Latest news with #StephenCotton
Yemen Online
09-05-2025
- Business
- Yemen Online
Seafarers stranded off Yemen port eye exit after US-Houthi ceasefire deal
Some 200 seafarers aboard more than 15 ships stuck for weeks off Yemen's port of Ras Isa are preparing to offload cargoes and leave thanks to a ceasefire deal between Houthi militia and the US, maritime and labor union sources said on Thursday. Still, threat levels for shipping remained high given the Houthis' confirmation that Israeli-related assets remained open to attack and the attendant risks to broader shipping, maritime officials said. Ships with no connection to Israel had been targeted in the past with no certainty of safe passage. President Donald Trump announced on Tuesday the US would stop bombing the Iran-aligned Houthis in Yemen as they had agreed to stop targeting US ships in Red Sea waters off the Arabian Peninsula country. However, the deal does not cover close US ally Israel, the Houthis stated on Wednesday, suggesting its attacks on shipping in professed solidarity with Palestinian militants fighting Israel in Gaza might not come to a complete halt. A nearly two-month-long US bombing campaign in Yemen dealt heavy damage to the Houthis, with a spillover impact on shipping in the Ras Isa region on the Red Sea, a critical artery for world trade. Several crew members on ships in the vicinity of US airstrikes were injured, and two vessels prevented from sailing away by Houthis, according to the International Transport Workers' Federation (ITF), the biggest seafarers' union. A Houthi official told Reuters that following the agreement with Washington, ships should now be able to enter Ras Isa, discharge cargoes and depart without issues. At least one of the vessels - mainly tankers carrying fuel supplies including liquefied petroleum gas - was moving into the port to begin discharging cargo on Thursday, according to ship tracking data on the MarineTraffic platform. No guarantee of safe passage While the risk of collateral damage from airstrikes has abated, seafarers remained concerned about Israeli attacks on Houthi targets in the region. In response to Houthi drones launched at Israel over the past week, Israeli warplanes hit the major Yemeni Red Sea port of Hodeidah, causing some damage, shipping sources said. Some of the vessels stuck have been waiting for weeks to discharge in Ras Isa and were urgently seeking to leave the area, the captain of one of the vessels, who declined to be identified due to the sensitive situation, told Reuters. 'The ITF is working urgently to support these crews, but they need more than words; they need safe passage home,' ITF General Secretary Stephen Cotton said. The Houthis have carried out more than 100 attacks on ships plying the Red Sea since November 2023, saying they were acting in support of Palestinians in Israeli-besieged Gaza. They have sunk two vessels, seized one and killed at least four seafarers. There have been no known attacks since January this year. Many shipping companies have halted voyages through the Red Sea amid uncertainty over whether the ceasefire deal will stick. 'We do not send ships in until we are sure that the people on board are safe,' Lasse Kristoffersen, CEO with shipping company Wallenius Wilhelmsen, told Reuters on Thursday. 'We have no information at this time to suggest that.'
Reuters
08-05-2025
- Business
- Reuters
Seafarers stranded off Yemen port eye exit after US-Houthi ceasefire deal
ADEN, May 8 (Reuters) - Some 200 seafarers aboard more than 15 ships stuck for weeks off Yemen's port of Ras Isa are preparing to offload cargoes and leave thanks to a ceasefire deal between Houthi militia and the U.S., maritime and labour union sources said on Thursday. Still, threat levels for shipping remained high given the Houthis' confirmation that Israeli-related assets remained open to attack and the attendant risks to broader shipping, maritime officials said. Ships with no connection to Israel had been targeted in the past with no certainty of safe passage. President Donald Trump announced on Tuesday the U.S. would stop bombing the Iran-aligned Houthis in Yemen as they had agreed to stop targeting U.S. ships in Red Sea waters off the Arabian Peninsula country. However, the deal does not cover close U.S. ally Israel, the Houthis stated on Wednesday, suggesting its attacks on shipping in professed solidarity with Palestinian militants fighting Israel in Gaza might not come to a complete halt. A nearly two-month-long U.S. bombing campaign in Yemen dealt heavy damage to the Houthis, with a spillover impact on shipping in the Ras Isa region on the Red Sea, a critical artery for world trade. Several crew members on ships in the vicinity of U.S. air strikes were injured, and two vessels prevented from sailing away by Houthis, according to the International Transport Workers' Federation (ITF), the biggest seafarers' union. A Houthi official told Reuters that following the agreement with Washington, ships should now be able to enter Ras Isa, discharge cargoes and depart without issues. At least one of the vessels - mainly tankers carrying fuel supplies including liquefied petroleum gas - was moving into the port to begin discharging cargo on Thursday, according to ship tracking data on the MarineTraffic platform. While the risk of collateral damage from airstrikes has abated, seafarers remained concerned about Israeli attacks on Houthi targets in the region. In response to Houthi drones launched at Israel over the past week, Israeli warplanes hit the major Yemeni Red Sea port of Hodeidah, causing some damage, shipping sources said. Some of the vessels stuck have been waiting for weeks to discharge in Ras Isa and were urgently seeking to leave the area, the captain of one of the vessels, who declined to be identified due to the sensitive situation, told Reuters. "The ITF is working urgently to support these crews, but they need more than words; they need safe passage home," ITF General Secretary Stephen Cotton said. The Houthis have carried out more than 100 attacks on ships plying the Red Sea since November 2023, saying they were acting in support of Palestinians in Israeli-besieged Gaza. They have sunk two vessels, seized one and killed at least four seafarers. There have been no known attacks since January this year. Many shipping companies have halted voyages through the Red Sea amid uncertainty over whether the ceasefire deal will stick. "We do not send ships in until we are sure that the people on board are safe," Lasse Kristoffersen, CEO with shipping company Wallenius Wilhelmsen, told Reuters on Thursday. "We have no information at this time to suggest that."
Straits Times
08-05-2025
- Business
- Straits Times
Seafarers stranded off Yemen port eye exit after US-Houthi ceasefire deal
ADEN - Some 200 seafarers aboard more than 15 ships stuck for weeks off Yemen's port of Ras Isa are preparing to offload cargoes and leave thanks to a ceasefire deal between Houthi militia and the U.S., maritime and labour union sources said on Thursday. Still, threat levels for shipping remained high given the Houthis' confirmation that Israeli-related assets remained open to attack and the attendant risks to broader shipping, maritime officials said. Ships with no connection to Israel had been targeted in the past with no certainty of safe passage. President Donald Trump announced on Tuesday the U.S. would stop bombing the Iran-aligned Houthis in Yemen as they had agreed to stop targeting U.S. ships in Red Sea waters off the Arabian Peninsula country. However, the deal does not cover close U.S. ally Israel, the Houthis stated on Wednesday, suggesting its attacks on shipping in professed solidarity with Palestinian militants fighting Israel in Gaza might not come to a complete halt. A nearly two-month-long U.S. bombing campaign in Yemen dealt heavy damage to the Houthis, with a spillover impact on shipping in the Ras Isa region on the Red Sea, a critical artery for world trade. Several crew members on ships in the vicinity of U.S. air strikes were injured, and two vessels prevented from sailing away by Houthis, according to the International Transport Workers' Federation (ITF), the biggest seafarers' union. A Houthi official told Reuters that following the agreement with Washington, ships should now be able to enter Ras Isa, discharge cargoes and depart without issues. At least one of the vessels - mainly tankers carrying fuel supplies including liquefied petroleum gas - was moving into the port to begin discharging cargo on Thursday, according to ship tracking data on the MarineTraffic platform. NO GUARANTEE OF SAFE PASSAGE While the risk of collateral damage from airstrikes has abated, seafarers remained concerned about Israeli attacks on Houthi targets in the region. In response to Houthi drones launched at Israel over the past week, Israeli warplanes hit the major Yemeni Red Sea port of Hodeidah, causing some damage, shipping sources said. Some of the vessels stuck have been waiting for weeks to discharge in Ras Isa and were urgently seeking to leave the area, the captain of one of the vessels, who declined to be identified due to the sensitive situation, told Reuters. "The ITF is working urgently to support these crews, but they need more than words; they need safe passage home," ITF General Secretary Stephen Cotton said. The Houthis have carried out more than 100 attacks on ships plying the Red Sea since November 2023, saying they were acting in support of Palestinians in Israeli-besieged Gaza. They have sunk two vessels, seized one and killed at least four seafarers. There have been no known attacks since January this year. Many shipping companies have halted voyages through the Red Sea amid uncertainty over whether the ceasefire deal will stick. "We do not send ships in until we are sure that the people on board are safe," Lasse Kristoffersen, CEO with shipping company Wallenius Wilhelmsen, told Reuters on Thursday. "We have no information at this time to suggest that." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
01-04-2025
- Business
- Yahoo
Aqua Metals Inc (AQMS) Q4 2024 Earnings Call Highlights: Strategic Partnerships and Financial ...
Total Cash: Approximately $4.1 million at the end of the quarter. Impairment Charge: $2.6 million related to vendor equipment deposits. Warrant Liability: Initially recorded at $986,000, remeasured to $1.5 million. Plant Operations Expense Increase: $931,000 or 15% increase for the year ended December 31, 2024. General and Administrative Expense Increase: $329,000 or 3% increase for the year ended December 31, 2024. Interest Expense: $1.1 million for the year ended December 31, 2024. Net Loss: Approximately $24.6 million or a negative $3.83 per share for the year ended December 30, 2024. Net Cash Provided by Financing Activities: $5 million from ATM, $1.5 million from loan agreement, and $7.3 million from public offering. Warning! GuruFocus has detected 6 Warning Signs with AQMS. Release Date: March 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aqua Metals Inc (NASDAQ:AQMS) successfully operated its lithium-ion refining pilot plant for over a year, demonstrating reliability and efficiency. The company produced over 600 lbs of battery-grade lithium carbonate at purity levels exceeding 99.5%, showcasing its capability to produce high-quality materials. Aqua Metals Inc (NASDAQ:AQMS) has formed strategic partnerships, such as with 6K Energy, to support closed-loop battery material supply chains. The company secured a $2.2 million tax abatement from the state of Nevada, reflecting its contribution to the local economy. Aqua Metals Inc (NASDAQ:AQMS) strengthened its financial position by raising approximately $15 million, with significant insider participation, indicating confidence in its strategic direction. The completion of the Sierra ARC facility remains on hold pending further financing, delaying potential expansion. Aqua Metals Inc (NASDAQ:AQMS) recognized an impairment of approximately $2.6 million related to vendor equipment deposits, impacting financial results. The company reported a net loss of approximately $24.6 million for the year, slightly higher than the previous year's loss. General and administrative expenses increased by 3% compared to the previous year, indicating rising operational costs. The warrant liability increased to $1.5 million, resulting in a non-cash expense that affected the income statement. Q: Can you provide additional comments on your plans for long-term financing and the options you're considering? A: Judd Merrill, CFO, explained that Aqua Metals is focused on project financing and debt financing for the Sierra ARC facility. They are engaged with lenders, discussing terms, and working towards meeting certain criteria to secure funds, though no specific timeline was provided. Q: Could you elaborate on the updated plan for the Sierra facility and the timeline for commissioning phase one? A: Stephen Cotton, CEO, stated that the Sierra ARC facility is move-in ready, with much of the equipment already ordered. They plan to build an additional structure for feedstock processing and lithium carbonation, aiming to increase processing capacity from 3,000 to 7,000 tonnes. The timeline for commissioning depends on securing financing. Q: How are discussions with customers for offtake agreements, co-locations, or potential licensing opportunities progressing? A: Stephen Cotton noted that the pilot plant's production of battery-grade materials has facilitated ongoing discussions with potential offtakers and OEMs. Despite market fluctuations, they are balancing feedstock and offtake agreements with financing efforts, aiming for contracts that align with their strategic goals. Q: Can you provide insights into recent visits from industry leaders and government agencies and their outcomes? A: Stephen Cotton mentioned hosting several government and international visitors, including a Dutch contingent. They are engaging with the new US administration following an executive order on critical minerals, aiming to secure government funding alongside project finance or debt-based deals. Q: How have the new Board Members contributed to Aqua Metals' strategic objectives? A: Stephen Cotton highlighted that Eric Gangloff and Steve Henderson bring valuable financing expertise and industry connections, respectively. Their involvement has opened new opportunities and added credibility to Aqua Metals' engagements with automotive and battery-related OEMs. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
12-03-2025
- General
- Yahoo
UK ship crash needs fully transparent investigation, says seafarers' union
LONDON (Reuters) - A crash between a fuel tanker and a container ship off the English coast should be subject to a transparent and internationally coordinated investigation, a global seafarers' union said on Wednesday. One person is presumed dead after the Solong, a Portuguese-flagged cargo ship, crashed on Monday into the Stena Immaculate, an anchored tanker that was carrying U.S. military jet fuel. The collision caused huge fires and explosions. All 36 other crew members from the vessels were brought to shore. The International Transport Workers' Federation (ITF), the biggest seafarers' union, urged all the jurisdictions involved to cooperate to understand how the incident happened. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "There are crucial questions that remain unanswered in the wake of this tragedy, and these must be addressed through a full and transparent internationally coordinated investigations," ITF general secretary Stephen Cotton said in a statement.
