Latest News
-
Finland suspects four persons in breach of subsea cables
The Finnish police, who are investigating the damage done to two subsea cables in the Baltic Sea last year, said that four people were suspected of a crime. Prosecutors will decide whether or not charges should be brought. Finland has seized a cargo ship, Fitburg, on December 31, 'while it was en route to Israel from Russia. They suspected that the cables from Helsinki to Estonia across the Gulf of Finland had been damaged. This is one of many incidents of this nature in recent years. The police?on Saturday said that they had investigated suspected aggravated crimes, attempted aggravated crimes, and aggravated interferences with telecommunications. They were referring the case to prosecutors in order to determine if any charges should be filed. The police said in a press release that the investigation had concluded with four suspects. Three of them remain under a travel restriction. After a series of power outages, telecommunications failures, and gas pipeline disruptions since Russia invaded Ukraine in 2022, the Baltic Sea region has been on high alert. NATO has increased its military presence by adding aircraft, frigates, and naval drones. (Reporting and editing by Terje Solsvik, Essi Lehto)
-
Norway opposes tariffs and rejects US claims about forced labour
Norway's foreign minister has rejected a U.S. assessment that the Nordic country?failed? to prevent forced labor, adding?that?the allegation?was unfounded?and shouldn?t be used?by President Donald Trump?to justify new tariffs. The Trump administration proposed Tuesday tariffs of up to 12.5% on imported goods from 60 countries including Norway after concluding that they failed to curb the?trade in products made with forced labor, an assertion that many U.S. trading partners rejected. In a statement issued late on Thursday, Norwegian Foreign Minister Espen Barth Eide stated that "we strongly disagree" with the U.S. authorities' assessment of Norway not doing enough to stop forced labour. The Transparency Act was the first legislation in the world to prevent forced labour from being used to supply chains. Barth Eide said that he had told the U.S. authorities about this. Experts, business groups, and some human right groups say that Trump's threat to slap new tariffs on trading partners will not do much to combat?modern slave trade -- and may even make matters worse. (Reporting and editing by Terje Solsvik, Jagoda Darlandak)
-
Brokers bet on winners of various sectors as the World Cup soccer tournament kicks off
Analysts predict that the 2026 FIFA World Cup in host countries will bring billions of dollars to their economies. This will be driven by an unprecedented surge in consumption, which will boost sectors as diverse as retail, athletic wear and tourism. The tournament is set to be held from?June 11, to July 19, and will be the biggest soccer event in history. It could drive consumer spending during a period when broader demand is fragile. According to FIFA's analysis of the socioeconomic impact, which was conducted in conjunction with the World Trade Organization (WTO), the first three-nation World Cup (WC), which includes the United States, Canada, and Mexico, is expected to bolster the global GDP by approximately $41 billion. Here are the stocks and sectors that brokerages believe will benefit from this once every four years event: HOTEL OPERATORS B. Riley estimates that a total 13.1 million World Cup visitors, including both ticketed and unticketed attendees generated 21.3 million hotel room nights across all online travel platforms. Analysts say that U.S. hotel chains Marriott, Hilton, and Hyatt, as well as the online travel platforms Airbnb and Booking Holdings, as well as Expedia, are likely to benefit from this event. Marriott expects World Cup momentum to continue into the third quarter. Airbnb predicts that hosts in New York, New Jersey and Boston will earn the most money during the World Cup. Airline Tickets Goldman Sachs thinks WC could have a?net positive' effect on U.S. Airlines. Goldman stated that "June tends to be a lower season for inbound leisure travel and corporate travel, while a significant portion of the peak outbound travel season occurs after the WC has ended." The war in Iran has caused a sharp increase in the price of jet fuel, forcing U.S. airlines to raise fares, which is causing budget-conscious Americans delay or cancel their summer vacations. BEER STOCKS Jefferies estimates that more than 1 billion pints will be consumed worldwide during the holiday season. This represents a 0.3% increase in?volumes for the industry. Markets such as the U.S.A., Mexico and Brazil are expected to improve. Analysts at Jefferies said that after five years of volatile beer prices, the market should improve in 2026. The timing of the tournament is also a plus. Roughly 75% of matches will be played in the U.S. while 84% of the matches involving participating countries are in the beer-drinking-friendly time zones, the analysts added. Bernstein, Goldman and Jefferies believe that Corona beer maker Anheuser-Busch InBev will be the main beneficiary. Anheuser-Busch InBev is the official beer sponsor of the WC. Heineken, world's second largest brewer, will also benefit from the exposure it has in Latin America and Europe. US RETAIL AND 'SPORTSWEAR Goldman predicts that a surge of merchandise demand by fans will push sales up at Dick's Sporting Goods, and Academy Sports. Analysts said that sportswear brands like Adidas, Puma, and Nike could benefit from increased brand exposure and marketing during the World Cup. Goldman pointed out that Adidas, the official sponsor of match balls, has sponsorship deals with multiple teams. This allows it to gain global exposure at the event. FOOD, RESTAURANTS, AND DELIVERY Citi said that traditional?grocers like Albertsons and Kroger as well as larger retailers such Walmart and Target are likely to benefit during the World Cup from increased household spending. Tourism and group viewings are expected to support a rise in restaurant demand. This could lift McDonald's Pizzas, Domino's Pizzas, Wingstops, and Chipotles, as well as food distributors like Performance Food Group, US Foods, and Sysco. MEDIA AND DIGITAL ?PLATFORMS Deutsche Bank analysts stated that they expect the men's World Cup in 2026 to generate the largest US advertising revenues ever. Morgan Stanley estimated that the tournament would generate between $300 and $400 million in advertising revenue to Fox, the broadcaster of the English-language rights. Deutsche Bank pointed out that Comcast's?Telemundo which holds the Spanish-language broadcast rights is another potential beneficiary. Citi stated that internet companies like?Alphabet?s YouTube and Meta Platforms?s Instagram could benefit from an increase in user activity. BETTING OPERATORS The World Cup is expected to increase overall betting volumes, and Deutsche Bank expects Flutter Entertainment to outperform DraftKings. Macquarie predicted that global wagers would exceed $50 billion, or nearly $0.5 billion each match. This is compared to the 35 billion dollars for the previous tournament in 2022.
-
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.
-
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.)
-
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)
-
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.
-
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)
Trump's attack on offshore wind has a knock-on effect for US shipbuilders and ports
Shipbuilders and port operators in the United States are suffering from the fallout of President Donald Trump’s campaign to eliminate the offshore wind industry. They have lost hundreds of millions in government support and seen their vessel orders disappear. Their investments worth billions of dollar's now face an uncertain future.
This is an unintended result of Trump's offshore wind policy, which includes stop-work orders for large projects and permit reviews that were sparked by former president Joe Biden’s green investment policies.
Trump says offshore wind is an ugly and inefficient technology which harms birds and whales. He is a strong supporter of U.S. marine industries, which he sees as vital in the global race for trade dominance and military dominance on the high seas.
Joe Orgeron is a Republican Louisiana State Representative and former owner of an offshore vessel company. He said that the offshore wind industry had been responsible for many ship purchases in recent years. "Unfortunately, that all came to an abrupt halt."
The details are revealed here for the very first time.
The Department of Transportation has canceled more than 679 million dollars in funding for ports that support offshore wind. This includes a grant of $34 million for an installation in Salem Massachusetts, which was supposed to generate 75 million dollars in tax revenue in 20 years and 800 jobs.
According to Oceantic, the trade group, orders for new offshore service vessels, designed to transport workers and enormous turbines offshore, or to lay underwater cable, have also vanished. This follows a busy year in 2024, which saw at least ten U.S. vessels launched to serve offshore winds.
According to the report, existing vessels are being sold or redeployed to other regions around the world.
Trump's administration has said that it can revitalize the U.S. port and shipbuilding industry without offshore wind support. The industry had suffered for years from cost inflation and a lack of government support.
The U.S. Department of Transportation stated that "this administration will restore America’s maritime dominance" by modernizing ports and expanding shipbuilding capabilities to compete with communist China.
We're doing it quickly and as cost-effectively possible - two attributes that are completely absent from offshore wind manufacturing."
BIG CANCELLATION Danish shipping company Maersk cancelled a $475-million contract for a ship custom designed to install massive wind turbines on the Empire Wind Power Project off the coast of New York earlier this month, revealing the decline in vessel demand.
Empire Wind, a project of Equinor, was embroiled earlier this year in Trump's opposition against offshore wind when the administration issued an order to stop work that delayed construction for one month.
Seatrium in Singapore, the shipbuilder, was said to be evaluating options for the vessel which was almost completed and that it could take legal actions.
According to Oceantic Network, the growth of offshore wind in the Northeast has fueled a strong demand for such vessels. This includes several that were built in U.S. yards or flown under U.S. national flags. The group said that the offshore wind sector has benefited from $5.1 billion worth of port investments, and $1.8 billion worth of vessel orders.
Among these vessels is the 715 million dollar Charybdis. It is the only vessel with a U.S. flag that is used to install wind turbines. This vessel is currently working for Dominion Energy on its Coastal Virginia Offshore Wind Project.
Edison Chouest, a Louisiana-based company, also built two large offshore worker housing vessels for Equinor's and Orsted's projects that are currently being constructed.
The work has dried up.
US Wind, an offshore wind developer, said in court documents that were filed this month that it was on track to obtain specialized vessels for the installation of offshore wind. However, efforts by the Trump administration to stop their Maryland project disrupted those plans.
The company stated that such vessels are rare and often booked many years in advance. This means early action is needed to meet the construction deadlines.
Blount Boats of Rhode Island, which started building crew transfer boats for offshore wind energy in 2016, has stopped production completely.
Julie Blount, Executive Vice President, said: "We have moved on." There are no contracts on those boats because the Trump Administration has shut that down.
Some existing offshore wind vessels are also being sold.
Houston-based Seacor Marine said in August that it would sell to Nigerian oil-and-gas services company JAD Construction two liftboats with U.S. flags, used at the Block Island offshore wind farm and South Fork offshore turbine farms. The company cited delays and cancellations as reasons for its decision.
Seacor has not responded to a comment request.
Other ships are facing uncertain futures. Bill Hanson, of Great Lakes Dredge & Dock Corp., stated that the $200 million Acadia - America's first ship for rock installation - will work overseas once it has completed jobs for Equinor or Orsted.
The company does not plan to build any more offshore wind vessels.
Ports Reeling Too
Oceanic estimated that last year, more than twenty U.S. port cities were involved in offshore wind projects. The DOT canceled grants totaling $679 million worth of funding in August. This affected projects in Massachusetts, New York and California as well as Maryland and Virginia.
Salem's port project, which is suffering after funding was cancelled, is in trouble.
According to Chris Mikkelsen, Executive Director of the Humboldt Bay Harbor, Recreation and Conservation District, in Northern California, it is anticipated that the Humboldt Bay Offshore Wind Port, which lost $426.7 Million - the majority of the canceled DOT funds - will be delayed for at least five years, to 2035.
The project hopes to use funds from the state climate bond in order to compensate for lost federal funding.
Norfolk, Virginia economic development officials said that the developer of a marine logistic terminal, which lost a $39m DOT grant, submitted a revised project proposal refocusing it away from offshore winds to align the project with the administration's priority.
Some port projects continue to be undertaken. According to a spokesperson for Equinor, the South Brooklyn Marine Terminal that will support its Empire Wind Project is 70% completed and has employed approximately 3,000 workers.
US Wind in Maryland says that it will continue to build a steel manufacturing facility on the shore that would serve shipbuilding and energy industries, despite the cancellation of the $47.4m port grant as well as the plans by the administration to revoke its permit for offshore wind. US Wind also warned that it might face bankruptcy if the project was canceled in court documents.
Jim Strong, of the United Steelworkers, which has an agreement to supply workers for US Wind’s facility, expressed optimism that Trump will see how offshore wind investments can have a ripple effect on industries that are important to him.
Strong, speaking of Trump, said that Trump had shown a great deal of passion when he spoke about steel during his campaign. I want to believe there will be a shift in positions once the story has been told. (Additional reporting from Lisa Baertlein, Los Angeles; Editing done by Richard Valdmanis & Marguerita Choy).
(source: Reuters)