India Pledges $680m in Economic Assistance for Mauritius
India agreed on Thursday to provide about $680 million in economic assistance to Mauritius for healthcare, infrastructure and maritime security projects, as New Delhi pushes for greater influence in the Indian Ocean nation in competition with China.The assistance, in the form of grants and lines of credit, also includes support for development and surveillance of the marine protected area of the Chagos archipelago, which houses a U.S.-British air base on the island of Diego Garcia.Britain in May ceded sovereignty of the Chagos Islands to Mauritius…
Lockheed Martin Q2 Profit Plunges After $1.6b Pretax Loss
Lockheed Martin reported on Tuesday that its second-quarter profit plunged by about 80%, after the U.S.
Tighter Emissions Regulations, Slower Economy to Soften Marine Fuel Demand
Stricter environmental regulations and slower global economic growth will soften marine fuel demand in the coming years, the International Energy Agency said in its annual report on Tuesday.Marine fuel sales jumped last year due to Red Sea disruptions that made shipping companies take longer routes.But demand for those fuels, also called bunkers, could flatline at around 5 million barrels per day (bpd) in 2024-2030, because of weak underlying shipping growth and rising costs from tougher maritime environmental standards…
Bulker S&P Activity Falls Sharply in Q1 2025
Due to market uncertainty, overall sale and purchase levels for Bulkers have fallen year on year, with a decrease of c.58% and just 77 reported this year to date, compared to 182 for the same period last year. Since the US proposed fees to Chinese-built vessels entering US ports in February, sale and purchase levels for Chinese-built Bulkers has fallen by c.58% with just 62 transactions reported since February, compared to 146 for the same period last year.Sales for Bulkers built in China fell from c. 42% in Q4 2024 to c. 33% in Q1 2025, falling below Japan who ranked first, representing c.
NUWC Division Newport: $2 Billion Impact on Economy in 2024
The total funded program of the Naval Undersea Warfare Center (NUWC) Division Newport reached $2 billion in 2024, according to the recently released economic impact report.Of its total operating budget, $776 million was spent by Division Newport in civilian payroll and labor, materials, operational expenditures, property maintenance and repair, and military payroll, while $1.2 billion funded contracts.One of two divisions of the Naval Undersea Warfare Center, Division Newport has a workforce comprised of 51% government civilian employees…
U.S. Stimulus, Consumer Spending Drives West Coast Imports to New Heights
The surge in U.S. container imports continued in April when West Coast loaded imports amounted to 1.10m TEU. Imports had never exceeded this level until August 2020, and developments in the past nine months mean that April imports are only the sixth highest on record. In the first four months of the year volumes are up by 40.3%, representing an increase of 1.2m TEU from the same period in 2020. Compared to 2019 volumes are still up by an impressive 22.8% (+793,500 TEU).Imports decreased in April compared to March when volumes were record high at 1.16m TEU.
