Fugro is pleased to announce it has reached a binding agreement for the acquisition of the remaining shares in SEA-KIT International, a long-standing partner in the development of hi-tech uncrewed surface vessels (USVs) for low carbon emission maritime operations and research. For several years, Fugro and SEA-KIT have collaborated closely to push the boundaries of USV technology, achieving numerous breakthroughs and milestones along the way, including: Delivery of the first commercially available remotely operated USV and electric powered remotely operated vehicle (ROV) combi solution to the offshore asset inspection and ...

A Danish specialist in advanced measuring equipment for ships has entered a major agreement with Hudong-Zhonghua Shipbuilding on the delivery of equipment that markedly minimizes the risk of shipboard fires. The equipment detects oil mist and vapor on ships and triggers an alarm before fires can develop and endanger the crew, ship, equipment, and environment. Several times a year, serious fires happen on board container ships, bulk carriers, ferries, and other types of maritime vessels, and in way too many cases, human lives, cargo, and ships are lost. In addition, ...

China has added 50 million metric tons of iron ore concentrate capacity from 2022, state media quoted an official at the industry association as saying on Monday, part of a plan to boost production of the key steelmaking ingredient. China, the world’s top steel manufacturer, needs to import 80% of its iron ore. It has pledged to increase domestic supply to 370 million tons by 2025 from 286 million tons in 2022. Luo Tiejun, vice chairman of the state-backed China Iron and Steel Association (CISA), was quoted in the China ...

Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, announced that Hapag-Lloyd spot rate offers and 30-day short-term rates are now available in the Descartes Global Price Management™ (GPM) solution. Dachser, a top 25 global forwarder, is streamlining ocean shipment booking processes by using the integrated solution to search and retrieve Hapag-Lloyd rates in real-time. “Given the speed of rate changes today, it’s important to have quick access to spot rates that are up-to-date and reflect current market conditions,” said Lars Bostelmann, Business Administration & Development Manager ...

Singapore iron ore futures retreated on Monday as caution mounted after the world’s top consumer issued warnings on enhancing supervision on the market, and as investors awaited details from the government on property-related stimulus. The benchmark December iron ore contract on the Singapore Exchange was down 0.64% at $133 a metric ton, as of 0705 GMT. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trading 0.36% higher at 980.5 yuan ($135.97) a ton. China’s state planner said on Friday it would strengthen the supervision ...

China’s state planner said on Monday that it had conducted a survey on the price indices of several commodities, including steel, iron ore, lithium and palm oil, to maintain a healthy market. The decision by the pricing monitoring centre of the Development and Reform Commission (NDRC) aims to deepen its understanding of how prices are compiled, data are collected as well as how the price release system at multiple agencies works, it said in a statement. The move came after the NDRC issued two warnings on reinforcing the supervision on ...

Asia’s middle distillates market recorded thin spot market activity overall but a spot physical deal for 10 ppm sulphur gasoil emerged for the first time in three weeks, with mixed expectations on China’s export volumes for December back in focus. While export estimates from some China consultancies showed about 450,000 metric tons for December, some traders still expect the volume to rise further to around 600,000 tons if the tarnsference of quotas from marine fuel to light products happen. The market’s cash differentials slipped into a deeper discount of 38 ...

Dutch and British gas prices traded lower on Monday morning, as latest weather forecasts suggest a current cold spell will be followed by milder temperatures from mid-December and as gas storages remain well-filled. The Dutch December contract TRNLTTFMc1 was down 2.15 euro at 43.90 euros per megawatt hour (MWh) by 0934 GMT, LSEG data showed. The Dutch January contract TRNLTTFMc2 was down by 2.50 euros at 44.95 euros/MWh. The British December contract TRGBNBPMc1 was down by 5.15 pence at 113.25 pence per therm. “Prices are weakening this morning, probably because ...

Middle Eastern benchmark Murban, a light sour crude produced by the United Arab Emirates (UAE), dropped on Monday to its six-month-low, as supplies of the grade are expected to increase in the first two months of 2024. Spot premium for Murban was at $1.34 a barrel over the Dubai quotes, down from $1.57 a barrel in the previous session. UAE’s ADNOC will have 1.527 million barrels per day (bpd) of Murban available for export in January and 1.513 million bpd in February, compared with 1.352 million bpd in December, the ...

China’s central bank on Monday said it would fend off systemic risks to the economy and use forceful and targeted monetary policy to better support domestic demand. In its quarterly policy implementation report, the bank laid out the general direction of financial policy and said it would use a variety of monetary tools at its disposal to ensure sufficient liquidity. “Prudent monetary policy should be precise and forceful, with greater emphasis on cross-cyclical and countercyclical adjustments, enriching the monetary policy toolbox,” the bank said. The bank added it would “further ...

The European Union would be more effective in a dangerous world if its 27 members could not veto so many joint initiatives. The snag is that EU countries are ever more reluctant to give up their right to block collective actions. Everywhere one looks, the EU faces challenges. Russia’s invasion of Ukraine threatens the region’s security and, by pushing up the price it pays for energy, has undermined its competitiveness. Meanwhile, rivalry between the United States and China – and a green subsidy race between the world’s two largest economies ...

Euro zone inflation pressures are easing as expected but wage growth is still strong and the outlook is especially uncertain, so the European Central Bank’s fight to contain price growth is not yet done, ECB President Christine Lagarde said on Monday. The ECB lifted rates to a record high 4% earlier this year to stop price growth but has signalled steady policy for the next few quarters and markets have started to position for the first rate cut, with a move seen as soon as April or June. “This is ...

Top Chinese government departments led by the central bank said on Monday that measures needed to be stepped up to strengthen financial support for private companies, including unblocking and sustaining of funding channels. State agencies have in recent months unveiled a flurry of initiatives to support private businesses after authorities vowed to make the sector “bigger, better and stronger”, in a bid to shore up an economic recovery. Private firms, which account for 60% of China’s gross domestic product and 80% of urban jobs, were hurt by three years of ...

The 10th anniversary International LNG Congress is going to gather LNG key players in Italy, Milan on March, 11-12, 2024. Among the participants are gas majors, EPCs, local gas companies, LNG shipping, truck and fleet owners, terminals and ports, equipment manufacturers, and service providers. These days Italy takes the third place among importers of LNG in Europe. Giorgia Meloni, Italy’s new prime minister, declared that “Italy is the natural gateway to energy and supplying Europe” after her official visits to Algeria and Libya in January 2023. Moreover, major local LNG ...

A maritime finance expert who has worked for some of the biggest names in the industry has been hired by an innovative firm using ultrasonic technology to make ships more energy efficient. David Barber has been appointed by Coventry-based Sonihull as its new Chief Financial Officer as the firm looks to enable the maritime sector to go green with its innovative antifouling solutions. Before joining Sonihull, David worked for Rolls-Royce for more than five years, moving his way up to Senior Vice-President in Finance for its Marine Propulsion and Engines ...