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Argentina recommends awarding the dredging contract to Jan de Nul, and local partners, despite US concerns
The Economy Ministry announced that the Argentine government had recommended awarding an important?dredging contract in Argentina to Belgian dredging firm Jan De Nul, and its local partner Servimagnus. Rep. Brian Mast, chairman of the U.S. House Foreign Affairs Committee, warned in May about the "malign influence" of China in the bid to win the major contract for Argentina. Jan De Nul, and its local partner Servimagnus, denied any Chinese ties. * The recommendation is for the concession to dredge the Parana River and maintain it, as this river carries 80%?of?the trade of the country. In a late-Thursday statement, the ministry recommended that DEME, a Belgian competitor company, be rejected. *?Jan de Nul - Servimagnus? scored 66.20 in the technical evaluation stage, compared to 42.14 points for DEME. The statement said that both firms had submitted identical tariffs and received the maximum score for the economic component. DTA Engenharia, a Brazilian company, was declared inadmissible after failing to provide the required bid-maintenance guarantees. Before a final?award, a seven-day period has been opened for formal 'challenges' to the recommendation. The ministry added: * "The awarding of the contract will end the process and bring an end to the deadlock in the construction work on the waterway." * The waterway is a 3,400-kilometer natural river transport route that runs along the Parana River and the Paraguay River. It's essential for importing soybeans to Argentina, which are used in the production of oil, meal and other products.
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UAE markets benefit despite the stalled US/Iran peace talks
The stock markets of 'the United Arab Emirates' closed higher on Friday. Dubai outperformed its regional peers despite the fading hopes of a diplomatic breakthrough between Israel and the U.S. Hezbollah, a militia backed by Iran, rejected a ceasefire on Thursday in?Lebanon and Israel announced it?wouldn't withdraw troops from the?country?undermining U.S. president Donald Trump's attempts to halt fighting?and achieve a peace?deal? with Tehran. Dubai's main index of shares rose by 0.9%, boosted by gains in the industrial and utilities sectors. Salik Company, a toll operator, increased by 1.6% while Emirates Central Cooling Systems grew 2.5%. Abu Dhabi's benchmark indices settled 0.3% higher, with the largest utility company Abu?Dhabi?National?Energy rising 6.2%. Alef Education's stock rose 1% following the?full migration to Microsoft Azure of its digital learning ecosystem with Core42's sovereign cloud capability. Brent crude was down?0.32% to $94.73 per barrel at 1232 GMT. (Reporting from Mohd. Edrees, Bengaluru. Editing by Shailesh. Kuber.)
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Pentagon: US forces board a sanctioned oil tanker in the Indian Ocean
The U.S. Indo-Pacific Command announced on Friday that U.S. forces had seized the stateless sanctioned oil tanker Davina in the Indian Ocean overnight. Washington has placed a sea blockade against Iran, while Tehran has fired at ships to stop them from?sailing? through the Strait of Hormuz and entering the Middle East Gulf. In recent months, U.S. forces intercepted "multiple commercial and petroleum tankers" in the Indian Ocean. Indo-Pacific Command posted on X that "we will continue to enforce global maritime law to?disrupt illegal networks and 'interdict vessels providing materials support to Iran wherever they operate". According to data from ship tracking, the Davina is a supertanker that can carry up to 2 million barrels of crude oil. The U.S. placed sanctions on it in October 2024 because it was involved in?oil trade with Iran. Ship tracking data on MarineTraffic showed that the vessel, also known as the Lenore was last spotted on June 5, off the southern coast of Sri Lanka. Separate shipping data revealed that the vessel's?draft indicated it was almost fully?laden with an oil cargo. (Reporting and editing by Doina chiacu and Joe Bavier; Reporting and Editing by Susan Heavey, Jonathan Saul)
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Greek shipping magnate: The West needs to speed up the scrapping of its shadow fleet, as dangers grow.
Western governments should accelerate the scrapping of unregulated vessels that have been sanctioned and give their operators time to dispose of them, as environmental risks are increasing daily. In recent years, the?use of so-called'shadow?fleets?or dark fleets of tankers has increased. Hundreds of tankers are transporting Iranian and Russian oil without any safety or insurance checks. Evangelos Marinakis is the founder and chairman at Greece's Capital Maritime & Trading Corp., a major ship owner with more than 285 vessels on order. He has been pushing to remove unregulated tankers in global trading. Marinakis said during the Posidonia Shipping Week in Athens that "we face environmental risks every day from dark fleet ships". He said, "We should allow dark-fleet vessels to be scrapped both in the United States of America and the European Union." Marinakis addressed the concern that proceeds from the disposal of ships would go to 'potentially sanctioned parties.' He said:?these typically amount to less profit than a single trip and scrapping would reduce the massive profits made by the shadow fleet. GMS, a leading ship recycling company based in Dubai, announced last month that it had received approval from the U.S. Government to scrap four containers ships which were subject to Iran-related sanctions. However, their seller wasn't affected by the sanctions. Marinakis stated that his group has been in contact with Washington and sent "a great deal of useful material". Marinakis declined to comment further and the U.S. Treasury didn't respond to an?ask for comment. The shipowner - who also owns the Olympiacos soccer team and Nottingham Forest soccer team - said that shadow fleet operators must be allowed to dispose of their ships in a certain time frame. Marinakis stated that if we gave them four to five months for the scrapping schedule, we would see a reduction of at least 20%-25% in "the dark fleet". He said that ship recyclers should be allowed to pay?dollars or?euros to the owners of dark fleets they are scrapping. But only for scrapping. "This is the way forward." (Reporting and additional reporting by Timothy Gardner, Editing by Tomasz Janowowski)
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Maguire: Key reasons why Trump’s efforts to save the US coal industry may fail.
The U.S. president's efforts to revive coal in the United States tap into a powerful mix of energy security, industrial policy, and electoral politics. The data shows that structural factors are driving coal's decline. Even if the government directs tens or hundreds of millions to coal producers and utilities the result will be a misallocation, increased emissions, and higher electricity costs. There are four reasons that efforts to support coal could ultimately fail. 1. ECONOMICS ARE STUBBORNLY UNFAVORABLE This could be a bad idea: subsidizing coal runs counter to the fundamentals of the market, leaving taxpayers with an uncompetitive sector while driving up electricity costs. The share of coal in the U.S. electric generation fell from 60% in 2000 to 16% by 2025. Natural gas has become more popular, cheaper and easier to transport. The market tells a different story. Since the early 2000s, no U.S. utilities have attempted to build any new coal-fired plants. During the same time period, many gas-fired power plants were built, reflecting a much stronger economics as well as operational advantages. The difference is apparent in the levelized costs of energy. Lazard data shows that the cost of power from a coal plant is approximately $115 per megawatt-hour (MWh), while a gas plant costs about $64/MWh. When utilities are focused on minimizing customer costs, they have little incentive to select coal. The economics of existing coal plants are even worse due to their age, high maintenance costs and inefficiency. Government subsidies are able to prolong the operation of coal plants, but only by extending their life. 2. CONSTRUCTION COMPLEX AND RISKY This could be a bad idea: Because coal plants are slower and harder to build, they're more likely to experience delays and overruns in cost even with government support. Construction of modern combined-cycle gas turbines (CCGT) is relatively simple and quick. In contrast, coal plants require large boilers, fuel handling systems and specialized infrastructure. Gas plants can burn fuel without any preprocessing. Coal plants must handle large volumes of solid fuels, which require transport, crushing and storage yards. They also need elaborate combustion systems. These systems also require expensive emissions-control technology and ash disposal system, which adds to capital costs and regulatory complexity. The land requirements are also typically larger. The industry has lost a lot of knowledge. Few utilities or contractors are familiar with building coal-fired plants after decades of focusing on gas. The resulting?execution risk increases the possibility of unexpected costs and delays. These factors together make coal projects more costly, slower and less predictable. This is true even when the environment is favorable. 3. LOGISTICAL BURDENS The heavy transport and handling of coal can cause local opposition and increase costs. Gas is much easier to transport than coal. Gas can be transported continuously and cheaply via pipelines, while coal is hauled either by rail, truck or barge. According to the U.S. Energy Information Administration (EIA), approximately 1.14 pounds coal is needed to produce one kilowatt hour of electricity. One gigawatt of coal can be used to generate around 9,000 metric tonnes of coal each day. This is the equivalent of 90 freight cars in a freight train. A gas plant of the same size, on the other hand, would consume approximately 170 million cubic foot of natural gas per day, a volume which can be easily pumped through existing infrastructure. In order to expand coal power, it would be necessary not only to build new plants, but also make significant investments in storage, handling, and rail systems. These extra requirements increase costs and can create bottlenecks. Local challenges are also posed by these projects. The increased rail traffic, noise and dust can cause opposition in communities. This makes it harder for projects to be approved and sustained. The coal industry's competitiveness is further undermined by these logistical and social constraints. 4. Limited Export Upside This could be a disaster: Key overseas markets may not export coal because they produce it themselves or are moving away from it. The coal revival strategy includes a boost in export capacity. This could include proposals for a "gateway" linking Wyoming production with ports on the U.S. West Coast that are aimed at supplying Asia. Asia dominates the global coal industry. China, India and Indonesia account for collectively more than 80% global coal supply. This region is also the leader in coal exports, which indicates a structural preference for supplying coal rather than importing it. ?U.S. While?U.S. India is heavily dependent on coal and investing in alternative sources of energy. If demand does not materialize, then large-scale infrastructure for export could be underutilized or stranded. Projects backed by the public could generate limited returns and lock in significant upfront costs. COAL CRUX These factors, when taken together, point out a fundamental mismatch in policy ambition and economic reality. Government intervention can slow down coal's decline on the margins but it cannot change the structural forces which have made it less attractive than alternatives. Subsidies instead risk prolonging the life of an aging infrastructure and encouraging expensive new projects that have uncertain returns. They also support export strategies which are unlikely to be sustained over time. What appears politically appealing in the short-term could prove to be economically counterproductive. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for global financial commentary. 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WFP: Middle East conflict is causing millions to go hungry
U.N. World Food Programme stated on Friday that the Middle East conflict has pushed?millions? of people towards hunger as rising fuel and transportation costs have pushed up food prices, while funding shortages force aid agencies cut back their assistance. The joint U.S. and Israeli strikes on Iran last February triggered a conflict that spread across the Gulf to Lebanon and disrupted key shipping routes including the Strait of Hormuz. This forced vessels to reroute, and severely constrained global energy and supply chains. WFP predicted in March that if oil prices remain around $100 per barrel until June, up to?45 millions people may face acute food security. The WFP said that this scenario is unfolding now, as benchmark crude prices have been above this level since early march. The households in Afghanistan, Somalia, and Sri Lanka have been the most severely affected. They are under increasing pressure because of higher fuel prices, food price spikes and income losses. WFP says that in Somalia, roughly a third (6.5 million) of the population will be facing severe hunger by 2026. In Afghanistan, 17.4 millions people could also be affected. The WFP said that the situation will worsen as an additional 2,5 million Somalis and 2,3 million Afghans could face food insecurity, if disruptions continue. Both countries are dependent on imported food and energy. FOOD SHORTAGES HIT VULNERABLE CHILDREN Aid agencies are facing a severe funding shortage as a result of the Middle East crisis. WFP expects to serve 1,5 million fewer people in 2026 and 9 million less if the situation continues for six months. The WFP is facing a funding gap of 89% in Somalia. This will lead to a shortage of food for Somalian children aged under five who suffer from moderate malnutrition. We are running out of food. "We are running out of food." Jean-Martin Bauer is the director of WFP’s Food Security and Nutrition Analysis Service. Supply chain problems are causing the situation to worsen, as fewer ships stop in Somalia due to disruptions in shipping in Indian Ocean. Some WFP stocks are also being held in the Salalah Port, Oman. This has caused critical delays. The WFP said that the rising jet fuel costs are also causing higher operating costs for the United Nations Humanitarian Air Service, which is the only way to reach hard-to-reach places. The WFP reported that in Afghanistan, rising fuel costs have increased aid transport costs by up to five times, while delivery times have risen from 10 to 75 days because trucks have to use alternate corridors. (Reporting and editing by Kate Mayberry, Sharon Singleton, and Olivia Le Poidevin)
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Azerbaijan confirms five of its citizens were killed in attacks against vessels in the Sea of Azov
Azerbaijan Foreign Ministry announced on Friday that five Azerbaijani citizens died and three were injured in an attack?on two cargo ships?in the Sea of?Azov. In response to a question regarding the vessels that were hit in Taganrog Bay the ministry stated that the ships didn't belong to Azerbaijan, but the crews consisted of 25 Azerbaijani nationals. On Friday, Ukraine said that drones had hit five ships at the ports of Mariupol, Berdyansk, and the Sea of Azov as well as in the coastal waters of Russian controlled territories. Robert Brovdi said that the commander of the Ukrainian drone forces had painted over the names and turned off the radars on dry cargo ships, as well as a tanker, that were "stealing" Ukrainian grain, and transferring fuel and military cargo. Russian Deputy Minister of Foreign Affairs Mikhail Galuzin has blamed Ukraine for the attacks against cargo vessels and expressed his condolences with the families of Azerbaijani crew members. "We are fully aware of the country that uses drones, both aerial and maritime, to attack civilian vessels on the Black Sea or in the Mediterranean. Galuzin, quoted by TASS, said that it is a 'well-known' country. (Reporting and Writing by Maxim Rodionov, Editing by Andrew Osborn & Toby Chopra).
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Azerbaijan confirms five of its citizens were killed in attacks against vessels in the Sea of Azov
Azerbaijan’s Foreign Ministry announced on Friday that five Azerbaijani citizens were killed, and three others injured in an attack?on two cargo vessels?in the Sea of Azov. In response to a question regarding the vessels that were hit in Taganrog Bay, it was revealed that the crews included 25 Azerbaijani nationals in total but the ships did not belong to Azerbaijan. On?Friday?, Ukraine announced that its drones?had?hit five ships at the ports of Mariupol, Berdyansk and in the coastal waters in Russian-controlled territory. Robert 'Brovdi is the commander of Ukrainian drone force. He said that in a statement that his drones had?hit a tanker and two dry cargo ships that were "stealing" Ukrainian grain and transferring fuel and military cargo. The naming of the vessels was painted over, and their radars were turned off.
Swedish court orders that seized cargo ships can be transferred to Ukraine
A Swedish court ruled on Monday that the seizure of an unidentified cargo ship in 'the Baltic Sea' was legal and that it could be sent to Ukraine where it is suspected of transporting grain illegally from Russian-occupied territory.
The Swedish coast guard and police seized the Caffa in March off the southern Swedish coast, claiming it was operating under a false banner and had violated maritime and ship safety laws because of its lack of seaworthiness.
According to the ruling of June 4, a lawyer for the owner Caffa Shipping Limited had challenged the seizure, and asked for the vessel's?release.
The court stated that Ukraine was seeking the ship in connection with an investigation of suspected war crimes, including the removal and appropriation of property from Russian-occupied territories.
Hakan Larsson, public prosecutor, said that in an email to?, "the court confirmed that the seizure was legal and that the vessel could be handed over to Ukraine."
The district court ruled that the alleged conduct may constitute a crime of war under Swedish law. This cleared the way for the vessel to be transferred and the evidence it contained to the Ukrainian authorities.
Larsson stated that the decision must be legally binding before any transfer of ownership can occur, and added?that owners have three week to appeal.
The lawyer for Caffa?Shipping did not respond immediately to a further comment request.
The police reported that the majority of the 11 crew members of the 'Caffa were Russians at the time of the seizure. According to the ship tracking service MarineTraffic, the vessel is a general cargo ship measuring 96 metres. Reporting by Jagoda darlak. Terje Solsvik, Mark Potter and Terje Slsvik edited the article.
(source: Reuters)