Latest News
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High-Voltage Substation for RWE’s Thor Wind Farm Sails Away from HSM Offshore
HSM Offshore Energy has completed the buildout and delivery oof the Thor offshore high voltage substation (OHVS) for RWE’s Thor offshore wind farm in Denmark.The completed yard constructed and delivery marked the achievement of three major milestones - the load-out of the jacket, the load-out of the topside, and the sail-away of the jacket and substation, which have now left the Schiedam yard and are en route to its final destination off the Danish coast.Thor is a joint 1.1 GW offshore wind project of RWE (51%) and Norges Bank Investment Management (49%).The Thor OHVS is a critical component of Denmark’s largest offshore wind project to date, which will be capable to supply more than one million Danish households with clean electricity.Positioned approximately 22 kilometres off the west coast of Jutland, the substation will collect and transform power from 72 wind turbines before transmission to the onshore grid at Volder Søndervang.Awarded in 2022, HSM Offshore Energy was entrusted with the full EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) contract including HV equipment for both the topside and jacket foundation.The topside measures 39 by 36 by 18 metres and weighs approximately 2,600 metric tonnes, while the jacket spans 40 by 40 by 50 metres and weighs approximately 2,500 metric tonnes.“Delivering the Thor substation from first steel to sail-away has been a highly rewarding and technically complex journey. This achievement reflects the deep dedication, expertise, and teamwork across all disciplines, partners and subcontractors. The Thor project demonstrates what’s possible when innovation and integration come together - and it sets a new benchmark for what offshore substations can and should be,” said Koen Moons, Project Manager at HSM Offshore Energy.The installation of the Thor OHVS is expected to take place later in summer 2025, with the commissioning to follow, Günther Fenle, Project Director for Thor at RWE added.
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Solstad’s Normand Pioneer CSV Up for Petrobras Job
Norwegian offshore vessel owner Solstad Maritime has secured work for its Normand Pioneer construction support vessel (CSV) for the end-client Petrobras.The vessel will be on a bareboat contract from Solstad Maritime to Solstad Offshore (SOFF), which is the contract holder with Petrobras.Normand Pioneer CSV will be mobilized with a heave compensated E-type gangway system from Ampelmann to the contract that will beging in October 2025.Duration of the contract is 180 days firm and has a gross value of approximately $17 million, including mobilization.Built in 1999, Normand Pioneer features UT 742 design, and is capable of accommodating 73 people.
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Platinum reaches its highest level in over a decade, gold drops weekly
The dollar was stronger and the U.S. economy showed solid results. Gold prices were flat and headed to a weekly decline. Platinum reached its highest level since august 2014. As of 0156 GMT, spot gold was unchanged at $ 3,337.59 an ounce. U.S. Gold Futures declined 0.1% to $3343.20. Bullion is down 0.5% this week. The dollar was 0.1% weaker against its rivals last Friday but it was on track for a second consecutive weekly gain. The dollar's strength makes bullion priced in greenbacks more expensive for holders of other currencies. Kelvin Wong, senior market analyst at OANDA, said: "We're starting to see some data that still supports a somewhat vigilant U.S. economic outlook. Market participants may still be looking for a situation in which we don't expect a Fed that is very dovish." Data released on Thursday showed that U.S. Retail Sales rose more than anticipated in June. The sales increased by 0.6% after a 0.9% decline in May, which was not revised. Initial U.S. jobless claims dropped 7,000, to 221,000 seasonally adjusted for the week ending July 12. The economists polled had predicted 235,000 claims. The data were strong and showed that the largest economy in the world was on stable ground. This supported the Federal Reserve's hesitation to resume monetary policy ease. Fed Governor Christopher Waller, however, said that he still believes the U.S. Central Bank should reduce interest rates by the end of the month due to mounting risks for the economy. In a low interest rate environment, gold, which is often seen as a safe-haven in times of economic uncertainty tends to perform well. Investors closely monitored trade negotiations as U.S. president Donald Trump expanded his tariff war. Palladium rose 1.4% to 1,297.78 per ounce to its highest level since August 2023. Spot platinum also rose by 1%, to $1472.20 an ounce. Silver was unchanged at $38.12. (Reporting and editing by Rashmia Aich, Subhranshu Sahu, and Brijesh Patel in Bengaluru)
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Copper prices rise on positive US data and China's demand expectations
Copper prices on the London Metal Exchange and the Shanghai Futures Exchange rose on Friday, supported by stronger-than-expected U.S. economic data and expectations of increased Chinese buying after the recent price dip. The most traded copper contract on SHFE gained 0.5%, to 78.290 yuan per ton. However, it was still 0.19% down this week. The U.S. data is encouraging and has boosted the hopes for better demand for copper. This also reduces the likelihood of immediate interest rate reductions, according to a metals analyst in Beijing at a futures firm. Retail sales in the United States increased by 0.6% in June, after a 0.9% decline in May that was not revised. The number of Americans who filed new unemployment benefit applications fell last week. This indicates that job growth has been steady so far this month. The LME copper stock has been increasing, especially at its Asia warehouses, as traders are betting that China will buy more with the recent price drop, but it is unclear whether or not this will happen. The total copper stock at LME registered warehouses As of Thursday, the number of tons of coal in Asian warehouses, such as Gwangyang, Taiwan, and Gwangyang, had risen by 34.8%. The market is still waiting for the confirmation of the deadline of August 1, and the details of the U.S. 50% tariff on copper imports. LME tin rose by 0.47%, to $33,170 per ton. Aluminium gained 0.41%, to $2,588.5. Lead climbed 0.28%, to $1,978.5. Zinc advanced 0.24%, to $2,743.5. Nickel fell 0.04% to $16,090. SHFE zinc rose 1.18%, to 22,340 Yuan per ton. Tin gained 0.77%, to 263,760 Yuan. Nickel grew by 0.67%, to 120,430 Yuan. Aluminium grew by 0.47%, to 20,520 Yuan. Lead dropped 0.3% to 16 820 yuan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 1230 US Housing starts Number June 1400 Preliminary US U Mich Sentiment July (Reporting and Editing by Sumana Niandy; Reporting by Hongmei LI)
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Japan's core inflation slows, but remains above BOJ target. This keeps bets on a hike alive
Japan's core rate of inflation, while slowing in June, has remained above the central bank target of 2% for more than three years. This highlights the lingering pressures on prices that support market expectations for future interest rate increases. The data shows the difficulty the Bank of Japan faces when determining how soon it will resume raising rates from their still low levels, while balancing the mounting pressure on inflation and the risks that U.S. Tariffs pose to an already fragile economy. Data released on Friday showed that the core consumer price index, which excludes volatile costs of fresh foods, increased 3.3% from a previous year in June. This was consistent with a market consensus. The increase was lower than the 3.7% in May, mainly due to the resumption gasoline subsidies. However, it remained above the 2% target set by the central bank for the 39th consecutive month. Separate index which excludes both fuel and fresh food costs, closely monitored by the BOJ to measure domestic demand-driven price increases, rose 3.4% from a previous year in June after rising 3.3% in May. "Underlying Inflation remains elevated and will almost certainly exceed the Bank of Japan forecasts." The BOJ may be hesitant to act for a longer period of time than expected, given the trade tensions that are threatening the economy. The BOJ is expected to review the data at its next policy session on July 30 and 31. At this meeting, the board will revise its inflation forecast as part of a quarterly assessment. Food prices, excluding volatile fresh foods like vegetables, increased 8.2% from a year ago in June, an acceleration from the 7.7% increase in the previous month, which is a sign that cost of living pressures are increasing in households. Data showed that the cost of rice staples nearly doubled compared to the previous year, resulting in a 19% increase in the price of rice balls and a 6.5% rise in the prices of sushi. The data revealed that service-sector prices rose by 1.5% from 1.4% in may, indicating that companies passed on higher labour costs, albeit at slower rate than goods. The BOJ ended a ten-year-old, radical stimulus program last year. In January, it raised the short-term rate to 0.5% on the belief that Japan is on the verge of achieving its 2% inflation goal. The central bank may have signalled that it is willing to increase rates, but the impact of increased U.S. Tariffs on the economy forced them to lower their growth forecasts for May. This complicated the decision-making process around when to raise the rate next. The first quarter of the year saw Japan's economy shrink as higher living costs impacted consumption. Exports dropped in May, the first drop in eight months. This stoked recession fears. In a poll conducted in June, a slight majority of respondents expected that the BOJ would not raise rates this year.
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The Women's Euro semi-finals will be decided by the result of the sensational penalty shootout between England and Sweden.
England defeated Sweden 3-2 on Thursday in a stunning penalty shootout which featured 14 attempts. The reigning champions had fought from 2-0 to force the match to extra time. The game was thrilling, as England was on the verge of being eliminated only to win the match. The Sweden goalkeeper Jennifer Falk was able to save four penalties. However, she missed the winning penalty, which England seized with glee. Lucy Bronze put the holders in the lead, before Swedish teenager Smilla Homberg sent her shot high over the crossbar and ended the match. The Swedes looked different as they took an early lead. Stina Blackstenius set up captain Kosovare Aallani, who scored in the second after England had given the ball away for cheaply. Blackstenius outran Jess Carter and scored herself with a confident finish in the 25th. The Swedes were comfortable in the first half, while England struggled. Sarina Wiegman made a number of changes after the break. She brought on Beth Mead in the 70th and Esme Morgan a few minutes afterwards. Bronze scored a goal for England in 79th minute. He met Kelly's corner and headed home from a close angle. This re-ignited the white-clad crowd. Agyemang then levelled the score two minutes later, with a poacher finish. The game went to extra-time. The game was decided by penalties after extra time, with both sides having their chances. Falk's excellent saves put the Swedes in the lead, even though they missed their first penalty kick. Bronze was the winner, despite the fact that she had saved Grace Clinton from a certain defeat. Holmberg's 18-year old self was under pressure after Sofia Jakobsson missed. She fired over. When asked about her feelings after the dramatic win, England goalkeeper Hannah Hampton said, "Right Now, I Don't Know, I Don't Know." You can see the excitement all around. At the final whistle, Wiegman exhaled a sigh. It was difficult. It was one of the most difficult games I have ever seen. Extremely emotional. We could have been sent off four or five more times during the match. "It's bad to be 2-0 down by halftime," she said. "We started off really bad and then we improved at the end the first half and we improved in the second but we didn't produce anything so we needed to change our shape. We scored two goals, which was already crazy. She added, "We go into extra time, with some players injured, others cramping up, Hannah Hampton covered in blood, and then we move on to penalty shootouts, where we miss but they miss more, and we are out." The final will be held in Geneva, Switzerland on Tuesday. (Reporting and editing by Pritha Sakar, Philip O'Connor)
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New York cancels offshore wind transmission plans amid federal uncertainty
It said that the New York State Public Service Commission had terminated its offshore transmission planning due to a stalled federal permit, in order to protect ratepayers of New York State from premature infrastructure costs. This ends the Public Policy Transmission Needs process, which was seeking proposals for delivering up to 8 gigawatts (or more) of offshore wind energy to New York City before 2033. The commission cited federal actions that have halted new offshore wind leasing, permitting and it claimed this makes short-term project implementation unfeasible. Rory M. Christian, Chair of the Commission, said: "Given Washington's uncertainty we need to act now to protect consumers." This is not the end. We'll continue to move forward as soon as the federal government re-starts the permitting process. The commission stated that New York remains committed to offshore wind. Existing projects such as South Fork Wind, Empire Wind, and Sunrise Wind remain unaffected. Hillary Bright, the executive director of Turn Forward, an organization that promotes offshore wind energy, said, "Shovel ready offshore wind projects will add significant capacity to the U.S. Grid just when it is needed most." Experts from all over the world warn that the U.S. is soon going to face a shortage of power due to the escalating demand for AI, cryptocurrency and other digital economies. The commission has instructed its staff to use lessons learned from the PPTN to inform future planning. They will focus on affordability, reliability, and risk reduction. The 2026 Clean Energy Standard Biennial Review will include additional guidance. "Now isn't the time to limit the contribution of any source of energy. Bright said that the U.S. must continue to develop all energy sources to remain competitive in the future. Reporting by Anjana Anil from Bengaluru, and Nicholae Groom from Los Angeles. Editing by Richard Chang & Matthew Lewis.
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Talen acquires power stations in Pennsylvania and Ohio for $3.5 Billion
Talen Energy announced on Thursday that it would be acquiring two Pennsylvania and Ohio power plants for a total of $3.5 billion. The company also said it expected the acquisition to increase the free cash flow per stock by more than 40% in 2026. In extended trading, shares of the company rose by about 16 percent. Two combined-cycle gas fired plants are located on the PJM electricity market. The U.S. demand for electricity has increased for the first two decades. This is due to the rapid growth in data centers and artificial Intelligence, which has caused Big Tech companies scramble to find reliable energy sources. Talen will pay Caithness Energy $1.46 billion cash for its Moxie Energy Center in Pennsylvania. This project, which is a 1,105 Megawatts (MW), natural gas-fired combined cycle generator, belongs to and is controlled by Caithness Energy. Talen is to pay $2.33bn in cash for the 1,875MW Guernsey Power Station located in Ohio owned by Caithness & BlackRock. The total value of the deal is expected to be around $3.8 billion. Talen, in June, expanded its nuclear partnership with Amazon. It will now supply up to 1,920MW of electricity through its Susquehanna Plant in Pennsylvania. This is to meet the growing electricity demand. Talen CEO Mac McFarland said, "The deal adds more than an equivalent nuclear power plant of the Susquehanna to our platform. This will allow us to provide large loads service." Both the Moxie and Guernsey transactions are expected to close during the fourth quarter. The company will also issue new debt of about $3.8 billion to refinance the target debt and fund the acquisitions. This debt will be issued using both secured as well as unsecured instruments. (Reporting from Sumit Saha, Bengaluru. Editing by Shailesh Kuber)
BHP's fourth-quarter output of iron ore exceeds expectations on Pilbara strength
BHP Group reported Friday that its fourth-quarter iron ore production was better than expected. It also exceeded the upper-end of its guidance for iron ore and for copper in fiscal 2025. This was due to the strength of the supply chain at the central Pilbara hub.
After the South Flank mine ramp-up last year, the company underwent a debottlenecking process at its Pilbara operations. This helped to boost the company's output in the second quarter of this year, compensating for a poor March quarter which was affected by two tropical storms.
BHP produced iron ore in fiscal 2025 at 290 million metric tons (Mt), which was higher than its forecast for the full year of 282 to 294 Mt. It is expected to produce between 282 Mt and 294 Mt of iron ore in fiscal 2026.
The largest listed mining company in the world said that iron ore production on a 100 percent basis from these operations was 77.5 Mt for the three-month period ended June 30. This is up from 76.8Mt a year ago.
This was better than the Visible Alpha consensus of 75.90 Mt.
BHP's copper production for fiscal 2025 was 2,02 Mt, which is at the top of its guidance range. This estimate is in line with Visible Alpha's consensus estimate of 2,0 Mt.
(source: Reuters)