saudi Arabia offers more crude cargoes via ship-to-ship transfers from Oman's Sohar Port to Asian refiners. This will help offset the damage caused by the attacks on the East West pipeline to the Red Sea. Saudi Arabia also wants to restore about half of the capacity of the East-West oil pipe within days, after it was shut down last week due to drone attacks. This week, oil prices reached their highest levels in four months after sources from the shipping industry reported that crude loadings had been suspended at Saudi Arabia's Red Sea export hub of Yanbu and Riyadh canceled certain cargo deliveries to European clients. Yanbu is supplied by the East-West pipeline. A prolonged shutdown of the pipeline, traders said, could affect up to 4% of world oil supplies. Saudi Arabia hasn't said when it might resume operations, but Wright told CNBC Tuesday that crude oil should flow through the pipeline in a few days. Oil prices continued to fall on Thursday, as concerns about Middle East supply disruptions subsided to a certain extent, said Christopher Tahir Senior Market Strategist, trading platform Exness. He cited?increased oil flows via additional offshore loadings through Oman, and efforts to restore East-West pipeline. "Despite this, the physical market is still tight and limits the potential for further declines." The Strait of Hormuz tanker traffic continues to decline, and tensions between Saudi Arabia and Houthis threaten to disrupt Red Sea shipping as well as regional energy infrastructure. According to three oil and security sources, the timeline for repair is unclear. Three pumping stations serving the East-West Pipeline were damaged in an attack that occurred last week. Singapore's DBS Bank stated that its base-case scenario assumes that tensions between Iran and the US will ease. This would allow Brent to stabilize in a range of $85 to $95. DIESEL MARKET ?FEELS THE SQUEEZE As disruptions in energy infrastructure across the Middle East and Russia constrain fuel supply, diesel shortages have become a major concern. The European Gasoil Futures, which is a benchmark for diesel prices, reached a new record on Tuesday. US ultra-low sulfur diesel contracts also reached a new record high. On Thursday, Mikhail Yevrayev, the regional governor, said that a Ukrainian drone attacked a refinery located in Yaroslavl. The attack caused a fire, which was extinguished later.
GM increases diesel pickups while rivals switch to hybrids
General Motors has chosen a diesel-powered engine for its next-generation pickup, a departure from the hybrid options offered by rivals.
GM will launch in the fourth quarter the first major redesign of its most important vehicles since 2019: the Chevrolet Silverado pickup trucks and GMC Sierra pick-up trucks. Together, these two models are the Detroit automaker’s most popular worldwide and generate the majority of its profits.
GM announced Thursday that its trucks would offer a diesel engine with improved fuel efficiency. This, along with an option for a larger fuel tank will give them a driving range on the highway of over 900 miles.
Ford, Ram, and Stellantis are GM's two main competitors for light-duty trucks. They rely on hybrids in order to get the best fuel economy from their pickups. GM has largely avoided hybrids in the past.
Mark Reuss, GM's President said that the 3.0-liter engine is different from adding a hybrid powertrain to an existing one and trying to squeeze the most efficiency out of it.
Reuss acknowledged the high diesel prices that topped $6 per litre last week. This was an all-time record. He drew a line between price spikes caused by geopolitical issues and permanent increases. GM, he said, is betting on diesels' superior efficiency in the long term.
Ford discontinued its diesel engine in the F-150 early this decade, replacing it with a hybrid version that they said was more fuel efficient and offered better power. A Ford spokesman stated Thursday that "we're going do what's best for F-150 Customers, regardless of what competition says or does."
DIESELS GET BETTER MPG BUT CHARGE HIGHER PRICES
The redesign of the Silverado Sierra and GM's Silverado unofficially marks a new phase in Detroit's long-running struggle for the pickup truck market. Forecasters predict that Ford will release the next-generation of its F-150 by 2028.
GM, Ford, and Stellantis are responsible for over 90% of the sales in this lucrative U.S. pickup market. They compete for bragging rights about performance metrics such as towing capacity and fuel economy.
Diesel engines are more fuel efficient than gasoline engines on highways, and this is why most large cargo trucks use diesel engines.
The Detroit automakers offer diesel engines in their heavy-duty trucks, like the Ram 2500 and Ford's Super Duty. Their light-duty pickups, however, are different: Ford's F-150 and Silverado/Sierra as well as Ram's 1500.
Ford's hybrid four-wheel drive gets an average of 23 miles per gallon, according to the federal rating. GM's four-wheel drive diesel versions of the Silverado & Sierra achieve 24 mpg. The 'federal estimate' shows that because diesel is typically more expensive than gasoline, owners of GM trucks will pay a total of?about $1.050 per annum, based upon 15,000 miles driven.
Ram is planning a plug-in hybrid pickup truck with an extended range, which it claims will go 690 miles without stopping.
GM said that the redesigned Silverado, and Sierra trucks would have two new V-8 engine designs. These engines will be more powerful and larger than their predecessors and emit less tailpipe pollution.
(source: Reuters)