Business

China’s Wanhua Chemical has declared force majeure on supplies to its Middle East customers, a company representative said on Monday. The force majeure – a provision in a contract that relieves parties from their obligations because of an extraordinary event – came into effect on March 7, according to a letter Wanhua sent to customers […]

To fund the transaction, Diana Shipping secured a fully underwritten financing commitment of $1.433 billion from a group of international banks. This consortium includes DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank. The latest bid follows a previous attempt on November 24, 2025, when Diana Shipping offered $20.60 per share in […]

G7 finance ministers will on Monday discuss the possible release of emergency oil reserves, a French Government source said, in response to surging oil prices resulting from the Middle East conflict. The talks were first reported by the Financial Timeswhich said the International Energy Agency would join the discussions. Three G7 countries, including the US, […]

Aramco is attempting to reroute some of its crude exports through the Red Sea port of Yanbu to avoid the Strait of Hormuz, where the risk of Iranian attacks has slowed shipping to a near halt. Aramco sold two million barrels of Arab Extra Light crude to Japan’s second-largest refiner Idemitsu Kosan in a third […]

When asked if a supplementary budget might be drawn up in case the Middle East crisis is prolonged, Kim said: “If any additional financial resources are needed…we have to seriously think about it.” Earlier on Monday, President Lee said a KRW100 trillion ($66.94 billion) market stabilisation programme should be expanded if needed, and called on […]

Assembly of a 700-tonne gantry has commenced at berth three in Devonport to support the arrival of new Ro-Pax ferries. This infrastructure is necessary for the operation of the new Spirit of Tasmania fleet, according to a statement from Premier Jeremy Rockliff on March 8. Designed to facilitate the loading and unloading of vehicles and […]

In January, a consortium led by Toda Construction started commercial operations at the Goto offshore wind farm in Nagasaki in southern Japan, marking the country’s first commercial floating wind project. In March, Japan started commercial operation at Kitakyushu Hibikinada offshore wind farm in the country’s south, making it Japan’s largest offshore wind farm, with capacity […]

The acquisition of Svitzer Barrington and Switzer Nobby’s was just one of the notable developments that occurred in 2025, which Phillips described as a solid year for Svitzer Australia. “Trade volumes have remained resilient, and demand for reliable towage services is strong. Ports are handling larger vessels on tighter schedules, which places a premium on […]

But never mind, as the Scottish taxpayer was once again on hand to pay for the cost overruns. Once bitten, twice shy, you might think. But no, Scottish Nationalist Party politicians hate the prospect of embarrassing shipyard closures in their core constituency in an election year almost as much as they love expensive motorhomes and […]

Russia’s Yamal LNG resumed ship-to-ship liquefied natural gas operations near the Arctic port of Murmansk, LSEG data showed on Thursday. This opening the way for the possible resumption of exports of the fuel to Asia for the first time this winter season. The ship-to-ship scheme, in which ice-class gas carriers upload cargoes to conventional vessels […]