Business
Chevron signs MOU to evaluate offshore oil and gas in Syria
In 2013, a Russian company, Soyuzneftegaz, signed a deal to explore offshore Syria but the project was dropped two years later amid years of a raging civil war in the country. The majority of Syria’s oil production comes from onshore fields in the northeast, such as the Al-Omar field. UCC Holding is a unit of […]
Why seaborne coal has peaked despite resilient global demand
The headline news that global coal demand reached a record high in 2025 masks some important underlying shifts in how the fuel is being produced, traded and used. The trend of coal production, shipping and demand shifting toward Asia has been in place for decades, but 2025 saw a shift insofar as less coal was […]
Raytheon wins seven-year Pentagon deal to boost missile production
The sea-launched Tomahawk, a mainstay of the navy’s surface fleet, provides long-range precision strike capability against land targets from ships and submarines. The land-based Tomahawk variant, a newer addition to the arsenal, gives ground units similar long-range strike options. Production of AMRAAM air-to-air missiles will rise to at least 1,900, RTX said in a statement. […]
Norden reports 2025 net profit of $120m following vessel sales
Fifteen of these sales resulted from the exercise of declared purchase options. The group also purchased one vessel and signed 24 new lease agreements with purchase options during the year. At the end of December, the net asset value was DKK379 ($57) per share. Chief Executive Officer Jan Rindbo said, “Despite geopolitical uncertainty and challenging […]
Malaysia Lets Tankers in Iran-China STS Oil Transfer Off with a Fine
An area off Malaysia’s eastern Johore coastline has for several years seen a concentration of dark fleet tankers, many sanctioned, uninsured, flagless, and in poor seaworthy condition, engaged in the transfer of Iranian crude from tankers ex-Iran to tankers heading for China. This Ship-to-Ship (STS) “transfer box” lies wholly within Malaysia’s Exclusive Economic Zone (EEZ). […]
Russia faces revenue hit as US push could stop Indian crude purchases
Flows to drop further in April If India stopped buying Russian oil, Moscow would have to try to re-route it to China at cheaper prices, which would take time, and cut production and exports, said Igor Yushkov, an analyst at Russia’s government-run Financial University. “Output and export cuts would lead to an oil shortage. Hence […]
Tuapse port set for higher Russian oil product shipments in February
Russian oil product exports from the Black Sea port of Tuapse are set to rise to 312,000 tonnes in February. This is up 4.7 per cent on a daily basis from 330,000 tonnes loaded in January, two traders said on Wednesday and Reuters estimates showed. February is three days shorter than January. Actual oil products […]
Europe gas prices climb on lower wind and heightened geopolitical risk
The US military on Tuesday shot down an Iranian drone that “aggressively” approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the US military said, in an incident first reported by Reuters. Separately, in the Strait of Hormuz between the Persian Gulf and the Gulf of Oman, a group of Iranian gunboats approached a […]
Zurich Insurance ups offer to $11b, wins over marine insurer Beazley
UK speciality insurer Beazley would recommend a sweetened £8 billion ($10.97 billion) takeover by Zurich Insurance once the Swiss firm makes a firm offer, it said on Wednesday after rejecting previous multiple bids. Under the improved proposal, Europe’s second-largest insurer, Zurich Insurance, would pay 1,310p per share in cash plus permitted dividends of up to […]