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Zelenskiy: Ukraine will conduct preemptive strikes on Russian war facilities
In his evening address on Wednesday, Volodymyr Zelenskiy said that Ukraine would carry out preemptive strikes?on the facilities Russia uses for its war. Kyiv is expanding its strikes on energy infrastructure to try and force Moscow into negotiations. Zelenskiy stated that he had instructed his intelligence services and military forces to take preemptive action against Russian facilities used to increase their 'war effort. As the fuel crisis intensified, Kyiv continued to attack refineries and energy assets. Industry sources say that the capital's Moscow refinery, which was heavily damaged by a?Ukrainian swarm attack, will be off-line for at least six month. This will complicate Russian efforts to combat fuel shortages across the country. The 'rare official data' published on Wednesday revealed that Russia's production?of petroleum products?and of coke fell 13.5% in May compared to the same month last year, an acceleration from previous declines. Since its invasion of Ukraine, Russia has stopped publishing many of its oil production and export data.
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Stocks fall as dollar surges to an all-time high
The stock market fell on Wednesday as valuation concerns continued to affect sentiment. The Dow ended higher while the S&P 500, Nasdaq and benchmark S&P 500 all finished lower on Wall Street. Gains were driven by consumer discretionary, utilities and industrials stocks. The biggest losers were energy stocks as the flow of crude through the Strait of Hormuz continued to push prices down. After a selloff Tuesday, technology stocks have reversed their early gains and continue to fall. Investors have been hesitant as they 'priced-in' at least one Federal Reserve rate hike this year. The Dow Jones Industrial Average increased by 0.35%. S&P 500 dropped 0.1%. And the Nasdaq Composite declined by 0.43%. Brandon Pizzurro said that the market was experiencing some rotation after the rush to AI-related stocks. It's time to take a step back and reflect on the progress we've made in recent weeks. MSCI's global index of stocks fell by 0.16%. The broader regional index of European stock markets finished the day roughly unchanged. A 15% drop in the shares of Rheinmetall after media reports said that the German Government was planning to scrap an?delayed, multi-billion euro frigate project? was partially offset by gains in a few heavyweight luxury and technology stocks. Wasif Latif is the chief investment officer of Sarmaya Partners. He said: "We are probably nearing peak hawkishness when it comes to interpreting the Fed’s new stance. It looks like this is what's driving asset prices." STRAIT OF HORMMUZ The price of crude oil fell this week, continuing the losses from the previous week. It is now trading at a four-month low, as more tankers stuck in the Gulf will be moving out of the Strait of Hormuz. The outlook is uncertain, as the U.S., Iran and other countries are giving conflicting accounts of what they agreed to under their peace agreement, such as key elements like nuclear inspections and the control of the Strait. Brent crude oil fell 4.33% to $73.74 per barrel on Monday. DOLLAR JUMPS As markets expect Fed rate increases, the U.S. Dollar rose for a 3rd straight day against a basket major currencies to its highest level in a full year. The dollar's strength has weakened the euro, with investors expecting the European Central Bank to increase rates more in this year. However, they are pricing in the likelihood that the Fed will raise borrowing costs. The euro traded at its lowest level in over a year. It was down for the third day, trading at $1.1357. The yen also fell on the day. It traded?around 161.81, which kept markets on edge about potential currency intervention to support the battered Japanese yen. The dollar index rose by 0.19% to a high of 101.58. This is the highest since May 2025. The stronger dollar pushed gold prices down to their lowest level in more than seven months. Spot gold dropped 2.69%, to $3.997.69 per ounce. (Reporting and editing by Lincoln Feast; Nia Williams; Aurora Ellis; Edmund Klamann; Satoshi Sugiyama; Additional reporting in Tokyo)
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Battery storage is the new focus for lithium producers as the demand shifts away from EVs
Leading producers said this week that the lithium industry has become more optimistic about a recovery in the market as booming battery storage systems help offset a slowdown on some 'electric vehicle markets. Electric vehicles were the main drivers of lithium demand in recent years. However, changes to regulations in the United States as well as elsewhere have led to a cooling in sales on some key markets. This slowdown coincided in tandem with an overproduction of lithium, which pushed prices down sharply. The market is changing due to the growing demand for stationary batteries storage systems. This is largely driven by artificial intelligence, and the efforts made to improve power grids. The period of overcorrection in the market is over, said?RajuDaswani, CEO at consultancy Fastmarkets. Energy storage is now the primary growth driver in this market. He said that Fastmarkets estimated the lithium demand for battery?systems was growing by 40% each year. Daswani said at the Fastmarkets Global Lithium, Battery and Critical Materials Conference, held in Las Vegas. The organizers reported that attendance at the conference -- which is considered to be the "world's largest gathering of lithium executives, investors and consumers" -- increased by 10% this year, reaching approximately 1,100 attendees. The mood was markedly different from the 'dark one that pervaded 2025's conference. Since then, lithium prices have tripled. Jerome Pecresse is the head of Rio Tinto’s aluminum and Lithium business unit. The company aims to increase lithium production capacity to 2028. Albemarle is the world's biggest lithium producer. It noted that battery storage has been growing steadily, as opposed to the fluctuating demand for EVs. Eric Norris - the chief commercial officer of the company - said on the sidelines of the conference that "grid storage is much more evenly distributed throughout the world." It's a very interesting demand driver. As a sign of increased market demand, ioneer announced?on Monday that it had signed a Letter of Intent with Hyundai Engineering and a South?Korean Government arm to support its 'Nevada Lithium Project. GOVERNMENT PRICING SUPPORT IS STILL NEEDED Despite an improving market, executives have urged governments do more to support lithium processing - a segment dominated largely by low cost Chinese?companies. Last week, G7 leaders, for example, agreed to improve coordination efforts in order to boost Western lithium and nickel markets. What are governments willing pay for supply security? "There's a tax that needs to be paid, but it hasn’t been paid," said Dale Henderson, CEO of PLS - Australia's biggest independent lithium producer. Audrey Robertson, U.S. Assistant Energy Secretary, encouraged the industry to focus on technology innovations that could change the way the markets for lithium, and other critical minerals, function. Robertson said on the sidelines of the conference that the way lithium is processed today will not be the same in five years. (Reporting and editing by Ernest Scheyder)
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Stocks fall as dollar hits an all-time high
The stock market fell on Wednesday. Wall Street's gains were erased, and European shares were little changed. Valuation worries continued to weigh on the sentiment. Meanwhile, the dollar rose to a new high. The technology stocks that were hard hit on Tuesday reversed their early gains and continued to fall ahead of the earnings report from Micron, whose chips are a key component in driving AI. Investors have been hesitant as they priced in at minimum one rate increase from the Federal Reserve for this year. The Dow Jones Industrial Average was higher on Wall Street while the S&P 500, Nasdaq and benchmark S&P 500 were down. Gains were driven by consumer discretionary, materials and industrial stocks. The biggest losers were energy stocks as the flow of crude oil through the Strait of Hormuz continued to push prices down. The Dow Jones Industrial Average rose by 0.46%. The S&P 500 dropped by 0.28%. And the Nasdaq Composite declined by 0.76%. Brandon Pizzurro is the chief investment officer of GuideStone. He said that some of the rotation we see in AI stocks has to do with how fast we have moved. It's time to take a moment and reflect on how far we've come over the past few weeks. MSCI's global index of stocks fell by 0.31%. MSCI's Asian equity index outside Japan increased by 0.04%. South Korea's KOSPI rose 3.26%, after falling 10% the previous session. In Europe, the broader regional stock exchange finished roughly unchanged for the day. The 15% drop in shares of Rheinmetall after media reports that the German government was planning to cancel a delayed,?multi-billion-euro frigate, was partially offset by gains made in heavyweight luxury and technology stocks. Wasif Latif is the chief investment officer of Sarmaya Partners. He said: "We are probably nearing peak hawkishness when it comes to interpreting the Fed’s new stance. It looks like this is what's driving asset prices." Investors are also trying to position themselves for Micron's earnings announcement. STRAIT of Hormuz Crude oil prices dropped, extending losses from this week and trading near four-month highs on signs more tankers stuck in the Gulf will be moving out of the Strait of Hormuz. The outlook is uncertain, as the U.S. has given conflicting reports about what the two countries agreed to as part of the peace deal. This includes key elements like nuclear inspections and the control of the strait. Brent crude oil fell to $73.74 per barrel, a drop of 4.33% for the day. DOLLAR JUMPS The U.S. Dollar rose for the third consecutive day against a basket major currencies, reaching its highest level in a full year as markets expect Fed rate hikes. The euro was, however, one of the biggest victims of the dollar strength as investors reduced their expectations that the European Central Bank would raise rates more in this year while pricing in an increased chance that the Fed would increase borrowing costs. The euro traded at its lowest level in over a year. It was down for the?third consecutive day, trading at $1.1352. The yen also fell on the day, trading at 161.81, which kept markets on edge about a possible currency intervention designed to support the battered Japanese yen. The dollar index increased by 0.24%, reaching its highest level since 2025. The stronger dollar has pushed gold prices to their lowest level in more than seven months. Spot gold dropped 3.2% to $3976.73 per ounce.
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Oil markets begin to indicate near-term excess supply as tankers leave Strait of Hormuz
Brent crude oil prices for second-month delivery traded higher than the price for immediate delivery on Wednesday for the first since the start of the Iran war in late February. This signals an 'increased supply near-term. Brent crude oil, the global benchmark traded 12 cents more for contracts with September delivery than those with August deliveries, suggesting the market has priced in a large supply of crude in the near-term. We have the 'prospect of a rush of physical supply coming out of the Arab Gulf. Neil Crosby is the head of Sparta Commodities' research. "We are currently in a mini-supply as we need to entice demand back," he said. U.S. Energy Secretary Chris Wright told the Global Energy Forum that around 20 million barrels of oil left the Strait of Hormuz over the last 24 hours. He described the shipments as the return of normal flow. Shipping data shows that three stranded tanks carrying 5 million barrels were leaving the Gulf on Wednesday as the interim agreement between Iran and the U.S. helped unlock supplies trapped in the Gulf. "People are trying to unload contracts quickly because of the flood of oil that is coming into the market from the Middle East." Bob?Yawger is director of energy futures for Mizuho and he said that there will be a lot of sales in August. Globally, physical crude oil cargoes are being sold at a discount. This is changing the?trade flow as markets come under pressure due to Middle?Eastern supplies that are increasing rapidly. Iran's sales could increase following a temporary reprieve of U.S. sanction. (Reporting from Georgina McCartney, Houston; Siddharth Cavale, New York. Editing by Rod Nickel.)
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Gold falls to a seven-month low after dollar firms and rate hike bets increase
Due to the pressure from a stronger dollar and expectations of an interest rate increase, gold prices dropped to a seven-month-low on Wednesday. Gold spot fell 3.3%, to $3.973.79 per ounce at 2:00 pm EDT (1800 GMT), having hit its lowest level since 2025. U.S. Gold Futures closed 3.4% lower, at $4,008.80. Dollar-priced gold became more expensive to holders of other currencies as the U.S. currency firmed. After the U.S. Central Bank's latest policy meeting, traders have increased their bets that interest rates will rise in the U.S. this year. They are also concerned about inflationary pressures resulting from the Iran War. Tai Wong, a metals trader who is independent, stated that the'market pricing' a rate increase as early as September, due to a Fed that has become more hawkish, as well as a dollar surging at its highest level in 13 months, combined with lower inflation expectations, are placing heavy pressure on precious materials. He added that "for gold, there is support at just under $3.900, and central bank purchasing continues, so a crash is unlikely. However, expect a long period of consolidation, as the gold market is no longer in favor." When interest rates increase, gold becomes less appealing to investors because it does not offer a yield. Spot gold has lost more than 1,600 per ounce since it reached a record high of $5,594.82 at the end of January. ING analysts have cut their gold predictions. They now expect prices to average $4.300 per ounce during the third quarter in 2026 - and $4.600 for the fourth. This is compared to their previous projections which were $4.850 and $5,000 respectively. Investors?also await U.S. The Fed's preferred measure of inflation, Personal Consumption Expenditures, is due Thursday. Lukman Otunuga is a senior research analyst with FXTM. He said that more hawkish signals or economic data supporting the argument for higher rates could translate into further downside risks for gold. Silver spot fell 9.1%, to $56.41, after reaching its lowest level since Nov.?2025. Standard Chartered stated in a 'note' that silver is 'vulnerable to volatility in the near term due to outflows of exchange-traded commodities, but a market undersupplied suggests a recovery in price in the next few months. Palladium fell 6.8%, to $1153.68, and platinum dropped 5.5%, to $1560.72.
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Stocks recover as Dollar rises to an all-time high
The stock market rebounded Wednesday, despite a drop in technology stocks. This was partly due to concerns over stretched valuations. Meanwhile, the dollar reached a new high. The technology stocks that were hard hit on Tuesday started to rise ahead of Micron's earnings, whose chips are a key component in the AI boom. Investors priced in at minimum one rate increase from the Federal Reserve for this year, but sentiment was still fragile. All three Wall Street indexes rose, with gains driven by consumer discretionary, materials and industrial stocks. The biggest losers were energy stocks as the flow of crude through the Strait of Hormuz continued to push prices down. The Dow Jones Industrial Average increased by 1.12%. The S&P 500 rose by 0.84%. And the Nasdaq Composite grew by 0.89%. Wasif Latif is the chief investment officer at Sarmaya Partners. Investors are trying to position themselves for Micron's earnings announcement. The MSCI index of global stocks rose by 0.45%. MSCI's index for Asian stocks outside Japan increased by 0.15%. South Korea's KOSPI rose 3.5%, after falling?10% the previous session. The broader European stock market remained roughly unchanged for the day. The shares of Rheinmetall fell 15% after reports that the German government was planning to cancel a multi-billion euro frigate project. This decline was partially offset by gains made in heavyweight luxury and technology stocks. STRAIT of HORMUZ On signs that more oil tankers stuck in the Gulf will be moving out of the Strait of Hormuz, crude oil prices continued to fall, trading at four-month lows. The outlook is uncertain, as the U.S., and Iran, have given conflicting reports about what they agreed to in their peace agreement, including important elements like nuclear inspections, and control of the Strait. Brent dropped to $73.53 a barrel, a 4.55% drop on the day. DOLLAR JUMPS The U.S. dollar rose for the 'third day in a row against a basket major currencies, reaching its highest level in over a year. Markets expect Fed rate increases. Investors lowered expectations that the European Central Bank would raise rates more than they did this year. They also priced in a higher chance of the Fed raising borrowing costs. The euro traded at its lowest level in over a year. It was down for the third day, trading at $1.1354. The yen also traded around 161,77 on this day. This kept?markets on alert over a possible currency intervention to prop up the battered Japanese?currency. The dollar index rose by 0.21%, to 101.60. This is its highest level since 2025. The stronger dollar has pushed gold prices to their lowest level in more than seven months. Spot gold dropped 2.35%, to $4.011.69 per ounce.
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Rubio pledges security to Gulf leaders amid Iran deal concerns
U.S. Secretary Marco Rubio met with the leaders of the United Arab Emirates (UAE) and Kuwait (Kuwait) on Wednesday. He pledged not to undermine the security of these Gulf allies, as he tried to reassure Gulf Allies sceptical about a 'proposed deal' to end the U.S. - Israeli war against Iran. The U.S. and Iran?accord signed last week is the first between American and Iranian Presidents since the?1979 Islamic Revolution. It includes a $300 billion fund proposal and the lifting of certain sanctions against Tehran. Rubio, who arrived in Abu Dhabi, the capital of the UAE late Tuesday night for a three day tour through the oil-rich Gulf region is on his first high level diplomatic mission to discuss the agreement that will end the four month old war with Iran. He told reporters in Kuwait when he made his second stop of the tour, "We won't do anything to undermine the security our long-standing allies." During the war, Tehran battled two of the most powerful militaries in the world and effectively took control of the Strait of Hormuz. Commercial shipping of oil was "heavily" disrupted and shook the energy markets and world economy. Rubio hosted a working dinner in Abu Dhabi, the capital of the UAE. He was joined by other high-ranking officials including Sheikh Tahnoun bin Zayed Al Nahyan, National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan, and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan. Rubio went on to Kuwait, and then to Bahrain. All three countries host American strategic military bases, and they were all hit by Iranian missiles during the conflict. This resulted in civilian deaths. Kuwaiti state news agency KUNA reported that Rubio had held discussions with Kuwaiti Emir Sheikh Meshal Al-Ahmad Al-Sabah about efforts to bolster stability and security. The State Department reported that he also attended the raising of the flag at the U.S. embassy, which had resumed its operations following Iran-linked drone strikes. The American flag, a symbol for liberty, unity and freedom is now proudly flying over Kuwait City. Kuwait is a vital partner in regional security and stability," Rubio said on social media after the ceremony. RUBIO TO? ADDRESS REGIONAL CONCERNS In a meeting held with the UAE President, the State Department reported that Rubio had discussed with him the Memorandum of Understanding with Iran, the safe transit of the Strait of Hormuz and the importance of peace for the region. Rubio reaffirmed U.S. support for the security of the Emirates - a major oil producing country. U.S. allies in the region are particularly concerned that Iran may use $300 billion of the proposed amount to rebuild its military. The agreement does not address Tehran’s ballistic missile capability, a concern to Gulf States, who were hit by Iranian drones and missiles during the war. Rubio, the top American diplomat, has been absent from Iran-related talks in recent weeks. Vice President JDVance led a roundtable discussion with Iranian counterparts at the weekend?in Switzerland. As a result, the UAE, which is a global financial hub that prides itself on its stability in an unstable Middle East, will face significant economic strains. SEPARATE NEGATIONS OVER THE STRAIT OF HORMUZ A diplomat who was briefed about the talks stated that Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani met with Oman in Muscat to discuss the possibility of initiating talks involving Iran, Iraq and Gulf Arab States on the Strait of Hormuz. These discussions are not part of the U.S. - Iran peace talks. The shipping has started flowing through the Strait of Hormuz. This has led to a fall in the oil price. However, the long-term management and operation of the waterway is still being discussed between Iran, Oman, and other Gulf States. A diplomat said that there were plans to hold regional reconciliation talks in Saudi Arabia, between Iran, Gulf Arab States and possible other regional countries. Rubio's comments during his trip to the region will be closely examined to see how he frames the deal, which many Republicans in Congress believe amounts to capitulation. Rubio has a delicate mission: he must defend an accord preliminary that Trump supports, but he must also address in a credible manner the concerns of Gulf counterparts. Last week, Iran and the United States signed a memorandum outlining 14 points that outlined 'broad agreements to end the conflict. The interim agreement paved the path for 60 days of talks to resolve thornier issues, such as those related to Iran's nuke programme. The central question in the talks is what happens to Iran's highly-enriched uranium. This includes material that has been enriched up to 60% purity. That is a small step away from the 90% required for weapons-grade uranium. Tehran claims its nuclear program is for peaceful purposes. (Francois Murphy, Doina Ciacu, and Katharine Jack in Washington, and Gram Slattery, Michael Georgy, and Don Durfee in Vienna; editing by Don Durfee and Howard Goller; Sharon Singleton, Ali Williams, and Ali Williams; writing by Gram Slattery, Michael Georgy, and Howard Goller; additional reporting by Francois Murph in Vienna)
Trump Halt on Offshore Wind Hits US Shipbuilders, Ports
U.S. shipbuilders and port operators are getting hit in the fallout from President Donald Trump’s campaign to wipe out the offshore wind industry, suffering hundreds of millions of dollars in lost government support, vanishing vessel orders, and an uncertain future for the billions of dollars' worth of investments.
The impact represents an unintended consequence of Trump’s policy on the offshore wind industry, which has included stop-work orders and permit reviews for massive projects that were spurred by former President Joe Biden's green investment policy.
Trump calls offshore wind an unsightly and inefficient technology that harms whales and birds. But he is also a huge supporter of U.S. maritime industries that he views as crucial in the global competition for trade and military dominance of the high seas.
"He has a counterproductive argument," said Joe Orgeron, a Republican Louisiana state representative and former offshore vessel business owner, who pointed out the offshore wind industry was responsible for many ship orders in recent years. “That all came to a sudden halt, unfortunately."
Reuters interviewed 13 port representatives, shipbuilders and trade groups who detailed the knock-on impacts of Trump’s policy moves targeting offshore wind, the details of which are reported here for the first time.
The impacts include more than $679 million worth of canceled Department of Transportation financing for ports to support offshore wind, including a $34 million grant for a facility in Salem, Massachusetts that was expected to generate $75 million in tax revenue over 20 years and create 800 jobs.
Meanwhile, orders for new offshore wind service vessels - designed to carry workers and huge turbines offshore or to lay undersea cable - have also disappeared, according to trade group Oceantic, following a busy 2024 that saw the launch of at least 10 U.S. vessels built to serve offshore wind.
Existing vessels are also being sold off, or considered for redeployment to other global regions, according to the reporting.
The Trump administration said it can revive the U.S. shipbuilding and port industry, which has suffered from years of cost-inflation and a dearth of government support, without offshore wind’s support.
"This administration will restore America’s maritime dominance by modernizing our ports and expanding our shipbuilding capacities to compete with communist China," the U.S. Department of Transportation told Reuters.
"We’re also doing it as quickly and cost-effectively as possible— two attributes completely absent in offshore wind manufacturing."
BIG CANCELLATION
Danish shipping giant Maersk canceled a $475 million contract earlier this month for a ship that was custom designed to install massive turbines at the Empire Wind power project off the coast of New York, laying bare the downturn in vessel demand.
Equinor's Empire Wind had been embroiled in Trump’s opposition to offshore wind earlier this year when the administration issued a stop-work order that delayed its construction for a month.
The ship’s builder, Singapore-based Seatrium, said it was evaluating its options for the vessel, which was nearly fully built, and could take legal action.
Offshore wind’s rise in the Northeast in recent years had fueled robust demand for many such vessels, including several built in U.S. shipyards or flying U.S. flags, according to trade group Oceantic Network. It said the sector cumulatively has attracted $5.1 billion in port investments and $1.8 billion in vessel orders.
Among the vessels built is the $715 million Charybdis, the only U.S.-flagged wind turbine installation vessel, which is now working on Dominion Energy’s D.N Coastal Virginia Offshore Wind project.
Louisiana’s Edison Chouest also built two major offshore worker housing vessels for Equinor and Orsted projects currently under construction.
But that work is drying up.
Offshore wind developer US Wind said in court documents filed this month it had been on track to secure specialized vessels for offshore wind installation, but the Trump administration's efforts to stop its Maryland project had disrupted that progress.
Such vessels are scarce and booked years in advance, requiring early action to meet construction timelines, the company said.
Rhode Island’s Blount Boats, which began building crew transfer vessels for offshore wind in 2016, said it has stopped completely.
“We’ve moved on,” said Executive Vice President Julie Blount. “There are no contracts for those boats, and it’s simply because the Trump administration has closed that down.”
Meanwhile, some existing vessels serving offshore wind are being sold off.
Houston-based Seacor Marine announced in August it would sell two U.S.-flagged liftboats — used on the Block Island and South Fork offshore wind farms — to Nigerian oil and gas services company JAD Construction for $76 million, citing delays and cancellations.
Seacor did not respond to a request for comment.
Other ships face uncertain futures. The $200 million Acadia, America’s first rock installation vessel, will likely work overseas after completing jobs for Equinor and Orsted, said Bill Hanson of Great Lakes Dredge & Dock Corp.
The company has no plans for more offshore wind vessels.
PORTS REELING TOO
Oceantic estimated last year that more than two dozen U.S. ports were pursuing offshore wind projects. Many of those lost critical funding after the DOT canceled 12 grants worth $679 million in August, hitting projects in states including Massachusetts, New York, California, Maryland, and Virginia.
"It’s realistic to look at the current landscape and see that this industry is going to be deeply challenged by the current administration," said Salem Mayor Dominick Pangallo, whose city’s port project is struggling after a funding cancellation.
In Northern California, the Humboldt Bay offshore wind port that lost $426.7 million - the bulk of the canceled DOT funding - is expected to be delayed by about five years to at least 2035, according to Chris Mikkelsen, executive director of the Humboldt Bay Harbor, Recreation and Conservation District.
The project is hoping to be able to tap funds from a state climate bond to make up for the lost federal money.
In Norfolk, Virginia, the developer of a marine logistics terminal that lost a $39 million DOT grant submitted a revised proposal refocusing the project away from offshore wind to align with the administration's priorities, city economic development officials told Reuters.
Some port projects are still underway. Equinor's South Brooklyn Marine Terminal, which will support its Empire Wind project, is 70% complete and has employed about 3,000 workers, according to a company spokesperson.
In Maryland, US Wind says it is sticking with its plan for a shoreline steel manufacturing facility that could serve the shipbuilding and energy industries despite both the cancellation of a $47.4 million port grant and the administration's plans to revoke the permit for its offshore wind project. But US Wind has also warned in court documents that it could face bankruptcy if its project is canceled.
Jim Strong of the United Steelworkers union, which has a deal to supply workers for US Wind's facility, said he was optimistic that Trump would see how investments in offshore wind can reverberate through industries that he cares about.
"He showed a tremendous amount of passion in his campaigns in talking about steel," Strong said of Trump. "I want to believe that once the story is out there, that there could be a change of positions."
(Reuters)