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Chartwell Marine to Design CTV for NR Marine Services
NR Marine Services has commissioned Chartwell Marine to design a new crew transfer vessel (CTV) in response to client requests for a new class of vessel capable of supporting older generation assets, now referred to as legacy turbines.Chartwell Marine has developed the Defiant Class vessel, a 20-meter CTV designed to Workboat Code Edition 3 with IMO Tier 3 compliance featuring a step free flush forward deck, superstructure and modern furnishings and materials used in larger CTVs.The Defiant Class comes in response to the need for a new class of smaller CTV required for legacy turbines.The vessel will retain flexibility to be tailored to different projects from a water jet propulsion system for shallow water sites and hybrid options where budgets allow to internal modularity to suit different racking and seating solutions. “It is always enjoyable bringing a new class of vessel to the market. What’s interesting in this case, is the vessel is based-on ‘legacy vessel’ parameters but with modern up-to-date experienced thinking.“With the Defiant Class, we are able to utilize our proven high efficiency, high seakeeping performance hull form, in a smaller, more dynamic cost-effective platform, appropriate for the legacy turbine projects the vessels are intended to support,” said Andy Page of Chartwell Marine.“NR Marine Services is excited to be the first to bring the brand-new Chartwell DEFIANT Class CTV to the market. With strong industry focus being on the HSOSC market space, the CTV development has been taken away from the smaller vessel market. “Working closely with Chartwell Marine and Diverse Marine we have looked at incorporating as many of the recent CTV developments a possible into a smaller package.“Following an internal fleet review long with external market research, the data shows that there is a potential to replace older tonnage which is between 10-15 years old for near shore projects which have a lifespan that warrants investment in new CTV’s,” added Richard Thurlow of NR Marine Services.
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London Copper rises, but volatility concerns linger
London copper prices rose a little on Thursday. Analysts expect continued volatility due to the uncertainty surrounding trade tariffs, as well as fundamentals of the market. The London Metal Exchange's three-month contract for copper gained 0.2%, reaching $9,663.5 a metric ton at 0100 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract fell 0.7%, to 78660 yuan (10,935.94). The U.S. Dollar fell after data showed that inflation in the largest economy in the world rose less than anticipated in May. This suggests that the Federal Reserve may resume cutting rates sooner than later. The metal price is usually supported by a weaker dollar, which makes it more attractive for buyers who use other currencies. "The U.S. China trade agreement induced a muted reaction from the metal markets," ANZ stated. On Wednesday, U.S. president Donald Trump declared that he was "very pleased" with the trade agreement which restored a fragile truce in trade with China. The deal also removed Beijing's export restrictions on rare earths, and allowed Chinese students to attend U.S. Universities. Although the trade agreement eased concerns about copper prices, uncertainty continues to linger. SHMET, an Shanghai-based commodity analysis house, stated that while inventories at LME warehouses have decreased, China's copper stocks have increased. Inventory increases can indicate a softening of demand. Other LME metals include zinc, which rose by 0.1% per ton to $2,656.5, nickel, up 0.1% at $15,190; tin, down 0.3% at $32,555, and lead, down 0.1% at $1,986. Other SHFE metals include aluminium, which gained 0.6%, to 20,285 Yuan per ton. Zinc rose by 0.1%, to 22,035 Yuan. Nickel fell by 0.8%, to 120,520 Yuan. Tin lost 0.3%, to 264330 Yuan. Click or to see the latest news in metals, and other related stories. DATA/EVENTS (GMT) UK GDP Estimate 3M/3M, April 0600 UK Gross Domestic Product MM,YY, April 0600 UK Manufacturing Output, April 0600 UK Initial Jobless Clm Weekly, 1230 US Machine Mfg PPI, May 1600 US Federal Reserve releases Quarterly Financial Accounts for the United States
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Gold prices rise on weaker dollar and rising Middle East tensions
Gold prices rose Thursday on the back of rising tensions in Middle East, a weaker Dollar, and better-than-expected U.S. Inflation data. As of 0202 GMT, spot gold was up 0.6% to $3,372.46 per ounce. U.S. Gold Futures rose 1.5% to $3393. The U.S. Dollar Index fell to near a two-month low making greenback priced bullion more appealing to overseas buyers. Kelvin Wong is a senior analyst at OANDA. He said that the weakness of the dollar index was a powerful catalyst. Gold faced resistance at $3.346, but the breakout bullish triggered technical selling. The rising geopolitical risk aided the safe-haven assets. President Donald Trump announced on Wednesday that U.S. military personnel would be moved out of Middle East because of increased security risks due to increasing tensions with Iran. In the meantime, U.S. consumer price data revealed that gasoline prices were lower than expected, but inflation could increase due to import tariffs. Trump has again called for the Fed to cut rates significantly. Wong stated that the CPI data is not alarming and could lead to the Fed acting more quickly than expected. The Fed will meet on June 17-18. Traders are now expecting a rate cut of 50 basis points by the end of the year. They await U.S. Producer Price Index data due at 1230 GMT for more clues. Trump also said that Washington and Beijing agreed on a framework for restoring a fragile truce to the U.S. China trade war. This could have avoided higher tariffs. Trump said he would be willing to extend the deadline of July 8 for trade negotiations with other countries before U.S. tariffs increase, but he did not anticipate such a requirement. (Reporting by Anmol Choubey in Bengaluru; Editing by Sherry Jacob-Phillips) (Reporting and editing by Sherry Jacobi-Phillips in Bengaluru)
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Australian shares fall as mining losses offset banks' energy gains
Australian shares were mostly unchanged on Thursday as strong performances by banks and energy stocks partially offset the positive performance of miners. Meanwhile, President Donald Trump’s hint to extend the deadline for trade negotiations eased fears over impending tariff increases. As of 0108 GMT, the S&P/ASX 200 index remained at 8,593 point. The benchmark closed Wednesday at a record high of 8,592.1. Overnight, Trump indicated that he was open to extending the deadline of July 8 for trade negotiations before U.S. higher tariffs go into effect. However, he doubted whether an extension would be needed. China and the United States - Australia's two top export partners - have reached a framework agreement, which has boosted investor confidence for a lasting solution between the superpowers, and eased fears of further disruptions to the market. The lack of specifics could lead to future disputes over tariffs. If the current momentum continues, Chinese export-dependent miners will have their worst session since June 2. BHP, Rio Tinto, and Fortescue all dropped between 0.9% to 2.4%. Energy firms have bucked the trend of gloomy news, rising 1.4% as oil prices reached a new high. The sub-index looks set to post its fourth straight session of gains. Woodside and Santos, major index companies, both gained 1.5% and 0.8% respectively. The "Big Four" banks grew between 0.1% to 0.4%. Gold stocks rose nearly 2% in tandem with bullion price increases. The shares of metals mining company Northern Star Resources rose by about 1%. Qantas, one of the leading performers on the benchmark index with a 4.3% gain, was the most notable corporate news. This came a day after Qantas announced that it would be closing its Singapore-based Jetstar Asia budget airline due to increased costs and competition. The Australian Defence Minister expressed his confidence in AUKUS, despite Trump's administration conducting a formal review. The benchmark S&P/NZX50 index for New Zealand fell 0.1% to 12,592.86.
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Worries about escalating tensions between the US and Iran cause oil prices to rise
The oil prices rose on Thursday, reaching their highest level in over two months after U.S. president Donald Trump announced that U.S. personnel would be moving out of the Middle East. This sparked fears about the potential disruption to supply if tensions escalated with Iran. Brent crude futures increased 15 cents (0.2%), to $69.92 a bar at 1230 GMT. U.S. West Texas intermediate crude rose 22 cents (0.3%), to $68.37. Brent and WTI both surged over 4% on Wednesday, reaching their highest levels since early April. Trump said on Wednesday that U.S. personnel was being relocated out of the Middle East, because "it could potentially be a dangerous area." He added that the United States wouldn't allow Iran to possess a nuclear bomb. According to U.S. sources and Iraqi ones, it was reported on Wednesday morning that the U.S. will be preparing to evacuate its Iraqi Embassy and allow dependents of military personnel to leave Middle East locations due to increased security risks. Iraq is OPEC’s second largest crude producer after Saudi Arabia. Saudi Arabia is the No. Officials from the United States have said that military dependents can also leave Bahrain. Aziz Nasirzadeh, Iran's minister of defense, said Tehran would strike U.S. military bases in the area if nuclear negotiations fail and conflict with Washington arises. Trump has repeatedly warned Iran of bombings if it fails to reach a new deal on nuclear energy. Oil prices were also boosted by optimism about a possible trade agreement between the U.S.A. and China that could increase energy demand in two of the world's largest economies. The Energy Information Administration reported that crude oil inventories in the United States fell by 3.6 millions barrels, to 432.4 million last week. The analysts polled had predicted a draw of two million barrels. (Reporting and editing by SonaliPaul in Houston, ArathySomasekhar)
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The Information reports that OpenAI has discussed raising funds from Saudi Arabian and Indian investors.
The Information reported Wednesday that OpenAI, the maker of ChatGPT, has spoken to Saudi Arabia's PIF and India's Reliance industries, as well as existing shareholders United Arab Emirates' MGX, about its 40 billion financing. According to the report, people who are familiar with the fund-raising said that the investors could each invest at least hundreds millions of dollars. SoftBank, OpenAI's main financier, is seeking to raise additional funds for its ambitious Stargate infrastructure plan and model development. Two sources familiar with the matter said that OpenAI CEO Sam Altman had met earlier this year with India's Minister of IT and discussed India’s plan to create a low-cost AI eco system. Altman then planned to visit UAE in order to raise funds with Abu Dhabi Investment Group MGX. The Information reported that Microsoft-backed startup had also discussed raising $100 million each at Coatue and Founders Fund for the fundraise. The company also plans to raise $17 billion more in 2027. Could not confirm immediately the report. OpenAI, PIF Reliance Industries MGX SoftBank and SoftBank have not responded to our requests for comment.
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White House official: Trump will sign resolutions that nix California's EV regulations
A White House official confirmed that President Donald Trump would sign three congressional resolutions Thursday, which will bar California's electric car sales mandates as well as diesel engine regulations. This confirms an earlier report, citing auto industry and House aides. Trump signs resolutions of disapproval, under the Congressional Review Act, to block California's landmark proposal to end gasoline-only vehicle sales by 2035. This plan has been adopted and endorsed by 11 states representing a quarter of the U.S. automobile market. Trump will sign a resolution repealing a waiver granted in December by the U.S. Environmental Protection Agency, under former Democratic president Joe Biden. This waiver allowed California to mandate at least 80% electric vehicles by 2035. Sources said that the White House invited a number of auto industry officials to join them at Thursday's signing. Trump will sign a congressional resolution to rescind EPA approval for California's plan to increase the number of zero emission heavy-duty trucks by 2023, as well as another resolution regarding California's low NOx regulation, which is a low nitrogen oxide regulation, on heavy-duty highway vehicles and off-road engines. The historic signing of the bill today is a significant victory for American manufacturers, consumers and energy security in the United States. "We thank President Trump for fulfilling his promise to end these extreme mandates, and to ensure that every American has the freedom to choose their vehicle," American Petroleum Institute CEO Mike Sommers stated. The signing of the agreement is a victory for General Motors and Toyota, as well as auto dealers and other automakers who heavily lobbied to stop the rule. It's also a blow to California, environmental groups, and others who say that the requirement are vital to ensure cleaner vehicles and reduce pollution. GM stated that the move will help align emission standards with market realities. California announced in 2020 a plan to require by 2035 that at least 80% new cars sold are electric, and up to 20% of them plug-in hybrids. California Governor Gavin Newsom said he would challenge the repeals at court. He claimed that the action taken by Congress was illegal and estimated to cost California taxpayers $45 billion more in health care costs. California has been granted more than 100 waivers since 1970 under the Clean Air Act. The Alliance for Automotive Innovation (representing GM, Toyota and other automotive companies such as Volkswagen, Hyundai Stellantis, Volkswagen, Hyundai Stellantis, etc.) had previously praised this repeal. John Bozzella said that the EV mandates never could have been met. In reality, to meet the mandates it would be necessary to divert finite capital away from the EV Transition in order for Tesla compliance credits. The latest measures taken in recent months to target electric vehicles are listed below. Separate legislation passed in May by the U.S. House of Representatives would eliminate a $7.500 tax credit on new EVs. It would also impose a $250 annual fee for EVs to cover road repair costs, and repeal vehicle emission rules intended to encourage automakers to build more EVs. The bill would also phase out EV batteries production tax credits by 2028. Reporting by David Shepardson and Steve Holland; Editing and proofreading by Stephen Coates
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Colombia's Petro has threatened to implement a referendum on labor reform as the deadline for the Congress looms.
The leftist president of Colombia, Gustavo Petro, signed a decree on Wednesday to hold a vote on labor reforms. This was an attempt to get the Senate to take a vote on this issue before the session ends later in the month. The referendum proposal seeks a limit on the number of hours that can be worked in a day, an increase in the surcharge from 75% to 100% for work done on Sundays and holidays and the requirement for drivers to pay social security contributions. The Senate is debating the modified reform of labor after rejecting in May a 12-question referendum version in a close 49-47 vote. Petro claimed that this vote was fraudulent. The current legislative session ends on 20 June. Petro and his Interior Minister, Armando Benedetto, stated that the referendum will be cancelled if the reform passes. To be valid, each measure must be approved by a majority of 13.5 million voters - a third the Colombian electoral roll - in order to hold if voted on. The opposition parties claim that Petro's decree amounts to a coup and violates Colombia's Constitution. It also destroys the separation between the three branches of the government. Analysts warn that, in the meantime, the decree may face legal challenges including at the Constitutional Court. The majority of social and economic reforms promised to Petro, who was elected 2022 on promises to end centuries of inequality in Andean countries, have been rejected by legislators. Colombia will hold presidential and legislative elections in the first six months of 2026. (Reporting and writing by Carlos Vargas, Nelson Bocanegra and Natalia Siniawski. Editing and reviewing by Gabriel Araujo and Kyra Madry.
Rio Tinto searches widely for new CEO in contrast to BHP's strong bench
Rio Tinto will be casting a wide net when it searches for a new chief executive officer due to the fact that there is a short list of internal candidates. This is in contrast to BHP's laser-focused succession plan. Rio Tinto, the largest iron ore mining company in the world, surprised investors on Thursday by announcing that CEO Jakob Stausholm would step down at the end of the year, once a new successor has been appointed. The company did not give a reason for its decision.
A source with knowledge of the matter stated that the board held meetings in the last few months on succession with the assistance of executive recruitment firm MWM Consulting. They vetted internal candidates such as Bold Baatar and Simon Trott, while also looking for external leaders.
The next generation of mining leaders must be more aggressive. "There's less of it around, and they will need to take more risks to get that," said a person who consults top executives in the industry.
The two mining giants have been in the process of changing their CEOs at a crucial time. This is because the demand for copper in various technologies, including artificial intelligence and clean energy transition, has become critical.
The year 2024 was marked by a febrile atmosphere as the diversified miner companies failed to pull off major M&A deals. Both companies could hope for success with new leadership.
Baatar (Singapore), Rio's Chief Commercial Officer, is a candidate who has received a lot of support from Rio's own internal candidates.
In a note, RBC analysts stated that Baatar’s communication skills, portfolio knowledge and ability to solve problems (as demonstrated during his time at the Oyu Tolgoi Mine in Mongolia and Simandou Mine in Guinea) will be key for Rio.
The Mongolian has held leadership positions at Rio in the marine and iron ore divisions. In 2016, he joined the Executive Committee, running the Energy & Minerals group before heading the copper division.
Trott is the head of iron ore at Rio. He has been with Rio for more than 20 years. In Australia, Trott brought its largest new iron ore mining in over a decade to market. Trott also oversees a massive programme of replacement tons.
Investors have reacted negatively to his leadership, citing the fact that Rio's ore exports have declined in quality and production has fallen short.
Outside candidates
Pecresse joined the company in October 2023 from General Electric Renewable Energy. Prior to this, he worked for Alstom and Imerys. He is regarded as an understated, sharp leader. His wife is French politician Valerie Pecresse.
Other candidates include former Rio de Janeiro veterans Newmont CEO Tom Palmer and Andrew Cole, the previous OZ Minerals chief executive officer.
This is in contrast to BHP, which has a strong internal team and where the CEO, Mike Henry, is expected to depart within the next year. A new CEO was announced at the time.
BHP rotates its top talent regularly through key roles to ensure it has the depth and breadth of expertise available. As a pre-screening process, the board chair and other members mentor internal CEO candidates for many years, according to a source with knowledge of the company.
In 2016, the company committed to having 40% of its staff be women by 2025. It is currently on track to meet that goal, and two of its top contenders are female.
Geraldine Slattery, BHP's Australia President, is well-liked by investors because of her operational expertise. She previously led BHP's Texas petroleum business. She has worked at BHP for over 30 years. One investor described her as "steely".
CFO Vandita Pant has been hailed as a calm and collected person in these uncertain geopolitical circumstances. She helped guide ABN Amro through the depths of the global financial crises, and worked at RBS with BHP’s new chairman, former RBS CEO Ross McEwan. Pant joined BHP as of 2016. Investors have suggested that her background in finance, and not operations, could be a weakness.
(source: Reuters)