Quiet Time for Ship Recyclers
As August winds down, global markets gave us another week of shy half-gestures and newlywed hesitant moves, says cash buyer GMS, all while confidently pretending they were marching somewhere important.“Oil traders kept one eye on inventories, the other on geopolitics, and both cockeyed on the clock as WTI closed at USD 64/barrel with Brent just above USD 68—moves so small they looked like rounding errors. Yet the steady draw of about 3 million barrels from U.S.
Canada Launches New Major Projects Office
The Canadian Prime Minister, Mark Carney, has launched the new Major Projects Office (MPO).The MPO is headquartered in Calgary and will have offices in other major Canadian cities. Its mandate is to serve as a single point of contact to get nation-building projects built faster by streamlining and accelerating regulatory approval processes and by helping to structure and co-ordinate financing of these projects as needed.The MPO will accelerate projects by creating a single set of conditions…
Trump Wants Defense Renamed Department of War
The Trump administration is advancing plans to rename the Department of Defense as the Department of War, the Wall Street Journal reported on Saturday, citing a White House official, after U.S. President Donald Trump raised the prospect on Monday.Restoring the Department of War name for the government's largest department would likely require congressional action, but the White House is exploring alternative methods to implement the change…
Norway Selects British-Made Frigates
Norway said on Sunday it had chosen Britain as its strategic partner for the acquisition of new frigates in its biggest ever military investment, in a deal worth some 10 billion pounds ($13.51 billion) to boost the Nordic country's maritime defence.Germany, France, Britain and the United States had offered rival frigate designs in competition."The frigates are an essential part of our defence because they are key to defend our sovereignty…
Israeli-Owned Tanker Reports Nearby Explosion
British maritime security firm Ambrey said on Sunday that a Liberia-flagged Israeli-owned tanker reported an explosion nearby, southwest of Saudi Arabia's Red Sea port city of Yanbu.A vessel reported "a splash in close proximity from an unknown projectile and heard a loud bang", the United Kingdom Maritime Trade Operations (UKMTO) said, adding that the vessel's crew were all safe and it was continuing to its next voyage.In a later update, Ambrey said it assessed the vessel to be "aligned with" t
Egypt Signs Exploration Deals with Global Firms
Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday.The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production.Egypt, once a regional exporter, has increasingly turned to imports to meet rising domestic demand as output declines from a
Belize-Flagged Bulk Carrier Damaged Near Odesa
A civilian bulk carrier flying the flag of Belize has sustained minor damage after hitting an unknown explosive device near the Ukrainian seaport of Chornomorsk, two sources told Reuters on Sunday.Chornomorsk is a large and strategically important seaport in Ukraine's southern Odesa region, one of three Ukrainian ports operating in a maritime transport corridor linking the Black Sea to the Mediterranean…
Greta Thunberg Joins Gaza Aid Flotilla
Climate campaigner Greta Thunberg joined a flotilla of boats loaded with aid for Gaza as they set sail from Barcelona on Sunday, aiming to break Israel's naval blockade and deliver food and other humanitarian supplies to the shattered enclave.Thousands of supporters gathered at Barcelona's port to see off the boats, many of them waving Palestinian flags and chanting "Free Palestine" and "It's not a war…
US Builds Forces in Caribbean: Why?
A large buildup of U.S. naval forces in and around the Southern Caribbean has officials in Caracas and experts in the United States asking: is the move aimed at combating drug cartels, as the Trump administration has suggested, or is it for something else entirely?Seven U.S. warships, along with one nuclear-powered fast attack submarine, are either in the region or are expected to be there soon, bringing along more than 4,500 sailors and marines.U.S.
