Latest News
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Vard Books Construction Order for CSOV Pair
Norwegian shipbuilder Vard has signed a contract for the design and construction of two Commissioning Service Operation Vessels (CSOVs) for an undisclosed international customer.The agreement, valued between $115 million and $230 million, also has an option for one additional vessel Vard said.The two CSOVs are of VARD 4 19 design developed by Vard Design in Ålesund, Norway. The design is upgraded, and tailor made to the customer’s needs to give environmental benefits with a hull design optimized for low fuel consumption, as well as high operability and comfort.The hull of the first vessel will be built at one of Vard’s yards in Romania while outfitting, commissioning, and delivery will be from one of VARD’s yards in Norway.The second vessel will be built at Vard Vung Tau in Vietnam. The first vessel will be delivered mid-2027, the second in mid-2028. The onboard battery hybrid propulsion system enables the vessels to run with zero emission for periods, as well as adding peak power and maintaining a highly energy efficient profile in all operations.The design is also prepared for future operation on methanol, providing an additional sustainable option to its operationsWith the length of approximately 87 meters and a beam of about 19,5 meters, the vessels will be equipped with the Electric Controlled Motion Compensated (ECMC) 30-meter Walk-to-Work-gangway system from Vard subsidiary Seaonics, providing technical personnel stepless access to offshore windfarm installations ranging from 15 to 30 meters above sea-level.The system features a tower with an integrated elevator and is suitable for both personnel and cargo transfer. Further, to ensure safe and efficient handling operations, the vessel will be equipped with the ECMC C25 7-ton 3D compensated crane with, capable of lifting items of up to 5 tons at a reach of 25 meters.Also, the vessels will be issued with DNV’s Cyber Secure (Essential) notation. Cybersecurity notations provide demonstrated cybersecurity readiness where cyber resilience is integrated into every stage of our shipbuilding process, from concept to delivery.“With the order of these two latest vessels, we’ve now surpassed 40 tailored walk-towork vessels ordered or delivered—a milestone made possible by our clients’ continued confidence in our design, solutions, and quality,” said Runar Vågnes, SVP Sales and Marketing in Vard.
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BASF Signs Up for Long-Term Natural Gas Supplies from Norway
German-based chemical firm BASF and Equinor have signed a long-term strategic agreement for the annual delivery of up to 2 billion cubic meters or 23 terawatt hours of natural gas over a 10-year period.The contract secures a substantial share of BASF’s natural gas needs in Europe, with the deliveries scheduled to start on October 1, 2025.Natural gas is a key feedstock for European industries, especially in the production of chemicals and fertilizers. BASF uses natural gas both as an energy source and as a raw material in the production of basic chemicals.The long-term partnership will support the company’s strategy to diversify its energy and raw materials portfolio. The gas is sold on market terms.BASF develops a broad portfolio of solutions that are essential components in the manufacturing of everyday consumer goods, such as car interiors, sportswear, personal care items, and agricultural solutions. Equinor has been supplying gas and liquids to BASF for several years.“This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. I am very happy that our gas also supports BASF’s efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation,” said Anders Opedal, president and chief executive officer, Equinor.
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Mayor of Odesa: One killed in Russian drone attack on Ukraine Odesa
The mayor of Odesa said that Russian forces launched a massive drone attack early Saturday morning on the Ukrainian Black Sea Port, destroying at least one apartment building with multiple floors and killing a resident. HennadyTrukhanov, the mayor of Moscow, said that figures on injuries were being prepared. Trukhanov posted a message on Telegram saying that all emergency crews were working in enhanced mode. Trukhanov said earlier that at least twenty drones were converged in the city. The city is a frequent Russian target. He said at least one apartment building with multiple floors was on fire. Online pictures showed an engulfing fire near the top floor of a building, and emergency crews putting up ladders. Smoke billowed out of windows. Parents carried children in blankets to safety. (Reporting and editing by Ron Popeski, Himani Sarkar, and Les Adler).
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Morrison, the former Australian PM, will testify in front of a US House committee on China
The committee announced on Friday that former Australian PM Scott Morrison would testify on Wednesday at an U.S. House hearing about China's "economic pressure against democracies". Rahm Emanuel, the former U.S. Ambassador to Japan, will also appear before the House Select Committee on China. The already rocky relations with China, which were exacerbated after Australia banned Huawei's 5G network in 2018. Canberra demanded an independent investigation of the origins COVID-19. China responded to the United States by imposing tariffs and limiting imports of Australian products, such as wine, barley, and beef. The United States called this "economic coercion." Morrison lost his bid to be re-elected in 2022. This week's report Canberra is nearing an agreement Sources familiar with the issue said that an agreement with Beijing would allow Australian suppliers the opportunity to send five canola trial cargoes to China. This move is a step towards ending the years-long trade freeze. China imposed 100% tariffs this year on Canadian canola oil and meal amid strained diplomatic relations. The Australian Prime Minister Anthony Albanese has visited China in the last week. Underscoring the warming of relations Emanuel has been a harsh opponent of China since last year, when he told a Chicago newspaper that he was considering running for president in the 2028 election. Beijing uses Other countries such as Japan and the Philippines are subjected to coercion, pressure and threats. In a speech in 2023, Emanuel stated that "economic coercion is the most persistent and pernicious weapon in China's toolbox." The Chinese Embassy at Washington declined to comment immediately. (Reporting and writing by David Shepardson, Ismail Shakil; Editing by Margueritachoy)
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Investors focus on tariffs, earnings and economic data as they look at US yields.
MSCI's global index of equity prices rose slightly, while U.S. Treasury rates fell and Wall Street stocks were little changed on Friday. Investors digested mixed economic data and waited to hear corporate earnings. They also monitored the latest U.S. trade threats. The University of Michigan released its Surveys of Consumers on Friday, which showed that while U.S. consumers' sentiment improved and their inflation expectations decreased, they still perceived a substantial risk of rising prices. A second report shows that U.S. homebuilding fell to an 11-month-low in June due to high mortgage rates, economic uncertainty and home purchase barriers. This suggests residential investment declined again in the 2nd quarter. On Thursday, news of stronger-than-expected U.S. retail sales and a drop in jobless claims suggested modest improvements in economic activity and helped push the S&P 500 and Nasdaq to record closing highs. The mood dimmed on Friday after the Financial Times reported U.S. president Donald Trump wants a minimum of 15% to 20 % tariffs against the European Union. According to the report, he is not swayed by EU's latest offer of a reduction in car tariffs. He will keep these duties at 25%. The headlines of today's trade reminded investors to expect volatility through August. said Lindsey Bell, chief investment strategist at 248 Ventures. Investors are likely to be taking money off the table as we head into the weekend, given the lingering uncertainty over tariffs and the market's premium valuation following new highs. She said that investors' concerns could be seen in the shares of American Express, Netflix and other companies. Both fell after solid earnings reports or forecasts and had reached high valuations before results. Amex dropped 2.3% and Netflix fell 5%. Bruce Zaro said that many investors still had high expectations for future earnings and placed bullish bets before the July expiration of equity options. Investors are betting on the earnings season in the coming weeks, when growth and technology companies will report, said Zaro. He noted that investors also want to profit from the strong performance trend of megacap names. There's a concern of missing out. "There's a fear of missing out." The S&P 500 rose 0.59% for the week. The Nasdaq rose 1.51 %, while the Dow dropped 0.07%. The MSCI index of global stocks rose by 1.18 points or 0.13% to 927.47. It had earlier reached a new record high. The STOXX 600 Index in Europe closed earlier down 0.01% and 0.06% on the week. The U.S. Dollar fell against the Euro but showed a weekly increase as investors assessed central bank policy amid indications that tariffs could be fueling inflation pressures. Trump also continued to publicly criticize Fed Chairman Jerome Powell. After a Financial Times article on the U.S.'s tougher stance against European import tariffs, the euro lost some of its gains. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by 0.05%, reaching 98.46. The euro rose 0.27% to $1.1626. The dollar gained 0.09% against the Japanese yen to reach 148.73, as polls indicated that Shigeru Shiba's government coalition could lose its majority at an election held on Sunday. U.S. Treasuries rose in price, pushing their yields down, following comments by Federal Reserve Governor Christopher Waller, who urged a rate reduction later this month. Technical buying also helped to drive the rise. Most officials have expressed a desire to keep rates the same. According to CME Group’s FedWatch tool, traders bet on 95.3% of the probability that rates won't change after this month's meeting. The yield on the benchmark 10-year U.S. notes dropped 3.9 basis point to 4.424% from 4.463% on Thursday. Meanwhile, the 30-year bond rate fell 1.8 basis point to 4.9958% compared to 5.014%. The yield on the 2-year bond, which moves typically in line with expectations of interest rates for the Federal Reserve fell by 4.4 basis points, to 3.873% from 3.917%, late Thursday. Crude oil futures remained steady in commodities as mixed economic news from the United States offset concerns that sanctions imposed by the European Union against Russia over its war in Ukraine might reduce oil supply. U.S. crude oil ended the day down 0.3% or 20 cents, at $67.34 per barrel. Brent finished at $69.28 a barrel, down by 0.35% or 24-cents. The price of gold rose on Friday, as the weaker dollar and continued geopolitical and economical uncertainty increased demand for this safe-haven. Platinum prices also eased following their highest levels since 2014. Gold spot rose by 0.33%, to $3349.66 per ounce.
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US EPA cuts workforce by 23% and closes research division
As part of President Donald Trump’s efforts to shrink the federal government, the U.S. Environmental Protection Agency announced on Friday that it will reduce its workforce by 23% at least and close its scientific research offices. The EPA reported that in January it had 16,155 workers. After layoffs, employees who took financial incentives to retire or leave, and those who left, they will now have a staff of 12,448, according to the agency. The restructuring will save $748.8 millions for the government, EPA stated. The company did not say how many of these cuts are related to its planned elimination of the Office of Research and Development which employs about 1,500 people. In a press release, EPA Administrator Lee Zeldin stated that "under President Trump's Leadership, EPA has looked closely at our operations in order to ensure the agency was better equipped than ever before to deliver on its core mission to protect human health and environment while Powering The Great American Comeback." This reduction in force ensures we can better accomplish that mission, while being responsible stewards for your hard-earned taxes. ORD is responsible for a wide range of research, including the assessment of health risks of "forever chemical" substances such as PFAS. It also oversees investigations into respiratory illnesses in rural areas of the South and studies of the spread of Valley Fever, a fungus disease exacerbated due to climate change and wildfires. The EPA announced that it would be creating a new Office of Applied Science and Environmental Solutions, which will focus on scientific research. A spokesperson for the agency said that the agency will also offer a third round in the deferred resigning program, which will end on July 25. This means the total staff of the agency could shrink further. David Shepardson reported from Washington, and Nichola Grroom in Los Angeles. Editing was done by Leslie Adler and Matthew Lewis.
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China says Canada's steel import tariffs violate WTO rules
The Chinese Embassy in Ottawa criticised duties imposed by Canada on Chinese import steel this week, saying that they violated World Trade Organization rules and disrupted global trade. In response to questions, the embassy released a statement in response to an agreement made between Canada and China, which was reached in June, to improve bilateral relations and to take first steps towards rebuilding their fraught trading relationship. Mark Carney, the Prime Minister of Canada, announced on Wednesday that Canada will impose 25% tariffs on all steel imports from countries that contain steel melted and poured by China before July's end. A spokesperson for the Chinese Embassy said that "Such practices are in violation of WTO rules and disrupt the international trading order. They also harm China's interest." Carney wants to protect the Canadian Steel Industry, which complained that other countries were dumping steel cheaply in Canada due to the U.S. tariffs of 50% on imported steel imposed President Donald Trump. Canada has already imposed 25% tariffs on imports of steel and aluminum from China, and this week it is attempting to clamp down on Chinese steel which was further processed in other countries. China was Canada's 2nd largest trading partner, with C$120 Billion ($87.48 Billion) in bilateral trade in the past year. However, their relationship has deteriorated. "Canada's strategy is not justified in principle, lacks a legal basis and will be ineffective." The embassy warned that the move would severely damage normal economic and commercial cooperation between Canada and China. Carney's Office did not respond immediately to a comment request. Carney and Chinese Premier Li Qiang agreed to resume trade talks last month. In an interview conducted on Thursday, Canada's Minister of International Trade Maninder Sidhu said he wanted Canadian officials to speak to their Chinese counterparts as soon as possible. Canada has imposed 100% tariffs for the import of Chinese electric cars, which have pushed them off of the local market. In March, Beijing announced that it would impose tariffs of over $2.6 billion on Canadian agricultural and food goods. The investigation is underway and results are expected by September. The embassy stated that the investigation may be extended by six months in special circumstances. The embassy stated that if Canada cancels their discriminatory tariffs against China, China can adjust, suspend or even cancel its countermeasures according to the procedures. $1 = 1.3717 Canadian Dollars (Reporting and Editing by Caroline Stauffer & Alexandra Hudson).
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Chevron's entry into Guyana oilfields resolves the company's biggest challenge
Chevron is about to enter Guyana's offshore oilfields, which will solve one of its biggest problems: how it will grow beyond the next couple of years. The U.S. oil company closed a $55 billion deal to acquire Hess, one of the biggest oil and gas transactions ever. It also acquired the stake that Hess held in Guyana's Stabroek Block following a legal battle with Exxon Mobil. Chevron had seen its oil and gas reserves drop to their lowest level in more than a decade. The Stabroek block contains at least 11 billion equivalent barrels of oil and is one the most important oil discoveries of recent decades. Mike Wirth, CEO of Chevron, said that the acquisition of Hess would enhance and extend the company's growth profile into the future. Investors hailed the move as an improvement in the long-term prospects of the company. The acquisition fills a cash flow gap that Chevron was facing at the end this decade and into the 2030s. According to LSEG, American Century Investments has a $351-million stake in Chevron. He said that without Hess it was not clear how Chevron would maintain its free cash flow. The acquisition will also help Chevron to sustain its dividend well into the 2030s. Shares fall after the closure. Chevron has had a tough few months, during which they announced layoffs worldwide, experienced an increase in safety concerns, and lost Venezuelan exports. Over the last year, its shares have fallen 7.5%. In midday trading on Friday, the shares fell 2%. Chevron’s oil and natural gas reserves or the amount of oil and gas it could potentially extract from its fields fell to 9.8 trillion boe by the end 2024. This is the lowest level in more than a decade. The ratio of its organic reserve replacement, which is a measure that compares the new oil and natural gas reserves to what it produces, but excludes sales and acquisitions, was only 45%. A ratio of 100 percent or higher means that the company replaces its reserves at the rate it depletes. Comparatively, UK-based Shell and French oil giant TotalEnergies have both had average reserve replacement rates over the last three years that are more than 100%. John Gerdes, President of Gerdes Energy Research, stated that the combined production volume for Chevron and Hess would be 4.31 million boe/d by 2030. This is significantly more than what Chevron could produce as a stand-alone company. Chevron will produce 3.3 million boe/d by 2024. Exxon which operates Stabroek Block and CNOOC the other minor partner in this field filed arbitration claims last year against Hess, claiming they had a contract right of first refusal for purchasing Hess stake. Chevron's battle was crucial, as the Guyana oil field was Hess’ most prized asset. The acquisition would have failed if the arbitration went against Chevron. Chevron also faces a long-term issue: whether or not it will renew its contract with the Tengiz oilfield, a giant oilfield located in Kazakhstan. The current agreement expires 2033. Chevron owns a 50% stake of the Tengizchevroil, a joint venture it runs. In January, the company said that after an expansion project reaches full capacity, it will produce approximately 1 million boe/d. Reporting by Sheila Dang, Houston Editing Rod Nickel
FACTOBOX-Main points from the BRICS statement
Below are the key points from the Kazan declaration issued by the BRICS group after a summit in Russia.
ON UKRAINE:
We stress that all states need to act consistently with the Purposes and Fundamentals of the UN Charter in their totality and interrelation. We keep in mind with gratitude relevant proposals of mediation and great offices, targeted at a peaceful resolution of the conflict through dialogue and diplomacy.
ON THE MIDDLE EAST:
We restate our grave issue at the wear and tear of the circumstance and humanitarian crisis in the Occupied Palestinian Territory, in specific the unmatched escalation of violence in the Gaza Strip and in West Bank as a result of the Israeli military offensive, which caused mass killing and injury of civilians, required displacement and extensive damage of civilian facilities.
We express alarm over the situation in Southern Lebanon. We condemn the loss of civilian lives and the immense damage to civilian infrastructure arising from attacks by Israel in suburbs in Lebanon and call for immediate cessation of military acts.
ON WESTERN SANCTIONS:
We are deeply concerned about the disruptive impact of illegal unilateral coercive measures, consisting of unlawful sanctions, on the world economy, international trade, and the accomplishment of the sustainable development goals.
ON THE INTERNATIONAL FINANCIAL SYSTEM'S REFORM:
We highlight the need to reform the existing global financial architecture to fulfill the international financial difficulties including worldwide economic governance to make the global financial architecture more inclusive and just.
ON BRICS GRAIN EXCHANGE:
We welcome the initiative of the Russian side to develop a grain (products) trading platform within BRICS ( the BRICS Grain Exchange) and to subsequently establish it including expanding it to other agricultural sectors.
ON BRICS CROSS-BORDER PAYMENT SYSTEM:
We recognize the prevalent advantages of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome using local currencies in monetary transactions between BRICS countries and their trading partners.
ON BRICS CLEAR DEPOSITARY:
We consent to talk about and study the feasibility of facility of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an effort to match the existing monetary market facilities, also as BRICS independent reinsurance capability, consisting of BRICS ( Re) Insurer, with involvement on a voluntary basis.
ON FINANCIAL INNOVATION:
We invite the BRICS Interbank Cooperation System (ICM). concentrate on facilitating and broadening innovative monetary. practices and approaches for tasks and programs, including. finding acceptable systems of financing in local. currencies.
ON THE IMF:
We declare our dedication to maintaining a strong and. efficient Global Financial Safeguard with a quota-based and. sufficiently resourced IMF at its center.
ON G20:
We recognize the importance of the continued and productive. operating of the G20, based on consensus with a concentrate on. result-oriented outcomes.
ON PREVENTION OF FUTURE PANDEMICS:
We support the initiatives of the BRICS R&D Vaccine Center,. further advancement of the BRICS Integrated Early Warning System. for avoiding mass infectious diseases dangers.
ON BIG CATS:
While valuing the efforts of our countries to maintain. uncommon types and keeping in mind the high vulnerability of big cats, we. bear in mind of the Republic of India's effort to develop an. International Big Cats Alliance and motivate BRICS nations. to work together to make further contributions to the. preservation of big felines..
(source: Reuters)