Latest News
-
Van Oord Receives Hydraulic Engineering Accolades for Offshore Wind Work
Dutch offshore installation firm Van Oord has been awarded the prestigious Jan Agema Award 2025 for its contribution to the offshore wind project Borssele III, IV and V.The jury praised the project for its technical innovation, societal relevance, and future-proof design, highlighting it as a powerful response to the urgent energy transition in the North Sea.The Jan Agema Award, established by the Dutch Association of Hydraulic Engineers in honor of Jan Agema, encourages innovation in hydraulic engineering.The award is presented every five years to the most innovative project of the preceding period.For the first time, an offshore wind project was submitted and selected, marking a milestone in recognizing sustainable energy solutions within the hydraulic engineering sector.Van Oord has now received the Jan Agema Award twice, having previously won in 2015 for the Second Maasvlakte project.The Borssele wind energy area (1,400 MW), located off the coast of Zeeland, comprises five sites. Borssele V features several scalable and reusable innovations, including the slip-joint technique for fast, safe and maintenance-free foundation installation in deep waters. Oyster reefs have been integrated into the scour protection around the turbines to enhance seabed biodiversity.“This project brings together everything the sector stands for: technical innovation, societal relevance and future resilience. The jury sees this wind farm as a powerful response to a pressing societal challenge: the transition to sustainable energy in the North Sea. At the same time, the project demonstrates that this transition offers opportunities for technical breakthroughs and international impact,” said the Jury of the Jan Agema Award:Van Oord played a pivotal role as Balance of Plant contractor, with early involvement in both design and execution. Thanks to close collaboration with clients, research institutes and industry partners, the project was successfully delivered. Borssele illustrates how trust and integrated supply chain cooperation lead to sustainable innovation.“Offshore wind is vital for the future of sustainable energy. Strong collaboration and open communication between all parties are essential to realise these projects. It’s also crucial to actively involve young people in these developments, as their insights and ideas are of great value. After all, it’s their future we’re building,” added Jan Willem Elleswijk, Project Director, Van Oord.In addition, the Afsluitdijk dyke reinforcement project, carried out by construction consortium Levvel (Van Oord, BAM, Rebel and Invesis) on behalf of Rijkswaterstaat, was awarded second place.
-
Gold reaches record levels on the back of trade anxiety, as Asia stocks rally with Wall Street
The stock market rose in most of Asia, and the chip sector was buoyant after a strong overnight rally by U.S. counterparts. Wall Street's strong start to earnings season also lifted the mood. The simmering trade tensions between Beijing, Washington and Tokyo increased the appeal of safe-havens such as gold (which reached a new record high) and the Japanese yen while undercutting dollar. Crude oil prices rose after U.S. president Donald Trump announced that Indian Prime minister Narendra Modi had promised to stop purchasing oil from Russia. This country supplies around one-third its imports. Nikkei gained 0.8% in Japan, as shares related to chip technology and artificial intelligence boosted the index. All three equity benchmarks reached new highs. The KOSPI in South Korea jumped by 1.8%, while Australia's equity index climbed by 1.1%. Taiwan's TSMC will report earnings in the afternoon, following Dutch chip-making tools manufacturer ASML, which reported third-quarter orders, operating income and profits above market expectations. Hong Kong and mainland Chinese stocks were also higher, after an initial wobble. This was despite the drag of trade tensions. The U.S. Stock Futures are flat after overnight gains of 0.4% for the S&P500 and 0.6% for the tech-heavy Nasdaq. The Philadelphia SE Semiconductor Index soared 3%. Stock investors were captivated by the AI narrative, and the signs of economic strength in the form of robust U.S. Bank earnings. This was despite Trump's announcement late Wednesday that "the U.S. has entered a trade conflict with China", which the markets already concluded based on recent comments made by both sides. Gold reached a record $4,234.41 an ounce in the last session. The dollar fell for the third consecutive session, falling 0.2% against a basket major counterparts. It fell as much as 0.4%, to 150.51yen. This brought the psychologically important 150-yen line into focus. The Swiss franc also fell 0.4%, another haven currency. The euro increased by 0.2% to $1.1667. Scott Bessent, the U.S. Treasury secretary, said that an extension of current tariff relief was possible and that Trump expected to meet Chinese Leader Xi Jinping later this month in South Korea. The brinkmanship that exists between the U.S.A. and China is still present, according to Kyle Rodda. Senior financial analyst at Capital.com. It will only calm down when China backs off its threat to restrict rare earth exports, and the U.S. reverses the tariff increase scheduled for November 1 to 100%. Markets will be trembling until then." Trump's trade maneuvers have also helped oil prices rise from five-month lows. Brent crude futures are up 0.9%, trading at $62.48 per barrel. U.S. West Texas Intermediate futures are also up 0.9%, trading at $58.81. The U.S. President said on Wednesday that India will stop buying oil from Russia, its largest supplier. Washington would then try to convince China to follow suit as it intensifies its efforts to cut Moscow's revenue and to pressure it to negotiate an agreement in Ukraine.
-
Dalian iron ore reaches a six-week low due to accumulating stocks of steel
Dalian iron-ore futures continued to decline on Thursday and hit a six-week low, as steel inventories in the world's largest consumer China cast doubt on demand prospects. As of 0330 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange fell 0.83% to $774 yuan (US$108.65) per metric ton after hitting its lowest level since September 2, at 769.5 Yuan. As of 0320 GMT on the Singapore Exchange benchmark November iron ore had fallen by 0.11%, to $105 per ton. This was due to hopes for further rate cuts from the U.S. Federal Reserve, which helped to curb some losses. On Wednesday, the contract reached a low of $103.6 per ton. This was the lowest price in nearly a week. A weaker dollar makes commodities priced in dollars cheaper for buyers who use other currencies. Steven Yu, senior analyst at Mysteel, says that the market is now focusing on the stock accumulation in the steel sector, amid signs of a de-escalation in trade tensions between China and the U.S. Yu said that "steel inventories have piled up as a result of the fact that demand is less elastic than supply." The disappointing credit data from China has also raised concerns about the outlook for demand. China's new loans to banks in September were lower than expected, as policymakers struggled to reverse the prolonged property slump and curb overcapacity. The renewed U.S. - China trade war worries, despite the tit for tat port charges, weighed down on sentiment and drove ore prices and steel costs lower. The benchmark steel prices on the Shanghai Futures Exchange have fallen further. The Shanghai Futures Exchange saw a further decline in steel benchmarks. Coking coal, coke and other steelmaking ingredients added respectively 1.22% and 0.67 percent. $1 = 7.1440 Chinese Yuan (Reporting and editing by Amy Lv, Colleen Waye)
-
Oil prices rise 1% after Trump claims India has promised to stop purchasing Russian oil
The oil prices increased by about 1% on Thursday morning after U.S. president Donald Trump announced that Indian Prime Minister Narendra modi had promised to stop purchasing oil from Russia. Russia supplies around one-third the country's imports. Brent crude futures increased 57 cents or 0.9% to $62.48 per barrel at 0046 GMT. U.S. West Texas Intermediate futures (WTI) also gained 0.9% or 54 cents to trade at $58,81. The two contracts reached their lowest levels since early May, in the previous session due to the U.S.-China tensions. Also, the International Energy Agency had warned that a large surplus would be expected next year because OPEC+ producers will increase output amid low demand. Trump announced on Wednesday that India will stop buying oil from Russia, its largest supplier. The U.S. will then try to convince China to follow suit as Washington intensifies its efforts to cut Moscow's revenue and to pressure it to negotiate an agreement in Ukraine. India and China are two of the top buyers for Russian crude oil exports by sea, which is sanctioned both by the U.S.A. and the European Union. Modi has resisted U.S. demands to stop purchasing Russian oil for months. Indian officials have defended the purchases, claiming they are vital to India's energy security. Tony Sycamore is a market analyst with IG. He said, "At a margin, this would be a positive development as it would remove a major buyer of Russian oil (India)." Investors will be looking for the U.S. Energy Information Administration's (EIA's) weekly U.S. Inventory Statistics release on Thursday after the mixed data released by the American Petroleum Institute trade group. Market sources cited API figures to say that U.S. crude, gasoline, and distillate stocks increased last week while inventories decreased. The sources reported that crude stocks increased by 7.36 millions barrels during the week ending October 10. Gasoline inventories also rose by 2.99 million barrels. Distillate inventories, however, fell by 4.79million barrels compared to a previous week. The U.S. remains the world's largest oil consumer. While the distillate stockpiles are down, they indicate a stronger demand for diesel. Analysts predict that U.S. crude stocks rose by approximately 0.3 million barrels in the past week. (Reporting and editing by Jacqueline Wong, Jamie Freed, and Katya Glubkova from Tokyo)
-
Bessent: US may increase stakes in strategic companies against China
Treasury Secretary Scott Bessent announced on Wednesday that the Trump administration would seek to tighten its control over strategic industries by taking more equity stakes into key companies in order to counter China's export restrictions and economic policies. Bessent said at a CNBC conference that China's new restrictions on rare-earth minerals and magnets demonstrate the need for the U.S. be self sufficient in critical materials, or to rely on trusted allies more. Bessent explained that when facing an economy which is not a market economy, such as China, you must exercise industrial policy. Under Donald Trump's presidency, the U.S. has moved away from subsidizing companies to taking direct stakes, including Intel Corp, minerals miner Trilogy Metals, and rare earths miners MP Materials. Bessent stated that more stakes could be placed in sectors critical to the national security of the United States, such as semiconductors, pharmaceuticals, and steel. The administration will also establish strategic stockpiles and price floors for rare earths. Bessent stated that "we're not going into non-strategic sectors and taking stakes, but we have identified seven industries to develop locally." Bessent said that the government must be "very cautious not to overreach", and ensure that its investments are meeting its strategic goals. Bessent criticized also the practices of certain defense contractors and said that the government might have to increase pressure on them in order to improve their performance. He said: "I think our defense companies have fallen behind in deliveries. We may need to prod them, as their largest customer, to do more research and a few fewer stock purchases, which are what really got Boeing into trouble." (Reporting and editing by Stephen Coates; Reporting by David Lawder)
-
REFILE-China's refined metals restriction can only be fired once by Russell
China has once again rolled out a big cannon to curb metals and minerals that are vital for the global energy transformation, as well key components used in weapons and electronic devices. It is no secret that when China restricts exports or threatens to do it, Western governments and businesses are concerned. They have become dependent on China's dominance in the production and processing of refined metals. China has recently decided to tighten up its export restrictions on minerals such as magnets and critical minerals. This behaviour is not without risk for China, since the cannons of export restrictions can only be fired in anger once. It would be a major disruption for Western supply chains if China were to decide to stop selling metals to Westerners, such as rare Earths, lithium cobalt antimony tungsten tungsten, and other metals. It would also lead to a rapid expansion of supply and processing infrastructures in the West. Western nations could easily mine the raw ore that is used to produce many of these metals. It would be difficult to increase refining capacity but it could be done quickly if China stopped supplying Western buyers. The cost would be high, but the West would not have any choice other than to pay it. The need for new supplies would override all financial concerns. China's ultimate risk is that by cutting off Western buyers of refined metals, it could end up destroying its industry due to massive overcapacity while Western buyers develop their own supply chain. China produces 90% of rare earths refined, 90% of graphite and just over 80% of cobalt. China's share is much lower, but when you add its control over Indonesian nickel refinery to the amount of nickel produced in China, it comes out at around 70%. The West could meet its copper needs by relying on other sources than China. POLITICS DRIVER Why does China restrict the export of metals and minerals that are critical to the global economy, when it is only encouraging its customers to create alternative supply chains by doing so? The answer seems to be largely political. China and President Donald Trump are engaged in a difficult trade war. Both sides have made threats to use whatever leverage they can to improve their negotiation positions. Beijing's problem is that, as it imposes more and more restrictions on export of critical minerals, it will encourage the West to build alternative supply networks. China does not even need to fire a cannon. The threat to do so, particularly in the refining of metals, will be sufficient to spur the needed investment from the West. Trafigura's Chief Executive Richard Holtum said at the LME Week Seminar in London, on Monday that processing minerals was more important than mining. Holtum stated that "you do not have national safety if all you have is stuff in the earth." If the West's capitals are increasingly receptive to his message, then it is likely that additional cash will be invested in metals refinery, along with subsidies and incentives, even though existing refineries can't compete at current prices with China. China's export restriction will likely lead to the creation of a global two-tier system for critical metals. This system would be more expensive for Western consumers, but also safer. It would also result in a Chinese system which is cheaper and subject to Beijing's demands. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
-
REFILE - China can only use the big gun once with regards to refined metals restrictions: Russell
China has once again rolled out the big cannon to curb metals and minerals that are vital for the global energy transformation, as well key components used in weapons and electronic devices. It is no secret that when China restricts exports or threatens to do it, Western governments and businesses are concerned. They have become dependent on China's dominance in the production and processing of refined metals. China has recently decided to tighten up its export restrictions on minerals such as magnetizing minerals. This behaviour is not without risk for China, since the cannons of export restrictions can only be fired in anger once. It would be a major disruption for Western supply chains if China were to decide to stop selling metals to Westerners, such as rare Earths, lithium cobalt antimony tungsten tungsten, and other metals. It would also lead to a rapid expansion of supply and processing infrastructures in the West. Western nations could easily mine the raw ore that is used to produce many of these metals. It would be difficult to increase refining capacity but it could be done quickly if China stopped supplying Western buyers. The cost would be high, but the West would not have any choice other than to pay it. The need for new supplies would override all financial concerns. China's ultimate risk is that by cutting off Western buyers of refined metals, it could end up destroying its industry due to massive overcapacity while Western buyers develop their own supply chain. China produces 90% of rare earths refined, 90% of graphite and just over 80% of cobalt. China's share is much lower, but when you add its control over Indonesian nickel refinery to the amount of refined nickel produced in China, it comes out at around 70%. The West could meet its copper needs by relying on other sources than China. POLITICS DRIVER Why does China restrict the export of metals and minerals that are critical to the global economy, if it only encourages the current customers to create alternative supply chains? The answer seems to be largely political. China and President Donald Trump are engaged in a difficult trade war. Both sides have made threats to use whatever leverage they can to improve their negotiation positions. Beijing's problem is that, as it imposes more and more restrictions on exports of critical minerals, it will encourage the West to build alternative supply networks. China does not even need to fire a cannon. The threat to do so, particularly in the refining of metals, will be sufficient to spur the needed investment from the West. Trafigura's Chief Executive Richard Holtum said at the LME Week Seminar in London, on Monday that processing minerals was more important than mining. Holtum stated that "you do not have national safety if all you have is stuff in the earth." If the West's capitals are increasingly heeding his message, then it is likely that more money will be invested in metals refinery, along with subsidies and incentives, to keep existing refining plants operating, even though they cannot compete with China's current prices. China's export restriction will likely lead to the creation of a global two-tier system for critical metals. This system would be more expensive for Western consumers, but also safer. It would also result in a Chinese system which is cheaper and subject to Beijing's demands. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
-
US Judge dismisses the lawsuit of youth activists challenging Trump's energy policy
A federal Montana judge on Wednesday dismissed a lawsuit filed by youth activists to stop President Donald Trump’s fossil fuel energy policies. The court ruled that the suit asked it to oversee hundreds of possible government rules and regulations. In May, a group of youths represented by Our Children's Trust filed a lawsuit alleging that Trump's executive order aimed at "unleashing American energy" was unconstitutional. Their lawyers announced that they would appeal the ruling on Wednesday. U.S. district judge Dana L. Christensen stated in an order that the activists, while they had demonstrated that Trump's policies would harm them, asked him to take a broad role in climate regulation which would exceed his powers as a court. This court would have to monitor a large number of federal agency decisions to see if they violated its injunction. Christensen stated that this is a request which cannot be met because plaintiffs have no precedent. Julia Olson, Our Children's Trust's chief legal counsel, said in a press release that Trump's policies on energy are causing irreparable damage to the health and safety of the 22 youths who filed the lawsuit. Olson stated, "We will appeal because the courts cannot afford more protection to fossil-fuel companies who want to protect their profits than young Americans who are trying to preserve their rights." The Justice Department didn't immediately respond to an inquiry for comment. Trump, a Republican from the United States, announced executive orders in early January that aimed to maximize oil and gas production and roll back environmental protections, as well as withdraw the U.S. According to the United Nations, scientific evidence shows that fossil fuel emissions are a major cause of climate change and rising temperatures. In their lawsuit, activists claimed that Trump's policies will cause them to suffer a number of harmful effects, including life-threatening conditions due to rising temperatures, air pollutants from wildfires, and flooding caused by increasingly powerful storms. They asked the court for a declaration that Trump's orders were illegal, to block their implementation and to roll back any policy changes resulting from them. The Trump administration stated that the activists did not have the right to dictate climate policies through litigation, and instead should seek redress via the political process. In a court filing, lawyers for the U.S. Department of Justice stated that "a self-designated children and young plaintiffs assert they are better placed to set national energy policies than the President of United States." (Reporting from Jack Queen in New York, Additional reporting by Luc Cohen, Editing by Chizu Nomiyama Rod Nickel and Aurora Ellis.)
Bessent: US expects Japan not to buy Russian energy
U.S. Treasury secretary Scott Bessent told Japanese Finance Minister Katsunobu Kato on Wednesday that the Trump administration expected Japan to stop importing Russian oil.
Bessent, who spoke on X after the meeting on Wednesday, said: "Minister Kato & I discussed important issues pertaining the U.S. - Japan economic relationship as well as the Administration's expectations that Japan cease importing Russian Energy."
Bessent met with Kato on the sidelines this week of the G7, G20 and annual meeting of the International Monetary Fund.
When asked if Japan had been urged to stop buying Russian energy from Bessent, Kato replied that Japan would do its best to follow the principle of coordination with G7 nations to achieve peace in Ukraine.
The Group of Seven nations (G7) - the U.S.A., Japan Canada, Britain France Germany and Italy -- agreed this month to coordinate, intensify and target sanctions against Moscow for its war in Ukraine. They will do so by targeting countries who buy Russian oil, thereby enabling sanctions circumvention.
(source: Reuters)