Recycling Market Eases
Despite a frantic start to 2025 that saw a marked return of recycling tonnage at the bidding tables, sale and purchase activity across the global ship recycling spectrum eased further this week as Chinese New Year holidays descended upon the world, says cash buyer GMS.“It is the Year of the Snake, and it is indeed expected to be a far busier one than the preceding years, with record low volumes of…
Owner Sentenced to Prison After Vessel Capsize
The owner of the vessel Stimulus Money, Richard Cruz, was sentenced to 18 months in prison on Thursday after pleading guilty for his role in the July 2022 capsizing of the vessel while underway on the Hudson River that resulted in the death of two passengers, a seven-year-old boy and 48-year-old woman.Cruz was arrested in March 2024 along with the operator of the vessel, Jaime Pinilla Gomez, and charged with one count of misconduct and neglect of a ship officer resulting in death…
AWO Urges Newsom to Act on CARB Rule Amendments
The American Waterways Operators (AWO) recently sent a letter to Gov. Gavin Newsom in California, urging him to withdraw the 2022 amendments to the California Air Resources Board (CARB) Commercial Harbor Craft rule, particularly in light of CARB’s withdrawal of its requests to enforce emissions rules for California’s truck and rail industries, leaving only harbor craft subject to CARB’s stringent regulations.The AWO is the tugboat…
European Shipowners Welcome Focus on Competitiveness
European Shipowners (ECSA) welcome the focus of European Commission’s new Competitiveness Compass on competitiveness and open trade as a prerequisite to the continent’s security, resilience and growth.Shipping is a cornerstone of Europe’s energy, food and supply chain security, moving around 76% of EU’s international trade, promoting international partnerships and reducing strategic dependencies.The…
Trump's Tariffs a Boost for European and Asian Refiners
U.S. President Donald Trump's trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against their U.S. rivals, analysts and market participants told Reuters.Trump on Saturday ordered 25% tariffs on Canadian and Mexican imports and 10% on goods from China starting on Tuesday to address a national emergency over fentanyl and illegal aliens entering the U.S., White House officials said.
Rubio Pressures Panama over Chinese Businesses Near Canal
U.S. Secretary of State Marco Rubio on Sunday warned Panama's President Jose Raul Mulino that Washington will "take measures necessary" if Panama does not immediately take steps to end what President Donald Trump sees as China's influence and control over the Panama Canal.Mulino, after the talks with the top U.S. diplomat in Panama City, signaled he would review agreements involving China and Chinese businesses, and announced further cooperation with the U.S.
Summing Up the U.S., the Panama Canal and China
Some U.S. lawmakers and officials are touting a nearly half-century-old treaty between the United States and Panama to justify the Trump administration's threat to reclaim the Panama Canal - provided it can show the strategic waterway's operation is under threat.Others, however, say hurdles would loom for any bid to use the 1977 Panama Canal Neutrality Treaty, which took effect in 1999 and guarantees that the canal would remain neutral and open to all ships from all countries…
$2.9B Maritime Development Fund Created by India
India is set to establish a 250-billion-rupee ($2.9 billion) maritime development fund to provide long-term financing for the country's shipbuilding and repair sector, Finance Minister Nirmala Sitharaman announced on Saturday.The initiative aligns with Prime Minister Narendra Modi’s vision of transforming India into a developed nation by 2047. As part of this effort, the government is investing heavily…
