Latest News
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Fugro Lands Deepwater Gas Field Job in Southeast Asia
Fugro has signed a letter of award to perform a site characterization program for a deepwater gas field development in Southeast Asia.The contract award represents the largest geotechnical and geophysical survey project for Fugro in the Asia Pacific region to date, reflecting the positive momentum of deepwater developments in the region.The complex project builds on a combination of Fugro’s onshore, nearshore and offshore geophysical and geotechnical survey services.Geo-data acquisition is scheduled to begin in the third quarter of 2025, with fieldwork estimated to last approximately one year. Detailed testing and consulting deliverables will continue into 2027.Supporting site planning and engineering design, the resulting ground model will be made available to project owners in near real-time, to facilitate faster decision-making by project engineers and improved collaboration with stakeholders including regulatory agencies.Fugro did not disclose the name of the client or the value of the contract.
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Louis Dreyfus Takes Delivery of Two New Offshore Wind CTVs
Singaporean shipbuilder Strategic Marine has delivered two new Crew Transfer Vessels (CTVs) to Louis Dreyfus Armateurs (LDA), expanding its high-specification offshore wind support fleet.The newly delivered StratCat 27 vessels, sister ships to Acti’Vent and Esti’Vent, will be deployed in the growing offshore wind sector in France and Europe.Built at Strategic Marine’s Singapore shipyard, the 27-metre aluminum catamarans are based on the proven design and can accommodate 24 technicians each."In line with our commitment to deliver operational excellence, we are confident that these two StratCat27will reliably support the growing offshore wind market in France and Europe,” said Gaël Cailleaux, Renewables Managing Director at LDA.“We are delighted to deliver these two state-of-the-art CTVs to our valued customer Louis Dreyfus Armateurs. These vessels are the second pair of CTVs which we have delivered in the past two years.“The deliveries mark another important milestone in our shared commitment to advancing offshore wind operations through innovation, quality, and performance. The StratCat 27 continues to prove its value across Europe and Asia, and we look forward to seeing these vessels in action,” said Chan Eng Yew, CEO of Strategic Marine.
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Dollar ticks higher as gold retreats from four-week high
The gold price fell on Tuesday as it retreated from a near four-week-high, but investors remained cautious due to the uncertainty surrounding the U.S. China trade agreement. As of 0249 GMT spot gold dropped 0.3% to $3369.98 per ounce after reaching its highest level since the 8th of May earlier in session. U.S. Gold Futures were unchanged at $3,390. Metal gained 2.7% the previous day, its best daily performance in over three weeks. Brian Lan, Singapore's managing director of GoldSilver Central said that the dollar has recovered a little and gold is down. Lan said that gold still closely tracks developments in global trade and, while investors have reduced their gold positions slightly, it's not as much as in the past when tensions seemed to ease. The U.S. Dollar Index recovered from its six-week low. White House announced on Monday that U.S. president Donald Trump and Chinese president Xi Jinping would likely meet this week. This comes after Trump accused China in a series of tweets for violating an agreement aimed at reducing tariffs and trade barriers. The U.S. tariffs for imported steel and aluminium are set to double on Wednesday to 50%, coincident with the deadline that Trump's administration has set for other countries to present their best trade offers. The European Commission announced on Monday that it would continue to make a strong argument this week to convince the U.S. of its need to reduce or remove tariffs, despite Trump's decision on Tuesday to double import duties for steel and aluminum. According to Russian media, Russia said to Ukraine on Monday at the peace talks that it would not agree to the end of the war until Kyiv gave up large new pieces of territory and accepted limits to the size of its military. The price of palladium rose 0.1% to $990.26. Platinum was unchanged at $1,062.46. (Reporting and editing by Rashmi aich, Eileen Soreng, and Anmol Choubey from Bengaluru)
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Financial Times - 6th June
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Defence Review: UK Must Spend 68 Billion Pounds to Modernise Military EU limits Chinese medical devices in a new trade dispute Saudi Aramco sells bonds worth $5 billion to combat lower oil prices Merck has held talks with Swiss biotech MoonLake to purchase it for more than $3bn Uber re-appoints Khosrowshahi as chief operating officer, easing his grip View the full article A long-awaited review of Britain's strategic defence suggests that the country will have to spend 68 billion pounds (92.02 billion dollars) to prepare for modern warfare. The EU has restricted imports of Chinese medical equipment in response to Beijing's alleged discrimination in public contract bids against foreign manufacturers. Saudi Aramco is the largest oil company in the world. On Monday, it announced that it raised $5 billion through a bond issue. The company said it was preparing for a possible drop in oil prices, and for future borrowing. Merck held discussions over the acquisition of Swiss biotechnology company MoonLake Immunotherapeutics for more than $3 billion. Uber's chief executive Dara Kosrowshahi has shaken up the senior leadership. (Compiled by Bengaluru Newsroom)
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London copper prices remain unchanged; concerns about tariffs resurface
Investors weighed the impact of a weaker dollar and resurgent concerns about possible tariffs against the support provided by declining inventories. The London Metal Exchange's three-month copper fell 0.29%, to $9.589 per metric tonne at 0105 GMT. The dollar index, which measures six major currencies against the U.S. dollar, has fallen to its lowest level since late April. A softer dollar makes greenback-denominated assets more affordable to holders of other currencies. On Friday, U.S. president Donald Trump announced that he would double import tariffs for aluminum and steel, increasing them to 50%, effective on Wednesday. This renewed concerns over potential copper tariffs. ANZ Research reported that "U.S. Trade officials are reviewing the impact on local industry of U.S. Copper imports, and a report is due in the coming weeks." Copper is also supported by improving fundamentals. The LME registered warehouses reported a drop in copper stocks on Monday The 45% drop since mid-February has brought the total to 148.450 tons. This is the lowest level in nearly a year. Other London metals fell by 0.36%, to $2.457 per ton. Zinc dropped 0.43%, to $2.686.5; lead fell 0.63%, to $1.968.5; and nickel lost 0.75%, to $15.420. Tin rose 0.2% to $31,770. The Shanghai Futures Exchange's (SHFE) most traded copper contract gained 0.51%, to 78150 yuan per ton ($10,855.52). The price of aluminium in the SHFE remained unchanged at 20,085 Chinese yuan per ton. Lead rose 0.1% to 16,635 Yuan. Nickel increased by 0.47% to 121,650 Yuan. Zinc advanced by 0.63% to 22425 Yuan. Tin fell by 0.55% to 25,520 Yuan. $1 = 7.1991 Chinese Yuan (Reporting and editing by Sumana Niandy)
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Concerns about supply from Iran, Russia and Canada cause oil prices to rise
Early Tuesday morning, oil prices in Asia rose on supply concerns. Iran is set to reject the U.S. proposal for a nuclear deal that would ease sanctions on Iran, a major oil producer. Meanwhile, wildfires in Canada have affected production. Brent crude futures rose 55 cents or 0.85% to $65.18 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude was up 59 Cents, or 0.94 %, to $63.11 per barrel after rising by around 1% in the previous session. Both contracts rose by nearly 3% the day before after OPEC+ decided to limit the increase in production in July to 411,000 barrels a day. This was lower than the market expected and similar to the rise in previous months. Tuesday's prices were supported by geopolitical tensions. Iran is set to reject the U.S. proposal for settling a decades-old dispute over nuclear energy, an Iranian diplomat told Reuters on Monday. The proposal, he said, does not address Tehran's concerns or soften Washington’s stance regarding uranium enriched. If the nuclear talks between Iran and the U.S. fail, this could lead to continued sanctions against Iran. This would limit Iranian oil supply and support oil prices. The conflict between Russia and Ukraine has continued to fuel supply concerns as well as geopolitical risks. A wildfire in Alberta, Canada, has caused a temporary shut-down of oil and gas production. This could lead to a reduction in supply. Wildfires have impacted the production of oil sands by more than 344,000 barrels per day (bpd) in Canada, which is about 7%. The huge jump in oil prices Monday was mainly due to relief that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which included Russia, had not increased production more than they did in the two previous months. In a note, Daniel Hynes said that investors had unwound the bearish positions built up before the weekend's meetings.
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Officials say that Russian attacks have killed at least five people in the east of Ukraine.
Officials said that Russian shelling on Monday killed at least 5 people in eastern Ukraine's frontline areas. Vadym Filashkin, governor of Donetsk Region, focal point of Russian military's slow western advance, stated that one person died and two were injured in the city Kramatorsk. If Russian forces continue to advance through the Donetsk Region, this city will be a major target. Filashkin reported that three more people were injured and two killed in Illinivka, a town located further south. Prosecutors in Kharkiv, further north, said that two women were murdered in a village to the south of Kupiansk. The village has been under Russian attacks for several months. Last month, the mayor of Kupiansk said that his city had been 90% destroyed.
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Alberta wildfires interrupt 7% of Canada’s oil production
Calculations show that wildfires in Canada's oil producing province of Alberta affected the production of more than 344,000 barrels of oil sands per day, or approximately 7% of Canada's total crude oil output. Over the weekend, at least two thermal oil-sands producers south of Fort McMurray, the hub of the industry in Canada's north, evacuated their workers and shut down production. Canadian Natural Resources announced that it had evacuated its Jackfish 1 site and halted production of approximately 36,500 Bpd. Cenovus Energy announced that it had evacuated all non-essential staff from the Christina Lake oil sands facility and had shut down production of approximately 238,000 barrels per day. The company stated on Sunday that it was not aware of any damages to its infrastructure, and expects its Christina Lake operations to resume in the near future. MEG Energy announced on Friday that it had evacuated its Christina Lake facility. The company continued to produce at the site, but said that Saturday the fires had caused a power failure that was delaying the startup of Phase 2B operations. This represents approximately 70,000 barrels of production per day. Wildfires also have affected Alberta's conventional oil and gas production. Aspenleaf Energy was forced to stop production due to a fire burning in the north of the province near Swan Hills. Canada produces approximately 4.9 million barrels per day. According to provincial data, Alberta has 49 active wildfires. Manitoba has 24 active fires. Saskatchewan has 16. According to the AirNow page of the U.S. Environmental Protection Agency, Monday's air quality in parts of Minnesota, North Dakota and Wisconsin reached unhealthy levels. In 2023, Canadian fires will blanket the U.S. East Coast with smoke. This will force millions of Americans indoors. Alberta Premier Danielle Smith announced on Monday that 400,000 hectares (988.422 acres), up from 9,000 last week, had now burned across the province. She added that nearly 5,000 people had been evacuated and that the government has reactivated its cabinet committee for emergency management due to concerns about the worsening situation in the province. Smith told Saskatoon reporters, "We have to be able respond quickly." According to the Canadian Interagency Forest Fire Centre, as of June 1 a total area of 1.4 millions hectares had burned across Canada. Manitoba warned 17,000 people last week to leave the remote northern part of the province due to wildfires. In the last decade, wildfires have affected oil and gas production in Canada. Suncor Energy, Canada’s second largest oil sands company, temporarily halted production at its Firebag Complex due to an adjacent fire. Alberta's wildfires will burn more than 100 times in May 2023. This means that companies will shut down at least 319,000 barrels equivalent to oil per day or 3.7% of Canada’s total production. In 2016, thousands were evacuated from Fort McMurray as a wildfire destroyed a large part of the town. This forced companies to cut their oil production by one million barrels a day.
Statkraft, Norway's largest steel producer, reports a drop in profits and says that politics may have an impact on costs
Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity.
Birgitte Vartdal, CEO of Birgitte Ringstad, said that "potential trade wars would increase costs, and reduce the efficiency in the market."
Statkraft's earnings before interest and taxes (EBIT) dropped from 11.5 billion Norwegian crowns to 5.1 billion Norwegian Crowns ($459m) compared to 11.5 billion a previous year.
It said that the benchmark Nordic System power price has fallen to an average of 31,10 euros per Megawatt-hour, down 46.3% on a year-on-year basis.
The EBIT of the state-owned utility fell by 36% from 41.4 billion crowns to 26.5 billion crowns.
Vartdal said that if global political tensions lead Europe to increase its industrial production then this would result in a higher energy demand.
She said that another key uncertainty is what will happen to the Russian gas supplies to Europe. This refers to the fact that the Russian gas supply has been largely curtailed at present and if a peace agreement in Ukraine could mean a return of the flows.
Vartdal stated that "no Russian gas or a large amount of Russian gas will have an effect on the (energy) price."
Since Moscow's invasion in Ukraine, 2022, Europe has shifted to alternative gas supplies and increased wind and solar energy generation. This has reduced its gas needs.
(source: Reuters)