Latest News
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North Star Takes Delivery of its First CSOV (Video)
North Star has officially named its first commissioning service operation vessel (CSOV), the Grampian Kestrel.The vessel was named at a ceremony at VARD’s shipyard in Vard Langsten in Norway on May 6.The Grampian Kestrel is the first of two CSOVs to be delivered this year, as part of the firm’s drive to support its growing portfolio of offshore wind clients with cutting-edge tonnage and exceptional service.The new vessel, of VARD 4 22 design, will go on service with EnBW and precede the decade-long minimum charter contract the firm signed in 2024 to provide a SOV (of VARD 407 design) for the German energy utility firm’s He Dreiht wind farm in the North Sea.A high specification vessel, the Grampian Kestrel has the ability to support all aspects of the wind farm’s life cycle, offering essential accommodation and logistics to support construction and commissioning works.Following this, it will lead EnBW’s operations and maintenance activities until the newbuild SOV is delivered in the third quarter 2026.The VARD 4 22 design has been developed in close collaboration with Vard Design, with new methanol ready hybrid-propulsion solutions and an increased number of single cabins, providing hotel quality accommodation for the technicians working in field. It also includes a high-performance daughter craft with space for a second to suit the clients’ operational needs.“The vessel is built to service all aspects of an offshore windfarms’ lifecycle and has a competent North Star crew to ensure we deliver our services to the highest standard."We are proud to christen this future-ready vessel, which sets a new industry benchmark by becoming the world’s first to achieve Lloyd’s Register’s Cyber Resilience classification. This certification underscores our commitment to being a safe and reliable partner - for our employees, our clients, and the broader offshore wind industry,” said Gitte Gard Talmo, CEO at North Star.North Star’s offshore wind fleet now comprises eight vessels, including both delivered and in-build assets. The shipping firm has also placed 160 experienced seafarers to support its SOV fleet and will recruit a further 160 seafarers in the next three years to meet current contract charter commitments.
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Iron ore prices fall on China demand fears and Sino-US tensions
Iron ore futures prices fell on Thursday, as traders considered the impact of trade tariffs between China and the United States. They also weighed concerns about a possible slowdown in demand from China's top consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 2.17% lower, at 697.5 Yuan ($96.43). As of 0318 GMT, the benchmark June iron ore traded on Singapore Exchange fell 1.19% to $97.15 per ton. Analyst Zhuo Guqiu at Jinrui Futures said that the price drop of steelmaking components was more dramatic than steel. China Metallurgical News, a state-backed publication, cited officials of the steel association to say that the relevant authorities were actively advancing national crude steel production control. China announced its plans to restructure the giant steel industry in March. However, it did not specify when or how much production would be cut. This statement from the Steel Association has confirmed such expectations. Hot metal production is also expected to reach a high point soon. Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product. Coking coal and coke, which are used to make steel, also fell by 2.35% and 2.58 %, respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 1%, hot-rolled steel coil dropped 0.87% and wire rod decreased 0.72%. Stainless steel gained 0.12%. The iron market has seen a significant drop in demand despite Beijing's injection of a number of monetary stimuli on Wednesday to try and mitigate the damage that the trade war between the United States and China had caused. The stimulus package is not a good sign for Sino-U.S. Trade Talks, as it suggests a readiness for the worst-case scenario. An analyst said this under condition of anonymity due to the sensitive nature of the issue.
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Gold prices rise as Fed warns of economic uncertainty
Gold rose on Thursday, after the Federal Reserve warned that rising inflation and labor-market risks were fueling economic uncertainty. Investors awaited this weekend's outcome of U.S. China trade talks. As of 0223 GMT, spot gold increased 1.4% to $3409.76 per ounce. U.S. Gold Futures rose 0.7% to $3416.70. Kyle Rodda, a financial market analyst at Capital.com, said: "I think the main reason is a slight drop in the front-end yields after the Fed. The "wait and watch" language has been good enough so far and Trump's hotter rhetoric about trade negotiations with China." It taps into the two main themes of slower US growth and dedollarisation. The Fed kept interest rates unchanged on Wednesday but warned that risks of inflation and unemployment were rising, which further clouded the U.S. economy outlook as policymakers struggled to deal with the impact President Donald Trump's new tariffs. Fed chair Jerome Powell stated that it's not clear whether the economy will continue to grow steadily or falter under rising uncertainty and an inflation spike. The market is expecting a rate cut of 77 basis point this year starting in September. Trump said on Wednesday that China would be initiating the next senior-level talks between the countries. He also stated that he wasn't willing to lower import tariffs for Chinese products to bring Beijing to the table. This weekend, U.S. officials and Chinese officials will be holding talks in Switzerland. In an environment of low interest rates, the non-yielding gold bullion thrives as a protection against financial and political turmoil. India attacked Pakistan and Pakistani Kashmir Wednesday in response to the killings of tourists in Kashmir last month. Pakistan has vowed retaliation and claimed to have shot down five Indian planes in the worst conflict between nuclear-armed neighbors in over two decades. Silver spot rose by 1.1%, to $32.82 per ounce. Platinum gained 0.8% and reached $982.05. Palladium remained at $971.95. (Reporting and editing by Sumana Nady and Rashmi Akich in Bengaluru)
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London metals mixed before US-China trade talks
Investors in London reacted to the Federal Reserve's warning about the potential impact of rising inflation and labor market risks on economic uncertainty by varying the metal prices they paid for. As of 0139 GMT, the benchmark copper price on London Metal Exchange (LME), rose by 0.1% to $9432.5 per metric ton. The Fed maintained interest rates on Wednesday. They acknowledged that the risks of inflation and unemployment were higher, which further clouded the U.S. economy outlook, especially in light of the tariffs imposed by President Donald Trump. Fed Chair Jerome Powell stated that it's not clear whether the economy will maintain its steady growth pace or falter under rising uncertainty and an upcoming spike in inflation. Trump also announced via Truth Social that a news conference in the Oval Office regarding a major deal with "representatives of a large, highly respected country" will take place on Thursday. He did not, however, name the country. After months of rising tensions, which pushed tariffs well above 100% between the two world's largest economies, traders have adopted a cautious approach ahead of this weekend's U.S. China meeting scheduled in Switzerland. Both countries will likely discuss the possibility of lowering tariffs on certain products and broader tariffs. We're all eagerly awaiting any updates or news from the U.S.-China trade talks. Uncertainty about the direction of markets is difficult to predict until we hear more," said a trader. Other London metals saw aluminium rise 0.3%, to $2389 per ton. Zinc added 0.3%, to $2624, while lead fell 0.3%, to $1951. Tin gained 0.2%, to $31,685, and nickel dropped 0.2%, to $15,525 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell by 0.4%, to 77 690 yuan per ton ($10 732.59). SHFE aluminium fell by 0.6%, to 19,530 Chinese yuan per ton. Zinc rose by 0.2%, to 22,390 Yuan. Lead gained 0.6%, to 16,835 Yuan. Nickel dropped 0.4%, to 123620 Yuan. Tin declined 0.2%, to 261,270 Yuan. $1 = 7.2387 Chinese Yuan Renminbi (Reporting and editing by Sumana Niandy; Violet Li, Lewis Jackson)
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Oil prices remain stable after a drop as supply and economic concerns weigh on the price
Investor sentiment was weighed down by uncertainty about the outcome of the trade talks between China and the U.S., the two world's largest oil consumers. Brent crude futures remained unchanged at $61.12 per barrel while U.S. West Texas Intermediate oil rose 6 cents or 0.1% at $58.12 per barrel at 0058 GMT. Both contracts fell 1.7% Wednesday, as investors doubted the outcome of upcoming trade negotiations. Scott Bessent, U.S. Treasury secretary, will meet China's top official in the economy on May 10, for talks about a trade conflict that is disrupting global economic growth. These two countries have the largest economies in the world, and their trade war is likely to reduce crude consumption growth. Donald Trump, the U.S. president, suggested on Wednesday that China initiated trade talks. He added that he would not be willing to lower U.S. tariffs against Chinese goods in order to convince Beijing to negotiate. Bessent stated that the talks will be a beginning, and not an 'advanced discussion'. Analysts are concerned that the U.S. is not preparing for the summer period of demand. This month, gasoline inventories in the U.S. rose, adding to concerns about a weaker demand. OPEC+ (Organisation of Petroleum Exporting Countries) and its allies will also increase their oil production, putting pressure on the price. (Reporting from Tokyo by Katya Glubkova; Editing by Christian Schmollinger).
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Nikkei reported that Japan's NTT planned to purchase remaining NTT Data Shares for up to $20,9 billion.
The Nikkei reported that the Japanese telecoms giant Nippon Telegraph and Telephone Corp. plans to launch an offer up to 3 trillion Japanese yen (20.92 billion dollars) to purchase the remaining shares of NTT Data. NTT Data is owned by 57.7%, NTT being the largest telco in Japan. NTT Data provides IT services, and its market capitalisation was $29.5 billion as of Wednesday's closing. Nikkei reported that under the tender offer which could be announced by Thursday, NTT will buy out all remaining shares of NTT Data for a premium between 30% and 40%. NTT Data and NTT could not be immediately reached for comment. In recent years, management buyouts and acquisitions of corporates have increased in Japan. The deal would signal the end of prominent parent-child listings, which are still common in Japan. NTT, an ex-state monopoly that is still partially owned by the government took NTT Docomo, a mobile operator, private in 2020 in a deal worth 4 trillion yen. NTT, a major operator of data centers, is working with Toyota Motors on a platform for mobility and developing telecommunications technology that uses light. Media reported last month that Akio Toyoda's chairman of Toyota Motor, Akio, had proposed to acquire Toyota Industries, a supplier, in a possible 6 trillion yen transaction. Seven & i Holdings' founding family dropped a February buyout offer after it failed to secure funding. Alimentation Couche-Tard, a Canadian company, is attempting to acquire the 7-Eleven convenience-store chain for $47 billion.
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Mining chamber expects a lithium boom in Argentina this year
The mining chamber CAEM announced on Wednesday that lithium production in Argentina will increase by 77% this coming year. This is equivalent to 131.800 metric tonnes of lithium carbonate (LCE). CAEM stated that silver production could drop between 9.3% to 14.3%. Gold output is expected to fall between 0.6% and 93%. CAEM CEO Alejandra Cardona said that Argentina's lithium production has increased from three to six projects, thanks to new projects by Gangfeng Eramine, and Posco. Exports will drop 24% in 2024 to $631mn, due to lower international prices, according the chamber. Cardona informed attendees at a presentation to announce the Arminera event, an important mining industry conference, which will take place later in May, that there is a continued interest from Saudi Arabia. She added that for the time being, due to the drop in reference price, there have been no concrete investments. The third-largest economy in Latin America is also the fourth largest exporter of "white metal" and forms part of the "lithium triangular", which includes Chile and Bolivia. In 2025, gold production is expected to drop between 0.6% to 9.3% to 1.14 to 1.27 million ounces. CAEM reported that silver production could fall between 9.3% and 14.3% as mine lifespans decrease despite 2024's record gold exports. Javier Milei, the libertarian president of Argentina, has taken measures to deregulate and attract investment in order to overcome an economic crisis that lasted for years. In order to do this, he has promoted fiscal incentives and lifted the currency controls. Cardona believes that the removal of currency controls will improve the climate, provide certainty and not affect investments in projects which require many years before production can begin. Reporting by Lucila SIGAL; Writing by Rafael Escalera Montoto, Editing by Natalia Sinawski & Brendan O'Boyle
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US Judge to Rule by May 14th on Rio Tinto Copper Project Opposed by Native Americans
A U.S. Federal Judge said that he would rule on May 14 whether or not to stop the Trump Administration from transferring Arizona Land to Rio Tinto and BHP for the construction of a major Copper Mine, which Native Americans are opposed to. The complex and long-running legal case pits Arizona's San Carlos Apache against the rising demand for copper to support the energy transition, and the geopolitics surrounding China's control of the vital minerals industry. The conflict centers around the federally-owned Oak Flat Campground, where many Apaches worship their deities. The site is located on top of a copper reserve that contains more than 40 billion pounds (18,1 million metric tonnes), a vital component in electric vehicles and electronic devices. If built, Rio and BHP’s Resolution Copper Project would cause a crater that was 2 miles wide (3 km) and 1,000 feet deep (304 m), slowly engulfing the worship site. U.S. District Court Judge Steven Logan who ruled for the land transfer 2021 held a hearing of nearly two hours on Wednesday. He was asked to block the land transfers temporarily until the U.S. Supreme Court has decided. Logan, a former U.S. president Barack Obama appointee, made no indication of how he will rule within the promised week, but asked pointedly about the harm that the Apache might suffer if the transfer occurred before the Supreme Court decides. He also requested data on Rio's monthly maintenance costs of existing Resolution assets. A Rio executive estimated that these costs were $11 million. Since 2021, the courts have refused to grant Apache Stronghold's request that the land needed for the mine be transferred. The court's rulings were based on a decision taken by the U.S. Congress in 2014 and President Obama. In his first term as president, Donald Trump began the land transfer. However, Joe Biden undid the move while the matter was pending in the courts. Now, the U.S. Supreme Court will decide whether or not to accept the case. The Supreme Court has stated at least thirteen times that it will continue deliberating on the appeal request. This is an unusually lengthy timeframe. Trump restarted last month the land transfer, and his administration hopes to finish it by June 16. Logan was urged to stick with the 2021 decision by the U.S. Justice Department. The Justice Department has been against Apaches' requests under both Biden & Trump. Erika Danielle-Norman, an attorney with the Justice Department, said that there was no basis to give a different outcome. The hearing was a positive experience for Apache Stronghold, their attorneys from the Becket Fund for Religious Liberty and the Apache Stronghold. Joseph Davis, Becket's Joseph Davis said that the Apaches only asked for the Supreme Court to delay the land transfer while it deliberates. Rio Tinto expressed its appreciation for the time of the court and said that Resolution was "vital" to America's future energy, infrastructure, and national security. BHP, who owns 45% to Rio's 50%, has not responded to an immediate request for comment. (Reporting and editing by Howard Goller; Ernest Scheyder)
Russia reports that a new IAEA mission has arrived at the Zaporizhzhia Nuclear Plant, which is owned by Russia.
Rosatom, a Russian company, announced that a new U.N. nuclear monitoring mission arrived at the Russian-held Zaporizhzhia Nuclear Power Plant in southeast Ukraine on Saturday, following weeks of delays caused by military activities around the site.
Rosatom, Russia's state-owned nuclear power company, was quoted by Russian media as saying that the team of the International Atomic Energy Agency reached the station for the first time solely through Russian territory.
The agencies cited a Rosatom press release as saying "The rotation of IAEA observer has taken place." The 27th IAEA team is composed of three inspectors.
Each side blamed the other for breaking rules in order to ensure that the team was able to reach the plant safely.
In the first week of the full-scale Russian invasion of Ukraine in February 2022, Russian troops captured the Zaporizhzhia nuclear plant, Europe's biggest with six reactors. The plant currently produces no electricity.
Since then, Russia and Ukraine accuse each other routinely of shooting at or near nuclear power stations and causing a nuclear disaster. Since September 2022, the IAEA has sent staff to the plant and also at Ukraine's other nucleonic plants.
Rafael Grossi has repeatedly asked both sides not to take any action that could pose a threat to the nuclear plant. (Reporting and Editing by Marguerita CHOY)
(source: Reuters)