Ship Recycling Market Likely to Remain Volatile in 2025
The recycling traffic in both India and Bangladesh continued to surprise and impress (especially in India), in week 2 of 2025, reports cash buyer GMS.“The pre-existing state of global economies also continues to persist in the wake of the unfolding present as the U.S. Dollar continues to hammer recycling nation currencies marking noteworthy increases by the week,” says GMS.The steel prices affecting the ship recycling markets…
Vietnamese General Cargo Ship Sinks, Crew Rescued
All 18 crew of a Vietnam-registered general cargo ship have been rescued after their vessel sank off Singapore.The Hong Kong registered container ship Nicolai Maersk received a distress call from the Dolphin 18 on January 11 around 7:00am (Singapore Time).The Dolphin 18 was reported to be about 274 nautical miles southwest of Vung Tau, Vietnam, and the Nicolai Maersk arrived on the scene shortly afterwards…
Brazil’s President Authorizes Offshore Wind Development
Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.Offshore wind speeds tend to be faster and steadier than on land…
New Sanctions Expected to Have Severe Consequences for Russia
Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil…
