Latest News
-
Dong Fang Offshore Orders Another CSOV from Vard
Vard has secured a new contract with Taiwanese-based Dong Fang Offshore (DFO) for the design and construction of one Commissioning Service Operation Vessel (CSOV), a sister vessel to the two CSOVs ordered in May 2024.After sealing the contract for two CSOVs in May 2024, Taiwanese DFO is adding a third vessel of the same design, the VARD 4 39.The design is the result of collaboration between DFO and Vard.The design gives a highly versatile all-round platform for sustainable wind farm support operations both as a service vessel for the wind farms and for the building and installation phase.Upon delivery, the CSOV will start a minimum 15-year service contract for an undisclosed wind farm customer in Taiwan.The CSOV has been developed with large design flexibility to accommodate future operational demands.The design has focus on low environmental footprint with efficient machinery and propulsion set-up for high station keeping capabilities, improved workability, and operational reliability, and a hull shape that supports the fuel efficient CSOV operation.The 102.7-meter-long vessel, with a beam of 19.5 meters, is further prepared with a large external deck for future integration of a modular power and fiber optic cable lay and repair spread.The design includes a full electrical equipment package as part of a forward-leaning strategy in environmentally friendly design, allowing for the delivery of enhanced reliable operations onboard the ship.This includes a battery package, crane and W2W gangway system. The CSOV is also prepared for future fuels. The vessel has an aggregated hotel capacity of 120 people, whereof 90 is allocated in large single cabins. Operational centers such as offices, briefing rooms, conference room and dayrooms have been designed to meet a high standard in the market.“We are delighted to return to Vard for the construction of the third CSOV is in our series of high performing CSOVs for the Taiwanese market, continuing the strong teamwork and momentum together with the team in Vard Vung Tau.“The vessel design has been developed to specifically address the many unique challenges operating offshore Taiwan, and it is humbling to see another customer place their trust in DFO to deliver long term O&M services, on a solution that we have developed together with Vard.“This order marks the third O&M service contract for an CSOV that DFO has been awarded in Taiwan, continuing the DFO strategy of building ships against high quality contracts with long-term, forward-thinking customers, and cementing DFO’s place as the O&M service provider of choice within Taiwan”, said Polin Chen, CEO of DFO.
-
US Gulf Oil Output Could Reach 2.4 million Bpd Despite Geopolitical Instability
The U.S. Gulf of Mexico can continue growing oil output even amid geopolitical volatility not seen in decades, oil and gas industry leaders said on Monday.U.S. President Donald Trump's global tariff announcements have since last month contributed to a decline in oil prices and fears of an economic downturn, making it more difficult for oil producers to follow his call of "drill, baby, drill.""We've never been in a situation where we have so much geopolitical volatility," said Occidental Petroleum CEO Vicki Hollub, during a panel discussion at the Offshore Technology Conference in Houston on Monday.Despite the oil price oscillations, which according to experts come mainly from the shale industry and not from offshore, oil leaders expressed confidence the Trump administration would remove obstacles to help grow production.Oil output from the U.S. Gulf could reach up to 2.4 million barrels per day (bpd), up from the current level of roughly 1.8 million bpd, said Erik Milito, head of the U.S. National Ocean Industries Association.Advancements in technology, including artificial intelligence, are also helping production, executives said."We're seeing that today with the projects that are coming online, highly sophisticated projects that are overcoming a lot of the challenges that we saw 20 years ago," Milito said.The Trump administration plans to hold a lease sale for the U.S. Gulf in June as planned by the former administration of President Joe Biden.That will be critical because shale oil production will eventually plateau and begin to decline, making it important to grow offshore exploration, Hollub said."We have to find a way to get more out of the Gulf of Mexico, and that's got to happen in a big way," she said.Offshore production from the U.S. Gulf accounts for about 15% of total U.S. crude output.In addition to geopolitical uncertainty, industry leaders pointed to inflation as another challenge facing the sector."We are challenging our local suppliers and challenging our international suppliers... on cost," said Magda Chambriard, CEO of Brazil's state-owned oil company Petrobras.(Reuters)
-
Oil prices drop, causing buyers to buy more; concerns about oversupply weigh
The oil price rebounded by over 1% Tuesday, with technical rebounding and dip-buying after a previous session's drop due to OPEC+'s decision to increase output. However, concerns about the outlook for a market surplus persisted. Brent crude futures rose by 92 cents a barrel to $61.15 at 0309 GMT. U.S. West Texas intermediate crude gained 89 cents a barrel to $58.02 The OPEC+ decision to increase oil production for a second month in a row, made over the weekend, pushed both benchmarks down to their lowest levels since February 2021. Yeap Jun Rong is a market analyst at IG. He said that the slight rise in oil prices today appears to be more technical than fundamental. "The broader price movement is being impacted by persistent headwinds, including a pivotal change in OPEC+'s production strategy, uncertainty over demand due to U.S. Tariff risks and downgraded price forecasts." Oil has dropped over 20% in the last six sessions, mainly due to expectations that production would exceed consumption. This is a result of increased bets placed on a global economic slowdown following U.S. president Donald Trump's shock tariffs in April. On Tuesday, the return of Chinese participants to the market after a 5-day holiday that began on May 1 helped support prices. "China reopened its doors today and as the world's largest oil importer, it is likely that buyers would have rushed to secure oil prices at their current low levels," said Priyanka Sackdeva, Senior Market Analyst at Phillip Nova. Data showing an increase in orders in the U.S. - the world's largest oil consumer - also provided some support. ISM (Institute for Supply Management) reported on Monday that its nonmanufacturing PMI (Purchasing Managers Index) rose to 51.6 from 50.8 last month. The economists polled had predicted that the services PMI would drop to 50.2. As tariffs threaten the economy, it is likely that on Wednesday, the U.S. Federal Reserve won't change interest rates. Barclays lowered their Brent crude forecast by $4 a barrel to $70 a barge for 2025, and set the estimate for 2026 at $62 a barge. They cited "a rocky path ahead for fundamentals", amid escalating tensions in trade and OPEC+’s shift in production strategy. Reporting by Siyi Liu and Arathy Sommesekhar, both in Houston. Editing by Muralikumar Anantharaman & Lincoln Feast.
-
China's demand for iron ore is resilient and boosted by Sino-US trade talks.
Prices of iron ore futures rose on Tuesday. This was due to the hopes that a trade agreement would be reached between the U.S.A. and China, the top steel-making consumer. As of 0243 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.57% higher. It was 708.5 yuan (US$97.98) per metric ton. The benchmark June Iron Ore at the Singapore Exchange rose 1.03% to $97.55 per ton. U.S. president Donald Trump said on Sunday that the U.S. met with many countries including China on trade deals and that his priority with China was securing a fair deal. China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145%. A private sector survey revealed on Tuesday that the uncertainty created by U.S. trade tariffs weighed down China's service activity in April. Hexun Futures, a broker, stated that the steel market is worried about overseas recession risk sparked off by tariffs. Anti-dumping measures will negatively impact future steel demand. Galaxy Futures said that domestic hot metal production is still high and the demand for it from end users continues to be strong. Mysteel, a consultancy, reported that production among Chinese blast-furnace steel producers increased during the period April 25-30. However mills' margins shrank. Steelhome data revealed that the total stockpiles of iron ore across Chinese ports increased by 2.24% in a week to 136.8 millions tons on April 30. Coking coal and coke, which are both steelmaking ingredients, were down by 1.78% and 2.17 percent, respectively. The benchmark steel prices on the Shanghai Futures Exchange were flat. The price of rebar fell by 0.26%. Hot-rolled coil rose by 0.06%. Stainless steel increased nearly 0.2%. Wire rod was flat. ($1 = 7.2312 Chinese Yuan) (Reporting and editing by Rashmi aich; Michele Pek)
-
Financial Times - May 6
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines US coal producer Peadbody has threatened to end deal with Anglo American Eutelsat names a new CEO as Starlink's rival in Europe seeks funding Credit Suisse will pay $511 Million for helping wealthy Americans to hide over $4 Billion Santander earns 7 billion Euros from Poland sales View the full article Peabody Energy has said that if it is not satisfied with the resolution of issues surrounding Anglo American's Moranbah North Mine, then they may terminate their pending agreement to purchase some of Anglo American's Australian steelmaking assets. The franco-british satellite operator Eutelsat has announced that Orange executive Jean Francois Fallacher will be replacing its CEO. This is a surprising move from a company known for its leading role in European defense communications. The U.S. Department of Justice announced that a Credit Suisse unit has pleaded guilty in the United States to charges of helping ultra wealthy Americans evade tax and will pay an amount of $510 million. Santander is selling stakes in its Polish retail banking business for 7 billion euros ($7.91billion) as part of a plan to reduce its exposure in the country. The proceeds will be used to buy back shares. ($1 = 0.8845 euro) (Compiled from Bengaluru Newsroom)
-
Gold reaches two-week high due to demand for safe-haven assets; Fed decision looms
On Tuesday, gold prices reached a two week high as investors remained focused on the Federal Reserve's upcoming policy meeting. They were also concerned about President Donald Trump’s tariff plans. As of 0224 GMT the spot gold price was up 1.4% to $3,380.92 per ounce after reaching its highest level since earlier in session. U.S. Gold Futures rose 2% to $3389.90. "Gold prices are on a strong rise this week as investors return to the safe haven asset in order to hedge portfolio volatility due to renewed tariff worries from U.S. president Donald Trump," said IG's market strategist Yeap Jun-Rong. Trump announced a 100% tax on films produced abroad on Sunday, but provided few details about how the levy will work. He said on Monday that he plans to announce the pharmaceutical tariffs in two weeks. The Fed's rate decision this week and Fed Chairman Jerome Powell's remarks due on Wednesday will provide clues about the rate trajectory of the U.S. Central bank. Since last December, the Fed has maintained its policy rate between 4.25% and 4.50%. Rong stated that "dovish signals can provide additional support for gold and reinforce its overall upward momentum." According to a report the Fed will probably leave interest rates the same. It also said that this meeting could be the last one where the outcome was so clear-cut, with Trump's tariffs casting an uncertain shadow over the economy outlook. Before cutting, Fed officials will look for hard data on the labor market. Goldman Sachs wrote in a note that they expect this to take several months. They therefore anticipate three 25bp rate cuts in September, July and October. Low-interest rates are also conducive to the growth of non-yielding gold bullion as a hedge against financial and political turmoil. Silver spot rose by 1.5%, to $32.99 per ounce. Platinum rose by 1.3%, to $971.24, and palladium gained 0.5%, to $945.75.
-
As focus shifts from Asian currencies, stocks drift and the dollar stabilizes
Investors re-emphasised concerns over U.S. trade tariffs, and their impact on the economy. These fears, combined with the pledges of key oil producers to increase supply, kept crude prices near their four-year-lows. After the Taiwan dollar surged in recent sessions, the focus has shifted in Asia to currencies. This has stoked rumors that a regional revaluation was in the works to gain U.S. concessions on trade. The rally has suggested that a major unwinding of the economy is underway. It also sheds light on a single economy, where years with large trade surpluses built up large dollar long positions for exporters and insurance companies. These positions are now being questioned and put on edge. On Tuesday, the heat was turned up on Hong Kong. The de facto central banks bought $7.8 Billion to prevent the local currency strengthening and breaking the peg with the greenback. Charu Chanana is the chief investment strategist of Saxo Singapore. She said that Asian FX was where it's at today. If these currencies continue to strengthen sharply, this could cause fears of a "reverse Asian currency crises", with possible ripple effects on the bond market, amid fears that Asian Institutions reassess unhedged Treasury holdings. China's Yuan has strengthened on the mainland to its highest rate since March 20, at 7.23 dollars. In early trading on February 2, the Taiwan dollar reached 30 to the dollar, which was not far off from its near three-year peak of 29,59 that it had touched on Monday. It also grew by 8% in two days. The MSCI broadest Asia-Pacific share index outside Japan fell by 0.2% with Japan on holiday. Taiwan stocks slipped 0.3%. The blue-chip index opened slightly higher after the Chinese markets returned from their holiday. Hong Kong's Hang Seng fell 0.2%. Investors have been focused on the possibility that trade tensions could be eased between the U.S. Investors are left to try and make sense of headlines from the White House, but with little information. Donald Trump, the U.S. president, said on Sunday Washington was meeting with many nations, including China. His main priority in dealing with China is to get a fair deal. Trump also imposed a 100% tariff Monday on movies produced outside of the United States, but provided little clarity about how the levies will be implemented. Saxo's Chanana says tariff headlines drive the market more than anything else. The tactical risk-reward ratio could still tilt to the upside if hard data continues to hold up and sentiment is buoyed by trade deal hopes. Data released on Monday revealed that the U.S. service sector grew in April. Meanwhile, a measure of the prices businesses paid for goods and services soared to its highest level in over two years. This indicates a rise in inflation pressures caused by tariffs. The Federal Reserve will announce its policy on Wednesday. It is expected that the central bank will keep interest rates unchanged, but the focus of attention will be how policymakers navigate a path characterized by tariffs. The markets are looking for confirmation that the Fed will cut rates in response to any tariff-induced price shock, as it is already priced into the markets. This was stated by Kyle Rodda senior financial market analyst at Capital.com. LSEG data revealed that traders are pricing 75 basis points in easing for this year, with the first move possible in July. Oil prices, which had hit four-year lows the previous session due to OPEC+'s decision to increase output, were stable on Tuesday. The gold price reached a new high in a week due to the demand for safe havens.
-
Copper rises on US-China dialogue hopes
Prices of copper edged up on Tuesday, as positive signs about U.S.-China talks boosted sentiment. However, lingering worries about the broader impact of trade disputes on the economy limited gains. As of 1300 GMT, the benchmark copper price on London Metal Exchange (LME), was up 0.7%, to $9,431 per metric ton. U.S. Treasury secretary Scott Bessent defended Trump's trade tariffs on Monday, pointing out that his larger agenda, including tax cuts, would lead to long-term growth. China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145%. The Commerce Ministry stated that the United States had approached China for talks about Trump's tariffs, and Beijing was ready to talk. This could signal a possible de-escalation of the trade war. A trader stated that "it doesn't appear to be a smooth road for trade talks, and investors are becoming increasingly concerned about the potential negative effects of trade on global economic expansion and metal demand." The U.S. economy shrank for the first time since three years in the first quarter amid an import flood to avoid Trump's tariffs. And the International Monetary Fund forecasts that the U.S. Gross Domestic Product will only grow by 1.8% by 2025. Other London metals saw aluminium rise 0.6%, to $2.445 per ton. Zinc rose 1.4%, to $2.645, while lead rose 0.6%, to $1.948. Tin was up 3.6%, to $31,795; and nickel rose by 1.2%, to $15.665 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract was unchanged at 77.570 yuan per ton. SHFE aluminium fell by 0.7%, to 19,850 Chinese yuan per ton. Zinc lost 0.5%, to 22,385 Yuan. Lead dropped 0.5%, to 16,765 Yuan. Nickel rose 0.4%, to 124 500 Yuan. Tin was up 0.7%, to 260,000 Yan. ($1 = 7.2706 Chinese Yuan) (Reporting and editing by Mrigank Dahniwala; Violet Li, Lewis Jackson)
Austrian banker loses battle against extradition to US for money laundering charges

London's High Court on Tuesday ruled that the former CEO of an Austrian Bank can be extradited back to the United States for money laundering charges related to Brazilian construction firm Odebrecht.
Peter Weinzierl, former chief executive officer of Meinl Bank (later renamed Anglo Austrian AAB Bank), is accused of helping to launder hundreds millions of dollars through a scheme that involved the use of slush money to bribe government officials.
The 59-year old Austrian denies these allegations and has fought to prevent his extradition for a variety of reasons, including the fact that he had been "lured" into Britain in May 2021 in order to be arrested by an alleged U.S. agent.
In June 2023, his appeal against his extradition decision was largely rejected.
The High Court had previously ruled that Weinzierl was not extradited for one charge, conspiracy to commit money-laundering. However, the court approved Weinzierl’s extradition in regard to his other charges.
The UK Supreme Court has blocked the appeal of Weinzierl’s case. Judge Jeremy Johnson ruled on Tuesday that the case does not raise a question of law of public importance.
David Pack, Weinzierl’s lawyer, said in a press release: "The judiciary has missed an opportunity to give certainty regarding UK-U.S. Extradition Law."
Weinzierl is facing charges in New York over his alleged involvement in a massive fraud scheme and bribery scheme that involved Odebrecht. Odebrecht changed its name to Novonor SA in 2020 after its previous name became synonymous with corruption.
Odebrecht admitted to paying bribes in Latin America for the construction of its massive construction empire.
Odebrecht, Brazil's biggest petrochemicals firm, and Braskem, its affiliated petrochemicals subsidiary, paid at least $3.5 Billion in 2016 to settle charges brought against them by U.S. authorities, Brazilian authorities, and Swiss officials.
(source: Reuters)