Latest News
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Techano Oceanlift to Deliver Crane for Dual-Fuel Hybrid CSV Newbuild
Techano Oceanlift has secured a contract by Sefine Shipyard to deliver an offshore crane to a newbuild construction support vessel (CSV) that the Turkish shipyard is building for a strategic partnership between Agalas, Eidesvik and Reach Subsea.Techano Oceanlift, subsdidiary of Oslo-listed Nekkar, will supply a 150-tonnes capacity crane capable of performing subsea construction work and topside lifting operations. The company’s scope of work includes engineering, manufacturing and commissioning of the crane.The 150-tonnes capacity knuckle boom crane is equipped with an active heave compensated (AHC) winch with 3,200 metre wire for subsea construction operations and has been prepared for 3D compensation for topside lifts.The crane also features a control system and motion compensating system from its sister company Intellilift.Eidesvik, Agalas and Reach Subsea Order New Dual-Fuel Hybrid CSV“According to the vessel’s owners, flexibility is at the core of this newbuild CSV. We believe this is a key reason for choosing our crane solution, which is highly flexible and fits the requirements of an offshore vessel that can solve a broad range of offshore construction and subsea work,” says Nils Vidar Stray, managing director of Techano Oceanlift.The newbuild CSV will be used for subsea and offshore renewables operations, with the delivery scheduled for 2027.It will be specifically equipped to perform construction as well as inspection, maintenance and repair (IMR) work. The newbuild will feature a battery hybrid system alongside dual-fuel gensets capable of operating on either methanol or marine gas oil (MGO).The vessel boasts a highly flexible and advanced structure, has an overall length of 99.9 meters, a breadth of 21 meters, and accommodation for up to 100 personnel.The vessel will be two-thirds owned by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and one-third owned by Reach Subsea.Upon delivery, it will enter into a five-year time charter with Reach Subsea, with options for two extensions of one year each. Management of the vessel, including crewing, will be provided by Eidesvik.
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ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind
The Offshore Renewable Energy (ORE) Catapult and the Japanese Floating Wind Technology Research Association (FLOWRA) have signed a memorandum of understanding (MoU) to work together to reduce development risks and costs of floating offshore wind.The MoU is the culmination of a nine-month period of collaboration and will include personnel exchange, work on standardization of component technologies and a test and demonstration alliance to facilitate large-scale technology development.Floating offshore wind is set to play a major role in the future energy mix of both the U.K. and Japan in the years to come.Harnessing U.K. R&D capability and the strength of Japanese industrial manufacturing capacity will accelerate development of this important technology, bringing innovative and sustainable renewable energy to both countries and wider global markets.As well as the economic benefits and job creation opportunity floating offshore wind presents, it will provide significant energy security and support efforts in both countries for emissions reduction to combat climate change. “As two island nations with a longstanding history of trade and investment partnership, Japan and the UK are important partners for the burgeoning technology development of floating offshore wind.“Working with our friends and colleagues at FLOWRA to address the challenges and opportunities in bringing floating offshore wind to commercial deployment will stimulate significant economic and export opportunities, create jobs, bolster energy security and support our respective efforts to combat climate change,” said Cristina Garcia-Duffy, Director of Research and Technical Capabilities at ORE Catapult.
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Gold prices hold steady as markets monitor inflation data
Gold was steady on Wednesday, ahead of an important U.S. data on inflation that could be used to gauge the Federal Reserve’s interest rate trajectory amid fears about economic slowdown and trade tensions. Attention was also focused on a possible ceasefire agreement in Ukraine. As of 0300 GMT spot gold was unchanged at $2,916.69 per ounce. U.S. Gold futures rose 0.1% to $2922.30. Tim Waterer, KCM Trade's chief market analyst, said that gold is in "consolidation mode" ahead of the next set of U.S. Inflation data. Investors are awaiting the Consumer Price Index (CPI), which is due to be released later today, in order to determine the Fed's future interest rate stance. Gold may lose its appeal if rising prices force the Fed's interest rate to remain higher. It is not a yielding asset. The tariffs imposed by U.S. president Donald Trump are expected to increase inflation and economic unrest, which is why gold reached a record-high of $2,956.15 in February. "I expect that gold will remain a preferred asset as long as investors are worried about tariff wars or a slowdown in growth. Waterer stated that the gold bias remains positive due to ongoing tariff dramas. Trump defended his policies regarding tariffs on Tuesday, as he met with the CEOs of America’s largest companies. Many of these companies have seen their market values drop in recent weeks as fears about inflation and recession have soured investor and consumer sentiment. Trump reversed his course on Tuesday after hours of announcing higher tariffs. He had pledged to double the tariffs on Canadian steel and aluminum to 50%. The U.S. has agreed to resume its military assistance and intelligence sharing program with Ukraine, after Kyiv announced that it would accept the U.S. offer of a 30-day truce in Ukraine's conflict with Russia. Spot silver fell 0.5%, to $32.76 per ounce. Platinum rose 0.4%, to $978.60. Palladium dropped 0.6%, to $940.53.
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Shanghai copper prices rise on signs of improved China demand
Shanghai copper gained more than 1% in value on Wednesday. This was a result of signs that the demand for metals in China, its largest consumer, is improving. As of 0234 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 1.25% to 78,760 Yuan ($10,901.34) per metric tonne. ANZ analysts stated in a report that the fundamentals have improved, and the ANZ Downstream Copper Demand Indicator shows positive growth in particular in grid infrastructure, electric vehicles, and other areas. Manufacturers, supported by recent stimuli, are ramping production up... inventories of copper cathode in Shanghai and Guangdong have extended their declines since a peak, due to fewer imported in recent months. First Futures analysts said that the refined copper output will probably fall in China in April, as more smelters begin equipment maintenance. Those who suffer severe losses will also lower their capacity utilization rates. In a report published on Tuesday by the state-backed Antaike, the copper cathode production among the smelters that were surveyed increased by 5.28% from January to February to 1.9 millions tons. The research house also predicted that March's output would increase by 4.32% compared to the previous year to 969,000 tonnes. China consumes around half of the global copper supply annually. Analysts at ANZ said that fears of a trade war around the world limited its price increases. SHFE aluminium increased by nearly 1%, to 20,960 Yuan per ton. Zinc rose 0.95%, to 23,935 Yuan. Tin advanced 0.57%, to 263,990 Yuan. Lead was little changed, at 17,455 Yan, while Nickel eased 0.26%, to 132270 Yan. The price of three-month copper at the London Metal Exchange increased by 0.03% to $9,682 per ton. LME aluminium edged higher by 0.22% to $2.710 per ton. Lead added 0.19% at $2.059 while tin edged lower by 0.05% to 33,145. Zinc lost 0.02% at $2.919.5, and nickel dropped 0.15% at $16,455.
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Canadian Energy Minister: Ottawa will respond to US tariffs
Canadian Energy Minister Jonathan Wilkinson said on CNN Tuesday that Canada will respond soon to any tariffs imposed by the U.S., while adding Canada did not want to escalate or cause trade tensions between Canada and the U.S. In response to White House remarks that Canada is viewed by Washington as a rival, the energy minister stated Canada does not want to be a competitor. The White House announced on Tuesday that the 25% tariffs previously planned on steel and aluminium products from Canada and other countries, as well as the United States' northern neighbour, would go into effect on Wednesday. In a series of rapid-fire actions that sent financial markets into chaos, Donald Trump reversed his course on Tuesday after hours of announcing higher tariffs. This switch was made after a Canadian official backed down his own plans to charge 25% more for electricity. The back and forth between the U.S., Canada and other countries further shook financial markets that were already shaky due to Trump's tariff focus. The Canadian energy minister said late Tuesday that Canada was hoping for a positive result and would be watching to see if tariffs were implemented. He said that the tariffs might not be implemented because of the lack of predictability in the past. Reporting by Kanishka in Washington, Editing by Christopher Cushing & Raju Gopalakrishnan
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Euro surgrise on Ukraine ceasefire proposals, tariffs squeeze stock
The euro reached a five-month-high on Wednesday, as Ukraine was ready to accept a ceasefire lasting a full month. Meanwhile, stocks were swayed by the back and forth of U.S. tariffs plans and concerns about an economic slowdown in the U.S. European equity futures jumped by 0.8%, and FTSE Futures climbed 0.3%. This was after the U.S. announced it would resume military aid to Ukraine and share intelligence with Ukraine following Kyiv's acceptance of a U.S. proposed ceasefire. Russia has not yet responded. In New York, the euro reached its highest level since October at $1.0947. It remained steady at $1.0913 during the Asia session. Overnight, the Russian rouble reached a seven-month peak. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.2%. Markets in Hong Kong, China and Japan were all relatively stable. Japan's Nikkei held its ground after falling to a nearly six-month-low a day before. Overnight, the S&P 500 was on the verge of a 10% drop from its record-breaking closing high in February. It ended a volatile session around 0.8% lower. After Ontario suspended its plans to impose a surcharge for exported electricity, President Donald Trump threatened and then backtracked from a 50% increase in steel and aluminum tariffs against Canada. Dollar has fallen, Treasuries are up and stocks have been selling at their highest level in months. Traders worry that tariffs and policy uncertainties will harm U.S. economic growth. Catriona Burst, portfolio manager for a global fund with Wilson Asset Management Australia said: "He is clearly trying to rebalance back the economy in favor of America." She said, "During this initial phase, when he is going hard, the environment in which you are operating is very dynamic." The uncertainty created by the tariffs, and the back and forth on them, is preventing decision-making... the impact that this has on the short-term pocket of the U.S. as well as the growth in that country will be very interesting." Travel stocks were hit after Delta Air Lines slashed its profit forecast by half, and rivals United Airlines and American Airlines warned about deteriorating results and falling government bookings. Investors worried about the economy punished retailers with disappointing financial results. Dick's Sporting Goods shares plunged 5.7% after a gloomy outlook, and Kohl's Corp's shares fell 24% following a decline in sales. Tariffs on steel and aluminum will be implemented later today. The U.S. data on inflation for February will also be released, but it may still be too early to see the impact of tariffs. The central bank meeting of Canada will be closely monitored to see how monetary policymakers in the frontline of Trump's Trade War are thinking. The market has priced in a seventh consecutive rate reduction, which was only a slight possibility two weeks ago. Overnight, the Canadian dollar fell to a low of C$1.443 before rising back up to C$1.443. U.S. stock futures were largely unchanged. The yen slipped from its five-month high, trading at around 148 dollars. The Australian dollar, which is sensitive to risk, was held at just below 63 U.S. Cents. Brent crude futures traded just under $70.00 a barrel. (Editing by Shri Navaratnam).
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Oil prices increase on weak dollar but worries about tariffs impact gains
The oil prices rose early on Wednesday due to a weaker US dollar. However, mounting concerns about a U.S. slowdown, and the impact tariffs will have on global economic growth, capped gains. Brent futures rose by 27 cents or 0.39% to $69.83 a bar at 0110 GMT. U.S. West Texas intermediate crude futures rose 29 cents or 0.44% to $66.54 a bar. Daniel Hynes said that despite the weakening economy, oil remained in a positive market position. This is a good sign that the demand for crude oil in the near term remains strong. Oil prices rose as the dollar index fell by 0.5% on Tuesday to new 2025 lows, making crude oil cheaper for buyers who hold other currencies. Investors were rattled by increased tariffs on imported goods and a deteriorating consumer mood. Trump's protectionist policy has shaken the global markets. He has delayed and then imposed tariffs on Canada, Mexico, and other major oil suppliers, as well as raising duties on China. This has led to retaliatory actions. Trump stated that a "period transition" is likely, but he did not rule out the possibility of a U.S. economic recession. The U.S. Energy Information Administration reported on Tuesday that the U.S. crude production will set a record in supply this year, with an average of 13.61 million barrels a day. Investors will be looking for clues about the future of interest rates in the U.S. Inflation data, due Wednesday. Also, they closely monitor OPEC+'s plans. The producer group announced plans to increase production in April. Market sources cited American Petroleum Institute data on Tuesday to report that crude oil stocks in the U.S. increased by 4.2 millions barrels during the week ending March 7. Investors are now awaiting government data due Wednesday on U.S. stocks to provide further trading signals. (Reporting and editing by Himani Sarkar in New York, Nicole Jao)
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Australia shares are heading for correction as US tariff tensions rise
Australian shares continued to fall on Wednesday, briefly entering correction territory. Investor appetite was dampened by local media reports that the White House confirmed Australia would not be exempted from U.S. tariffs on steel and aluminum. S&P/ASX 200 Index fell by 1.2% at 0001 GMT to 7,793.6. The benchmark index fell up to 1.6% in the morning session. It is now down around 10% from its February 14 high. This is known as a "market correction". Local media reported on the fact that Australia would not be exempted from U.S. tariffs on steel and aluminum that President Donald Trump will impose against other countries. They cited White House spokesperson KarolineLeavitt. The reports stated that Trump had agreed to exempt Australia from tariffs in February, but decided not to do so. This was due in part because of the U.S. surplus trade with Australia. The U.S. stock market continued its biggest overnight sell-off in many months after Trump announced he would increase tariffs on Canadian steel and aluminum products by 50%. These tariffs will take effect in a few hours. Real estate stocks in Sydney fell by as much as 1.5 percent to their lowest level since the second of July 2024. The heavyweight financials fell for the seventh consecutive session, dropping as much as 1,7% and reaching their lowest level since Oct 7, 2024. The 'Big Four" lenders fell between 1.1% to 1.9%. The index fell 0.7%, while the miners' price dropped by 0.7%. BHP Group, the world's largest listed mining company, fell 1.1%. Rio Tinto, Fortescue and Fortescue, on the other hand, both fell by 2.2% and 1.6%. Gold stocks rose 0.8%, bucking the trend. The gold price increased on demand for safe havens amid concerns about an economic slowdown due to tariff wars and a weaker US dollar. The benchmark S&P/NZX50 index for New Zealand fell by 0.9%, to 12,305.19.
Libya's State Oil Company wants to increase output and transparency, says new Chairman
Massoud Suleman, the new acting chairman of Libya's National Oil Corporation, said that it would focus on increasing its output and transparency as Africa's largest oil producer tries to recover from years' worth of instability.
Since 2011, violent factionalism, and disputes over labour have disrupted the oil and gas production of the state-owned firm that oversees it.
Last year, production plummeted multiple times due to rivalry between groups. This included a dispute over the leadership of Libya's central bank that controls oil revenues.
Suleman responded to questions via email by saying, "The National Oil Corporation's strategic plan for increasing production is something we will continue to implement. We can make adjustments whenever needed."
According to NOC, the country will produce about 1.4 millions barrels of crude oil per day by the end of 2024. The longer-term goal of the OPEC nation is 2,000,000 bpd.
Khalifa Abdelsadek told reporters earlier this month that the country needed $3 to $4 billion in order to achieve a production of 1.6 millions bpd.
Suleman said that he also would concentrate on increasing the transparency of NOC, which could include streamlining certain operations and possibly closing some offices.
According to its website NOC owns 15 subsidiaries in full, as well as stakes in joint-ventures and other companies.
Suleman stated, "I will concentrate on ensuring transparency within the National Oil Corporation, so that any investors, whether they are the Libyan government or our foreign partners can be confident that the money invested in the NOC will use it in the best way possible."
Foreign investors are wary about investing in Libya. The country has been divided for years between rival factions of the east and west, backed by Turkey or Russia.
"I'm still trying to get a full picture of the work done by some companies like the Mediterranean Oil Services Company", Suleman said, referring specifically to NOC, which is responsible for procuring equipment and services related oilfield operations.
"I'll probably move cautiously to evaluate some branches and close some of them... particularly some of the recently established branches."
Mediterranean Oil Services is headquartered in Dusseldorf in Germany and, since 2020, in Dubai. Libyan media reported last year that the company opened a branch in Istanbul.
Suleman stated that closing some offices would "simplify the corporate structure and make it easier to manage the company in the future."
CRUDE FOR FUEL SWAPS
He said that he was in touch with the Libyan attorney general regarding a "request for an end to the crude swap program". NOC uses crude-for fuel swaps as a funding alternative.
He also said that he would work with the central banks and the Government of National Unity in Tripoli to determine "the appropriate mechanism to provide sufficient budget to ensure the complete supply of refined products to the country".
He is the first person to comment on possible office closings, and the first to comment on the decision of the Attorney General to stop NOC from using crude-for fuel swaps.
Suleman succeeded Farhat Bengdara in the position of chairman at NOC by mid-January. Bengdara resigned from his position as chairman of NOC in mid-January. He was appointed by NOC in July 2022.
Libya, despite being a member of the Organization of the Petroleum Exporting Countries(OPEC), is exempted from the output limits agreed upon by its members and their allies in the so-called OPEC+ producer group. This includes Russia.
Donald Trump, the president of the United States, has asked that crude oil prices be reduced.
(source: Reuters)