Latest News
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Ocean data climate tech firm XOCEAN raises 115 million euros
Investors, including Big Oil's Climate Investment Fund and Morgan Stanley 1GT Fund, have invested 115 millions euros ($119.20million) in Irish geophysical-data firm XOCEAN. This investment will help the company expand its operations. The company uses uncrewed surfaces vehicles to maintain offshore wind infrastructure and other energy infrastructure. This includes checking for leaks in pipelines and developing carbon storage and capture projects. The technology of the company allows clients to control their vessels remotely and stay on site for longer. This is unlike traditional providers who rely on crewed boats that cost thousands of dollar a day, even when bad weather forces these vessels into port. XOCEAN claims that the technology can be delivered with just 0.1% of carbon emissions from manned vessels. S2G Ventures, a venture capital firm based in Chicago, and CC Industries owned by the Crown Family are also part of the growth equity round, which will help XOCEAN to expand its fleet and develop new technologies and products. Francis O'Sullivan said that XOCEAN, working with some of the largest energy companies in the world, has reimagined the delivery of geophysical data, which is crucial to unlocking the potential of the blue economy. S2G helped structure the deal. The investment in XOCEAN was the first to be made through Climate Investment's growth equity strategy. Climate Investment is an independent investor founded by members of Oil and Gas Climate Initiative. Some of these, like Shell and BP are already clients. Patrick Yip, Climate Investment's director of growth and managing director for XOCEAN, said that "several customers cited XOCEAN" as their 'platform' of choice. The company was founded in Ireland in 2017. It has over 240 employees in offices located in Ireland, Britain and the United States.
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Union and employers reach agreement to avoid a second US port strike
The union that represents 45,000 dockworkers on the U.S. East Coast and Gulf Coasts, and their employers announced on Wednesday they had reached a tentative agreement on a six-year contract. This prevented further strikes which could have disrupted supply chains and taken its toll on U.S. economic growth. In a joint press release, the International Longshoremen's Association and the United States Maritime Alliance employer group called the agreement a win-win. The agreement includes a resolution on automation, the most difficult issue to resolve. The groups stated that "this agreement protects existing ILA jobs, establishes a frame work for implementing new technologies to create more jobs, while modernizing East Coast and Gulf Coast ports. It will make them safer and efficient and provide the capacity needed to keep our supply chain strong." The terms of the agreement were not disclosed. The talks were extended until January 15 in order to reach an agreement on automation. Analysts, shipping executives and customers were concerned that the parties could not resolve their impasse. This would lead to a second ILA-led strike, just days before Donald Trump's inauguration on Jan. 20, 2019. A three-day ILA walkout in October triggered an increase in shipping costs and cargo backlogs in the 36 ports affected. After employers agreed to an increase of 62% in wages over the next six year, longshoremen returned back to work. The ports from Maine to Texas are home to terminal operators such as APM, which is owned by Danish container carrier Maersk. Other major carriers, like China's COSCO and Switzerland's MSC, also have U.S.-based subsidiaries. ILA and USMX agreed to continue working under the current contract, until the union could meet with the full Wage Scale Committee in order to schedule a vote of ratification and USMX's members were able ratify the final contract.
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Union and employers reach agreement to avoid a second US port strike
The union that represents 45,000 dockworkers in the U.S. East Coast and Gulf Coasts, and their employer groups said on Wednesday they had reached a tentative agreement on a six-year contract. This avoided a strike which could have disrupted supply chains and taken its toll on U.S. economic growth. In a joint press release, the United States Maritime Alliance and the International Longshoremen's Association called the agreement a win-win that avoided a possible strike by landing ahead of the January 15th deadline for negotiations. The groups stated that "this agreement protects existing ILA jobs, establishes a frame work for implementing new technologies to create more jobs, while modernizing East Coast and Gulf Coast ports. It will make them safer and efficient and provide the capacity needed to keep our supply chain strong." Both sides agreed to operate under the current contract, until the union could meet with the full Wage Scale Committee in order to schedule a vote of ratification and USMX can ratify terms of the final agreement.
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In talks with Putin, PM Fico claims to have secured gas supplies for Slovakia
Robert Fico, the Prime Minister of Slovakia, said that he secured the country's gas supply when he met with Russian President Vladimir Putin last month in Moscow. This was just a few days before Ukraine stopped the transit of Russian gas to Ukraine at the beginning of 2025. Fico stated in a Facebook video that he needed to ensure at least gas for Slovakian domestic consumption. We have done so. Fico didn't provide any more details, and the government office didn't immediately respond to an inquiry for comment. Fico accused Kyiv, of harming Slovakia, by refusing to extend a transit agreement for Russian gas which expired at the end 2024. He also threatened to reduce electricity flows to Ukraine as well as aid to its refugees. According to data from the Slovak gas network operator Eustream, Slovakia continues to receive gas through Hungary, which gets Russian gas via Turk Stream. This has been true since Ukraine stopped receiving gas. Fico stated that the Ukraine's stoppage has cost him 500 million euros as transit fees, and 1 billion euro in higher gas prices. Fico will meet with officials of the European Commission in Brussels, Belgium on Thursday to talk about the suspension of Ukraine's gas transit. Moscow will continue to lose revenue if Ukraine continues to be attacked by Russia, according Kyiv. Volodymyr Zelenskiy, the Ukrainian president, has accused Fico that he opened a second energy front against Ukraine at Russia's orders. (Reporting and editing by Kevin Liffey, Alistair Bell and Jason Hovet)
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Poland and Baltics look to protect energy assets after undersea cable cuts
The Baltic states are working with Poland to protect the energy facilities they need as they decouple their power grids from Russia, Lithuania's energy minister told Reuters, following damage to undersea cable televisions in the area. Polish and baltic state-run power grid operators are working on an arrangement to guarantee the smooth running of the decoupled system, and how to repair it if needed, Zygimantas Vaiciunas said in an interview on Tuesday. The goal is to have a common list, and settle on what procedures require to be taken, and settle on sources of financing them. And to implement it as quick as possible, he stated. Polish grid operator PSE individually informed Reuters that talks were underway with the Baltic states - Lithuania, Latvia and Estonia - on joint projects to reinforce the protection of facilities in the area, and on obtaining European Union assistance for them. The Estlink 2 power cable between Estonia and Finland was harmed on Dec. 25, in the latest disturbance to facilities in the region considering that Russia's full-scale invasion of Ukraine in 2022. Russia denies involvement. Finland on Dec. 27 took an oil tanker carrying Russian oil which it stated dragged an anchor through the seabed. Lithuania in reaction is charging elite police to protect its power link with Poland, which is meant to keep power in Baltic states running in sync with continental Europe, and its largest gas-fired power plant, both essential for the decoupling, stated Vaiciunas. This (Estlink 2 damage) had a direct impact on the decision to release authorities resources, Vaiciunas said. We used to believe that personal security is enough, now we see complete government's attention to security is required, he added. Lithuania is working to increase tracking of its NordBalt power link with Sweden, consisting of to guarantee that the cause of any damage is rapidly recognized, the minister stated. The power grids of Estonia, Latvia and Lithuania, members of both the European Union and NATO, are run in a typical grid with Russia and Belarus, a holdover from the times when the nations were ranged from Moscow. The Baltic states expect to decouple on Feb. 8, taking control of the obligation for running their own grid after years of upgrades that were supported by 1.6 billion euros ($ 1.7 billion). of European financing. Poland's PSE also stated it was working carefully with its. Ukrainian counterpart to guarantee the security of the link. linking Rzeszow in Poland with the Khmelnytsky nuclear power. station in Ukraine.
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Consortium providing to take over Malaysia Airports protects 84.1% stake
A consortium consisting of Malaysia's sovereign wealth fund Khazanah and BlackRock's Global Facilities Partners that used to take over Malaysia Airports Holdings stated late on Wednesday it had secured an 84.1% stake of the company. The consortium, which includes Malaysia's Staff members Provident Fund and the Abu Dhabi Investment Authority, said it had reached the level as of Wednesday, moving it decisively towards the 90% limit to de-list Malaysia Airports. A stock filing on Monday revealed the deal had been extended to Jan. 17 from Wednesday. The consortium announced in May in 2015 a deal to get all shares in Malaysia Airports not currently owned by it at 11 ringgit per share, offering the airports operator an equity value of 18.4 billion ringgit ($ 4.09 billion). Malaysia Airports' shares have jumped 40.9% over the past one year, LSEG information showed. It ended Wednesday 1.3% higher at 10.78 ringgit.
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China's foreign ministry is unaware of the ban on US sanctioned ships by Shandong Port Group
China's Foreign Ministry said that it did not know about the decision by Shandong Port Group to ban U.S. sanctioned vessels in its east coast harbours. The group supervises several major terminals located in Shandong province, the main entry port for oil imported from Iran, Russia and Venezuela. These embargoed oil flows accounted for almost a fifth (or 5%) of all imports last year. If the ban was enforced, traders claim it would increase shipping costs for independent refining companies in Shandong. These are the main purchasers of discounted sanctioned oil from the three countries. It could also cause a slowdown in the importation of oil into China. The Chinese Foreign Ministry spokesperson confirmed that they did not know about the U.S. decision reported on Tuesday and reiterated China’s opposition to U.S. sanction. At a press conference held daily, the spokesperson stated that "I am not aware of any relevant information." They added that "China has always been firmly against the United States' lack of respect for international law, its illegal unilateral sanctions, and the use of long-arm jurisdictions without the authorization of the U.N. Security Council." (Reporting and editing by Liz Lee in Beijing, Lewis Jackson in Washington; Alexander Smith)
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China Advancement Bank releases $255 mln for Nigeria rail job
China Development Bank has released a $254.76 million loan to Nigeria for a railway task linking the 2 northern states of Kano and Kaduna, the bank stated, ahead of a check out to the West African country by China's. leading diplomat this week. As part of his yearly New Year tour of Africa, China's. Foreign Minister Wang Yi will arrive in Nigeria on Wednesday. and fulfill President Bola Tinubu and senior federal government officials. on Thursday, Nigeria's foreign affairs ministry said. Construction of the Kaduna-to-Kano rail task, which is. anticipated to cost $973 million, has been slowed by financing. delays. China Development Bank said in a statement on its website. that the loan would supply financial support for the smooth. progress of the 203-kilometre (126-mile) standard-gauge train. When finished, it will supply direct rail connectivity. between Kano, an important northern city in Nigeria, and the. country's capital Abuja, using regional homeowners a safe,. efficient, and hassle-free mode of transport, the bank. said. Nigeria's parliament initially authorized China's Exim Bank as. investor for the rail project in 2020 but the bank later on. withdrew. The Kano-Kaduna train task is part of China's Belt and. Road Initiative and is being constructed by China Civil. Engineering Building And Construction Corporation. It is also anticipated to alleviate motion of individuals and goods in. an area, where road visitors deal with attacks from armed gangs. who kidnap for ransom. China is amongst Nigeria's largest bilateral lending institutions,. supplying loans for roads, rail and power stations.
Sources say that China could reduce fuel oil imports in response to a tax hike of 2025.
Sources familiar with the issue said that China's fuel imports will drop by early 2025 due to a rise in the import tax on the product, which took effect Jan. 1. This prompted some sellers to lower their prices in order to increase demand.
The increase in import duties will further reduce margins for China’s refining industry, which has already been struggling with low margins.
Fuel oil is a good feedstock for smaller refineries. This is especially true if they lack or do not have crude oil import quotas.
Fuel oil prices are expected to continue to fall in the region due to a slowdown in China imports. Prices have been falling since last quarter because of ample supplies.
Beijing raised import tariffs on fuel oil from 1% to 3% in late 2024.
The government has also removed "other heavy oil" and "other fuel oil" from the new rule, which will take effect on Jan. 1. This change could reduce the mislabeling of crude oil to bypass the quotas.
A fuel oil trader, who ships cargoes to China, said: "We expect some signs of a slowing in demand over the short-term."
Due to the sensitive nature of trade, sources declined to identify themselves.
The spot premiums for Russian fuel oil M100, a feedstock of choice for Chinese refiners has dropped by $10-$15, to under $60 per metric ton, to Singapore 380cst fuel prices for January.
China's imports fell in December due to soft refining margins.
Ship-tracking data by Kpler & LSEG revealed that fuel oil imports fell below 1.7 millions tons (348.225 barrels per days) in December after hitting a high of 2.55million tons in November.
The state tax bureau is also implementing plans in China to reduce the consumption tax rebates received by refiners when they sell gasoline or diesel fuel refined using imported fuel oil.
An executive at an independent refiner said, "We are all waiting to see what the provincial tax bureau will do with the rebates on December imports. But the word is that the government will take it seriously starting in 2025."
(source: Reuters)