New draft rules are out for offshore ship refuelling – here's what's different
Suphanat Khumsap/ Getty Images
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Maritime's early peak masks rising trade and economic uncertainty
Chart of the Week: Import Ocean TEUs Volume Index – USA SONAR: Booking volumes for container imports, as measured by the Inbound Ocean TEUs Volume Index (IOTI), appear to have peaked in early July—about a month ahead of the typical peak shipping season. While 'typical' has become a relative term in recent years due to shifting and increasingly normalized shipping behaviors, this early peak offers valuable insight into what transportation markets might expect for the remainder of 2025. The IOTI is a 14-day moving average index that tracks twenty-foot equivalent unit (TEU) containers arriving at U.S. ports from around the world. While it generally follows stable seasonal patterns, 2025 has seen significant disruption due to an emerging trade war initiated by the current administration in an effort to rebalance U.S. trade and support domestic manufacturing. The IOTI reached a multi-year high of 2,356 following the Fourth of July—roughly 4% higher than last year's peak of 2,273, which occurred on August 5, 2024. However, this does not necessarily indicate stronger goods demand compared to last year. A portion of this volume increase likely reflects a recovery from lost time earlier in the year when cost-prohibitive tariffs on Chinese imports, enacted in April and early May, temporarily froze activity. Many importers halted purchases from the U.S.'s largest overseas trading partner due to skyrocketing costs, which led to a 15% drop in the IOTI during May. When the tariffs were paused (currently set to expire in August), shippers quickly resumed ordering—both to make up for delayed shipments and to ensure sufficient inventory ahead of potential demand spikes. This situation presents a double-edged sword for many companies. On one hand, tariffs increase direct import costs; on the other, they contribute to broader economic uncertainty and could suppress consumer demand. The extent to which this trade war will impact the broader economy remains unclear. So far, it has clearly rattled sentiment, as seen in multiple consumer and business confidence indexes. While the jobs market appears healthy on the surface, deeper analysis reveals underlying weakness. According to ADP, private-sector hiring stalled in June, leading to a net loss of jobs. Retail sales also softened in May, prompting many economists to forecast further weakening in the second half of the year as the full impact of tariffs begins to filter into prices. Although government employment figures showed gains—thanks largely to state and local hiring—that trend may be overstated, as a growing number of people have exited the labor force in recent months. All of this uncertainty has left supply chain managers in a difficult position, balancing how much inventory to procure, how much it will cost, and how much they'll actually need as consumer health remains in question. Inventory levels have grown somewhat erratically this year, though they've followed a generally upward trend since last summer, according to the Logistics Manager's Index (LMI). More importantly, inventory costs have risen even faster—driven by tariffs and rising warehousing expenses. This pressure may suppress import volumes in the coming months as companies weigh the cost of holding excess inventory against waiting for more stable economic and policy conditions. Maritime carriers appear to be anticipating softer demand as well. Early signs of blank sailings have emerged in response to declining bookings. The Ocean TEU Rejection Index, found in SONAR's Container Atlas application, shows a recent spike in rejected shipments. While this is a small sample that could reflect a short-term fluctuation, it may also suggest that carriers are starting to manage capacity to prevent rate declines. This early peak in imports may not signal strength in the same way it once did. Still, that doesn't necessarily mean surface transportation will weaken in the second half of the year. Rising inventory costs could lead to leaner inventories later on, prompting more last-minute orders. In environments like this, demand forecasts tend to lose accuracy—putting added pressure on transportation networks to remain agile and responsive. The FreightWaves Chart of the Week is a chart selection from SONAR that provides an interesting data point to describe the state of the freight markets. A chart is chosen from thousands of potential charts on SONAR to help participants visualize the freight market in real time. Each week a Market Expert will post a chart, along with commentary, live on the front page. After that, the Chart of the Week will be archived on for future reference. SONAR aggregates data from hundreds of sources, presenting the data in charts and maps and providing commentary on what freight market experts want to know about the industry in real time. The FreightWaves data science and product teams are releasing new datasets each week and enhancing the client experience. To request a SONAR demo, click here. The post Maritime's early peak masks rising trade and economic uncertainty appeared first on FreightWaves.
New York Post
8 hours ago
- New York Post
Bill Gates' net worth plummets $51 billion within days as Microsoft mogul amps up philanthropy
Bill Gates is giving it all away. The megabucks Microsoft founder's fortune has plunged a staggering $51 billion in a few days because he's ramped-up hist charitable donations, according to the Bloomberg Billionaire index. Once the richest man on earth, Gates' net worth fell to a measly $124 billion on Thursday – a steep drop from the $175 billion he had in hand as recently as July 3 and sinking him to 12th place in the index rankings. Advertisement Among the billionaires who now surpass Gates, 69, is his former right-hand man at Microsoft, Los Angeles Clippers owner Steve Ballmer, who is now ranked the fifth-richest man in the world at $173 billion. 4 Bill Gates' net worth – which was $175 billion as of July 3 – plummeted to $124 billion Thursday, according to the Bloomberg Billionaire index. AFP via Getty Images Tesla founder Elon Musk tops the list with a net worth of $360 billion. Advertisement Gates' net worth is sinking in large part because of his pledge to not die rich. In May, he revealed that he wants to give away 99% of his money within the next 20 years before closing the Gates Foundation he created with his former wife, Melinda, on Dec. 31, 2045. 4 Gates' net worth is sinking in large part because of his pledge to not die rich. 'People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them,' Gates wrote in a May 8 blog post. Advertisement 'There are too many urgent problems to solve for me to hold onto resources that could be used to help people.' Gates' decision to give away his fortune came after he saw firsthand the impact of his foundation's work distributing vaccines for easily treatable illnesses that still kill many in the third world, such as diarrhea and pneumonia, he said. 4 Gates' former his former right-hand man at Microsoft, Los Angeles Clippers owner Steve Ballmer, is now ranked the fifth-richest man in the world with $173 billion. Getty Images But it also came in the face of what he called a stalling of progress as the U.S. and Europe cut back on foreign aid and reduced humanitarian funding in the face of conflict in Ukraine and Israel. Advertisement Bloomberg on Thursday noted it lowered Gates' appreciation rates to 'better reflect Gates' outside charitable giving and the wealth estimate,' Forbes reported. 4 Bill Gates and his ex-wife Melinda established their philanthropic Gates Foundation in 2000. CBS via Getty Images Still, Gates isn't changing his stance. As of Saturday, his fortune had slipped again, to an estimated $123 billion, according to Bloomberg. Gates and his former wife established their foundation in 2000, with plans to continue its philanthropic work for decades after their deaths. The foundation, one of the world's largest charitable organizations, has reportedly given away more than $100 billion since its inception.
New York Post
8 hours ago
- New York Post
Billionaire's son ignored $15M promise to buy Jackson Pollock painting: lawsuit
A sugar billionaire's son agreed to buy a $15 million Jackson Pollock painting — but has yet to fork over a dime for it, court records show. David Mimran, whose father Jean Claude is worth an estimated $2 billion thanks to business ventures in West Africa and Switzerland, agreed to purchase the untitled, 1948 abstract impressionist artwork if it didn't find a buyer at a November auction, Phillips Auctioneers said in a lawsuit. When the oil painting didn't sell, Mimran, 56, was obligated to purchase it — but blew off two payment deadlines, including one in March and another in June. Mimran agreed to shell out nearly $15 million for the Jackson Pollock painting — then blew off two deadlines to pay up, the auction house claimed. Getty Images 'David Mimran, the son of a billionaire businessman, uses his perceived wealth to convince business partners to transact with him. But then he fails to keep his promises,' Phillips said in legal papers against the London resident. Lawyers for Mimran acknowledged he wouldn't be paying by the June 30 deadline. 'He is unable to complete the purchase of the painting on Monday,' Mimran's attorneys wrote in a June 25 email to Phillips Auctioneers which was included in court papers. 'Nor is he able to make a substantial down payment. The untitled work by the famed painter was put up for auction in November. Phillips 'David has requested an additional 60 days to pay because he says that substantial assets of his in Western Africa are finally in the process of becoming accessible,' they added. It's not the first time Mimran, whose father sold a luxury Swiss resort he co-owned for $250 million earlier this year, has left behind a hefty debt. Jean-Claude Mimran's company, The Mimran Group, operated several agricultural businesses in West Africa before selling at least some of the entities in 2018, according to a report. The former Manhattan resident and filmmaker, David Mimran left the Big Apple in 2013 having failed to pay a more than $7 million divorce settlement to his first wife. He is now married to model Julie Ordon. 'It's astonishing that Mimran believes he can bid like a billionaire and then hide behind the claim that he's broke. If Mimran didn't have a dollar to his name to pay for the artwork, as he claims, then he shouldn't have raised a paddle,' said Phillips Auctioneer attorney Luke Nikas of the firm Quinn Emanuel. Lawyers for Mimran did not respond to a message seeking comment.
